AXIS CAPITAL HOLDINGS LTD
For the period ended Dec 31, 2025. Filed Feb 27, 2026.
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FY2025 · Filed Feb 27, 2026
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Item 16. Form 10-K Summary
None.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized on February 27, 2026.
| AXIS CAPITAL HOLDINGS LIMITED | |
| By: | /s/ VINCENT TIZZIO |
| Vincent Tizzio | |
| President and Chief Executive Officer |
POWER OF ATTORNEY
We, the undersigned directors and executive officers of AXIS Capital Holdings Limited, hereby appoint Peter Vogt and Conrad D. Brooks, and each of them singly, as our true and lawful attorneys with full power to them and each of them to sign for us, and in our names in the capacities indicated below, any and all amendments to the Annual Report on Form 10-K filed with the Securities and Exchange Commission, hereby ratifying and confirming our signatures as they may be signed by our said attorneys to any and all amendments to said Annual Report on Form 10-K.
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities indicated on February 27, 2026.
| Signature | Title |
|---|---|
| /s/ VINCENT TIZZIO | Chief Executive Officer, President and Director(Principal Executive Officer) |
| Vincent Tizzio | |
| /s/ PETER VOGT | Chief Financial Officer(Principal Financial Officer) |
| Peter Vogt | |
| /s/ ATHANASIOS TOM BOLOVINOS | Chief Accounting Officer(Principal Accounting Officer) |
| Athanasios Tom Bolovinos | |
| /s/ W. MARSTON BECKER | Director |
| W. Marston Becker | |
| /s/ CHARLES DAVIS | Director |
| Charles Davis | |
| /s/ ANNE MELISSA DOWLING | Director |
| Anne Melissa Dowling | |
| Signature | Title |
|---|---|
| /s/ STANLEY GALANSKI | Director |
| Stanley Galanski | |
| /s/ ELANOR HARDWICK | Director |
| Elanor Hardwick | |
| /s/ MICHAEL MILLEGAN | Director |
| Michael Millegan | |
| /s/ HENRY SMITH | Director |
| Henry Smith | |
| /s/ AXEL THEIS | Director |
| Axel Theis | |
| /s/ BARBARA YASTINE | Director |
| Barbara Yastine | |
| /s/ LIZABETH ZLATKUS | Director |
| Lizabeth Zlatkus | |
SCHEDULE I
SUMMARY OF INVESTMENTS - OTHER THAN INVESTMENTS IN RELATED PARTIES
| Amortized cost · Fair value · Amount shown on the balance sheet | |||||
|---|---|---|---|---|---|
| (in thousands) | |||||
| Type of investment: | |||||
| Fixed maturities, available for sale, at fair value | |||||
| U.S. government and agency | $2,406,907 | $2,417,901 | $2,417,901 | ||
| Non-U.S. government | 798,984 | 810,544 | 810,544 | ||
| Corporate debt | 5,168,562 | 5,222,433 | 5,222,433 | ||
| Agency RMBS | 2,026,043 | 2,035,352 | 2,035,352 | ||
| CMBS | 811,056 | 801,511 | 801,511 | ||
| Non-agency RMBS | 193,372 | 190,124 | 190,124 | ||
| ABS | 1,479,963 | 1,488,067 | 1,488,067 | ||
| Municipals | 52,841 | 52,095 | 52,095 | ||
| Total fixed maturities, available for sale | $12,937,728 | 13,018,027 | 13,018,027 | ||
| Fixed maturities, held to maturity, at amortized cost | |||||
| Corporate debt | $145,137 | 143,076 | 145,137 | ||
| ABS | 252,293 | 252,866 | 252,293 | ||
| Total fixed maturities, held to maturity | $397,430 | 395,942 | 397,430 | ||
| Mortgage loans, held for investment, at fair value | 356,840 | 356,840 | |||
| Short-term investments, at fair value | 20,298 | 20,298 | |||
| Equity securities, at fair value | 707,569 | 707,569 | |||
| Other investments, at fair value (1) | 723,138 | 1,027,798 | |||
| Equity method investments (2) | — | 227,181 | |||
| Total investments | $15,221,814 | $15,755,143 | |||
(1)In the fair value column in the table above, other investments exclude investments where the Company is considered to have the ability to exercise significant influence over the operating and financial policies of the investees.
(2)In the fair value column in the table above, equity method investments are excluded as the Company has the ability to exercise significant influence over the operating and financial policies of the investees.
CONDENSED BALANCE SHEETS – PARENT COMPANY
DECEMBER 31, 2025 AND 2024
| 2025 | 2024 | |
|---|---|---|
| (in thousands) | ||
| Assets | ||
| Investments in subsidiaries | $6,578,804 | $6,209,792 |
| Cash and cash equivalents | 3,880 | 3,768 |
| Other assets | 20,870 | 4,465 |
| Total assets | $6,603,554 | $6,218,025 |
| Liabilities | ||
| Intercompany payable | $197,849 | $70,183 |
| Dividends payable | 46,264 | 50,478 |
| Other liabilities | 3,006 | 7,985 |
| Total liabilities | 247,119 | 128,646 |
| Shareholders’ equity | ||
| Preferred shares | 550,000 | 550,000 |
| Common shares (shares issued 2025: 176,580; 2024: 176,580 shares outstanding 2025: 74,135; 2024: 82,984) | 2,206 | 2,206 |
| Additional paid-in capital | 2,405,792 | 2,394,063 |
| Accumulated other comprehensive income (loss) | 28,431 | (267,557) |
| Retained earnings | 8,181,699 | 7,341,569 |
| Treasury shares, at cost (2025: 102,445; 2024: 93,596) | (4,811,693) | (3,930,902) |
| Total shareholders’ equity | 6,356,435 | 6,089,379 |
| Total liabilities and shareholders’ equity | $6,603,554 | $6,218,025 |
(1)AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance PLC, a 100% owned finance subsidiary, related to the issuance of $250 million aggregate principal amount of 5.15% senior unsecured notes. AXIS Capital's obligations under this guarantee are unsecured senior obligations and rank equally with all other senior obligations of AXIS Capital.
(2)AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance PLC, a 100% owned finance subsidiary, related to the issuance of $350 million aggregate principal amount of 4.0% senior unsecured notes. AXIS Capital's obligations under this guarantee are unsecured senior obligations and rank equally with all other senior obligations of AXIS Capital.
(3)AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance LLC, a 100% owned finance subsidiary, related to the issuance of $300 million aggregate principal amount of 3.9% senior unsecured notes. AXIS Capital's obligations under this guarantee are unsecured senior obligations and rank equally with all other senior obligations of AXIS Capital.
(4)AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance LLC, a 100% owned finance subsidiary, related to the issuance of $425 million aggregate principal amount of 4.9% fixed-rate reset junior unsecured notes. AXIS Capital's obligation under this guarantee is an unsecured junior subordinated obligation and ranks equally with all future unsecured and junior subordinated obligations of AXIS Capital, and junior in right of payment to all outstanding and future senior obligations of AXIS Capital.
CONDENSED STATEMENTS OF OPERATIONS – PARENT COMPANY
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| (in thousands) | |||
| Revenues | |||
| Net investment income | $— | $— | $— |
| Total revenues | — | — | — |
| Expenses | |||
| General and administrative expenses | 52,957 | 52,599 | 52,334 |
| Total expenses | 52,957 | 52,599 | 52,334 |
| Income (loss) before incomes taxes and equity in net income of subsidiaries | (52,957) | (52,599) | (52,334) |
| Income tax benefit | 8,071 | — | — |
| Equity in net income of subsidiaries | 1,053,783 | 1,134,385 | 428,626 |
| Net income | 1,008,897 | 1,081,786 | 376,292 |
| Preferred share dividends | 30,250 | 30,250 | 30,250 |
| Net income available to common shareholders | $978,647 | $1,051,536 | $346,042 |
| Comprehensive income | $1,304,886 | $1,180,065 | $770,756 |
CONDENSED STATEMENTS OF CASH FLOWS – PARENT COMPANY
| 2025 | 2024 | 2023 | |
|---|---|---|---|
| (in thousands) | |||
| Cash flows from operating activities: | |||
| Net income | $1,008,897 | $1,081,786 | $376,292 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Equity in income loss of subsidiaries | (1,053,783) | (1,134,385) | (428,626) |
| Change in intercompany payable | 127,666 | (19,247) | (136,059) |
| Dividends received from subsidiaries | 1,001,700 | 459,000 | 375,000 |
| Other items | (42,324) | (28,645) | (34,626) |
| Share-based compensation expense, net of cash payments | 45,214 | 42,731 | 54,119 |
| Net cash provided by operating activities | 1,087,370 | 401,240 | 206,100 |
| Cash flows from financing activities: | |||
| Repurchase of common shares | (887,717) | (199,944) | — |
| Taxes paid on withholding shares | (26,559) | (15,925) | (23,595) |
| Dividends paid - common shares | (142,732) | (151,765) | (153,775) |
| Dividends paid - preferred shares | (30,250) | (30,250) | (30,250) |
| Net cash used in financing activities | (1,087,258) | (397,884) | (207,620) |
| Increase (decrease) in cash, cash equivalents and restricted cash | 112 | 3,356 | (1,520) |
| Cash, cash equivalents and restricted cash - beginning of year | 3,768 | 412 | 1,932 |
| Cash, cash equivalents and restricted cash - end of year | $3,880 | $3,768 | $412 |
SCHEDULE III
SUPPLEMENTARY INSURANCE INFORMATION
| (in thousands) | Deferredacquisitioncosts | Reservefor lossesand lossexpenses | Unearnedpremiums | Netpremiumsearned | Netinvestment income(1) | Net lossesand lossexpenses | Acquisitioncosts | Otheroperating expenses(2) | Netpremiumswritten |
|---|---|---|---|---|---|---|---|---|---|
| Insurance | $584,203 | $11,156,522 | $4,333,954 | $4,291,485 | $— | $2,337,227 | $820,324 | $537,558 | $4,627,224 |
| Reinsurance | 217,575 | 6,965,734 | 1,491,744 | 1,423,124 | — | 951,314 | 316,145 | 50,111 | 1,494,432 |
| Corporate | — | — | — | — | 766,903 | — | — | 116,262 | — |
| Total | $801,778 | $18,122,256 | $5,825,698 | $5,714,609 | $766,903 | $3,288,541 | $1,136,469 | $703,931 | $6,121,656 |
| (in thousands) | Deferredacquisitioncosts | Reservefor lossesand lossexpenses | Unearnedpremiums | Netpremiumsearned | Netinvestment income(1) | Net lossesand lossexpenses | Acquisitioncosts | Other operating expenses(2) | Netpremiumswritten |
| Insurance | $503,175 | $10,499,703 | $3,859,162 | $3,926,036 | $— | $2,245,420 | $766,915 | $485,929 | $4,250,545 |
| Reinsurance | 182,678 | 6,719,226 | 1,352,703 | 1,380,199 | — | 913,067 | 303,636 | 50,513 | 1,506,806 |
| Corporate | — | — | — | — | 759,229 | — | — | 129,760 | — |
| Total | $685,853 | $17,218,929 | $5,211,865 | $5,306,235 | $759,229 | $3,158,487 | $1,070,551 | $666,202 | $5,757,351 |
| (in thousands) | Deferredacquisitioncosts | Reservefor lossesand lossexpenses | Unearnedpremiums | Netpremiumsearned | Netinvestment income(1) | Net lossesand lossexpenses | Acquisitioncosts | Other operating expenses(2) | Netpremiumswritten |
| Insurance | $448,062 | $9,507,409 | $3,507,519 | $3,461,700 | $— | $2,080,001 | $648,463 | $472,094 | $3,758,720 |
| Reinsurance | 153,571 | 6,926,609 | 1,240,083 | 1,622,081 | — | 1,313,101 | 352,482 | 79,373 | 1,343,605 |
| Corporate | — | — | — | — | 611,742 | — | — | 132,979 | — |
| Total | $601,633 | $16,434,018 | $4,747,602 | $5,083,781 | $611,742 | $3,393,102 | $1,000,945 | $684,446 | $5,102,325 |
(1)The Company evaluates underwriting results of its reportable segments separately from the performance of its investment portfolio. Therefore, the Company believes it is appropriate to exclude net investment income from its underwriting profitability measure.
(2)Amounts related to the Company's reportable segments reflect underwriting-related general and administrative expenses, which includes those general and administrative expenses that are incremental and/or directly attributable to the Company's underwriting operations. Underwriting-related general and administrative expenses is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to general and administrative expenses, the most comparable GAAP financial measure, presented in the table above, also includes corporate expenses of $116 million, $130 million, and $133 million for the years ended December 31, 2025, 2024 and 2023, respectively. Corporate expenses include holding company costs necessary to support our worldwide insurance and reinsurance operations and costs associated with operating as a publicly-traded company. As these costs are not incremental and/or directly attributable to the Company's underwriting operations, these expenses are excluded from underwriting-related general and administrative expenses.
SCHEDULE IV
SUPPLEMENTARY REINSURANCE INFORMATION
| (in thousands) | GROSSAMOUNT | CEDED TOOTHERCOMPANIES | ASSUMEDFROMOTHERCOMPANIES | NETAMOUNT | PERCENTAGEOF AMOUNTASSUMED TONET |
|---|---|---|---|---|---|
| Property and Casualty | $6,003,826 | $3,222,188 | $2,710,155 | $5,491,793 | 49.3% |
| Accident and Health | 546,852 | 300,670 | 383,681 | 629,863 | 60.9% |
| Total | $6,550,678 | $3,522,858 | $3,093,836 | $6,121,656 | 50.5% |
| Property and Casualty | $5,596,538 | $3,085,338 | $2,522,244 | $5,033,444 | 50.1% |
| Accident and Health | 437,817 | 163,199 | 449,289 | 723,907 | 62.1% |
| Total | $6,034,355 | $3,248,537 | $2,971,533 | $5,757,351 | 51.6% |
| Property and Casualty | $5,223,919 | $3,161,438 | $2,402,378 | $4,464,859 | 53.8% |
| Accident and Health | 311,970 | 92,762 | 418,258 | 637,466 | 65.6% |
| Total | $5,535,889 | $3,254,200 | $2,820,636 | $5,102,325 | 55.3% |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.