AXIS CAPITAL HOLDINGS LTD
For the period ended Mar 31, 2026. Filed Apr 29, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed Apr 29, 2026
AXS$105.97-1.8%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-10-29.
0001214816-25-000181
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-04-29.
0001214816-26-000162
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 297 previous paragraphs and 264 current paragraphs.
146 unchanged; 66 reworded; 45 added; 84 removed; 1 previous and 7 current paragraphs rearranged.
Tables are not compared: 24 previous and 24 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (45)
Current report
FIRST QUARTER 2026 FINANCIAL HIGHLIGHTS
Current report
•Operating income(1) of $257 million, or $3.42 per diluted common share(1)
Current report
•Gross premiums written of $3.1 billion
Current report
•Net premiums written of $1.9 billion
Current report
•Fees related to arrangements with strategic capital partners of $23 million, including $18 million recognized as a reimbursement of general and administrative expenses
Current report
•Net investment losses of $27 million
Current report
•Foreign exchange gains of $36 million
Current report
•Reorganization expenses of $23 million primarily related to costs attributable to streamlining our reinsurance operations and costs attributable to transitions in executive leadership
Current report
•Income tax expense of $56 million, resulting in an effective tax rate of 18.0%
Current report
•Total assets of $35.6 billion
Current report
AXIS is executing with clarity and conviction on our strategy to be a leading global specialty underwriter, delivering durable, profitable growth across market cycles. Our differentiated market positioning—anchored by a diversified specialty portfolio, deep underwriting expertise, a global operating platform, strong claims and risk management capabilities, and long‑standing distribution partnerships—provides a powerful foundation for continued value creation. This is reinforced by a conservative, high‑quality investment portfolio that enhances earnings resilience and capital flexibility.
Current report
The global trade and geopolitical landscape remains fluid, introducing uncertainty across economic conditions, loss costs, and capital deployment. AXIS is built to operate effectively in precisely these environments. We proactively assess evolving risks and translate uncertainty into underwriting advantage through disciplined pricing, portfolio management, and rigorous risk selection. Our underwriting framework is designed to protect outsized downside outcomes while positioning the business to capitalize on market dislocations as they emerge.
Current report
Key trends shaping our markets underscore the strength of our approach:
Current report
•Pricing dynamics are evolving following multiple years of rate increases that exceeded loss cost trends. While pricing has moderated overall—and softened in select classes—casualty lines continue to achieve positive rate momentum, financial lines pricing remains stable, and property markets are experiencing pressure from increased capital inflows. We are deliberately concentrating capacity where premium adequacy remains compelling, where volatility is appropriately priced, and where dislocations create opportunities to deploy capital at attractive returns.
Current report
•Distribution dynamics remain constructive for disciplined specialty underwriters. In North America, submission growth through the wholesale channel has remained steady as market conditions vary by class, reinforcing the importance of underwriting selectivity. In the London Market, increasingly granular "micro‑markets" by class and channel continue to reward technical underwriting expertise and strong broker relationships. These conditions play directly to AXIS’s strengths and support sustainable, profitable growth.
Current report
•Reinsurance pricing is moderating, with outcomes varying by line of business and structure. We expect this environment to persist and continue to manage our reinsurance portfolio with a singular focus on margin, volatility management, and long‑term profitability.
Current report
Across AXIS, we are actively deploying capital in areas where pricing supports our return thresholds and scaling back where it does not. Growth is a consequence of disciplined underwriting—not an objective in isolation. With a strengthened portfolio, improved mix, and expanding presence in our chosen specialty markets, AXIS is well positioned to generate attractive, risk‑adjusted returns and drive profitable growth through 2026.
Current report
Gross premiums written for the three months ended March 31, 2026 increased by $328 million, or 20% ($309 million, or 19%, on a constant currency basis(1)), compared to the three months ended March 31, 2025, primarily attributable to new business inproperty, professional lines and accident and health lines. In addition, our AXIS Capacity Solutions capability contributed approximately $173 million to the increase in gross premiums written in three months ended March 31, 2026, compared to the three months ended March 31, 2025, including $59 million attributable to discrete Funds at Lloyds ("FAL") transactions. The FAL transactions were written on a proportional basis therefore, annual estimated premium income was recognized at inception of the contracts.
Current report
Ceded premiums written for the three months ended March 31, 2026 was $691 million, or 35%, of gross premiums written, compared to $611 million, or 37%, of gross premiums written for the three months ended March 31, 2025. The decrease in ceded premiums written to gross premiums written of 2% was primarily due to a decreased cession rate in liability lines, partially offset by an increased cession rate in property lines.
Current report
Net premiums earned for the three months ended March 31, 2026 increased by $132 million, or 13%, compared to the three months ended March 31, 2025, primarily driven by increases inprofessional lines, property, and liability lines.
Current report
The increases inprofessional lines and property lineswas due to increases ingross premiums earned. The increase in liability lines was due to an increase in gross premiums earned, together with a decrease in ceded premiums earned attributable to the restructuring of existing quota share treaties that increased our retentions on this line of business.
Current report
The current accident year loss ratio increased to 57.5% for the three months ended March 31, 2026, from 57.0% for the three months ended March 31, 2025.
Current report
During the three months ended March 31, 2026, catastrophe and weather-related losses, net of reinsurance, were $48 million, or 4.2 points, including natural catastrophe losses of $33 million, or 2.9 points, primarily attributable to U.S. winter storms and other weather-related events. The remaining losses of $15 million, or 1.4 points, were attributable to the Middle East conflict.
Current report
Adjusting for the impact of the catastrophe and weather-related losses, the current accident year loss ratio increased to 53.3% for the three months ended March 31, 2026, from 52.3% for the three months ended March 31, 2025, principally due to increased competition in property lines and cyber lines.
Current report
The acquisition cost ratio increased to 19.6% for the three months ended March 31, 2026, from 19.2% for the three months ended March 31, 2025, primarily related to an increase in gross acquisition costs in property lines. In addition, gross acquisition costs increased due to changes in business mix attributable to increases in pet insurance business written in accident and health lines, and program business written in property and professional lines all associated with relatively higher gross acquisition cost ratios. The acquisition cost ratio for the three months ended March 31, 2026 benefited from increases in ceding commission in accident and health, and cyber lines.
Current report
(1) Run-off lines include the catastrophe, property, and engineering lines of business.
Current report
Gross premiums written for the three months ended March 31, 2026, decreased by $25 million, or 2% ($65 million, or 6%, on a constant currency basis), compared to the three months ended March 31, 2025 primarily attributable to non-renewals and decreased line sizes.
Current report
The decrease in liability lines was due to non-renewals and decreased line sizes primarily related to general liability business.
Current report
The increase in credit and surety lines was driven by increased line sizes and new credit, surety and credit and political risk business.
Current report
Ceded premiums written for the three months ended March 31, 2026, was $500 million, or 45%, of gross premiums written, compared to $433 million, or 38%, of gross premiums written for the three months ended March 31, 2025. The increase in ceded premiums written to gross premiums written of 7% was primarily due to increased cession rates in motor, professional lines and liability lines.
Current report
Net premiums earned for the three months ended March 31, 2026, increased by $8 million, or 2% ($nil, on a constant currency basis), compared to the three months ended March 31, 2025 primarily driven by increases in credit and surety, and accident and health lines, partially offset by a decrease in motor lines.
Current report
The increase in credit and surety lines was due to an increase in gross premiums earned, partially offset by an increase in ceded premiums earned attributable to the restructuring of existing quota share treaties with strategic capital partners that decreased our retentions of these lines of business. The increase in accident and health lines was attributable to gross premiums earned. The decrease in motor lines was due to a decrease in gross premiums earned.
Current report
The current accident year loss ratio decreased to 67.7% for the three months ended March 31, 2026, from to 68.9% for the three months ended March 31, 2025.
Current report
Adjusting for the impact of the catastrophe and weather-related losses, the current accident year loss ratio decreased to 67.7% for the three months ended March 31, 2026, from 68.4% for the three months ended March 31, 2025, principally due to changes in our view of risk, rate and trend.
Current report
The underwriting-related general and administrative expense ratio decreased to 2.1% for the three months ended March 31, 2026, from 3.3% for the three months ended March 31, 2025, mainly driven by an increase in fees related to arrangements with strategic capital partners.
Current report
Net investment income in 2026 increased $10 million or 7% compared to the same period in 2025 due to the increase in average fixed maturity assets and an increase in yields.
Current report
Net investment income in 2026 decreased $5 million or 21%, compared to the same period in 2025 attributable to lower returns from other privately held investments and real estate funds.
Current report
Net investment income in 2026 decreased $3 million or 39%, compared to the same period in 2025 related to loan repayments during the period.
Current report
Cash and cash equivalents
Current report
Net investment income in 2026 decreased $24 million or 73%, compared to the same period in 2025 due to lower average cash balances following premiums paid for the loss portfolio transfer reinsurance agreement transaction with Enstar that was completed in April 2025.
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Removed paragraphs (84)
Previous report
THIRD QUARTER 2025 FINANCIAL HIGHLIGHTS
Previous report
•Operating income(1) of $255 million, or $3.25 per diluted common share(1)
Previous report
•Gross premiums written of $2.1 billion
Previous report
•Net premiums written of $1.4 billion
Previous report
•Net investment gains of $31 million
Previous report
•Foreign exchange gains of $13 million
Previous report
•Income tax expense of $70 million
Previous report
•Total assets of $34.3 billion
Previous report
(4)Total cash and invested assets represents the total cash and cash equivalents, fixed maturities, equity securities, mortgage loans, other investments, equity method investments, short-term investments, accrued interest receivable and net receivable (payable) for investments sold (purchased)
Previous report
•growing our sustainability program to support our communities and to make a positive impact.
Previous report
We are executing on our commitment to advance AXIS as a specialty underwriting leader that delivers consistent, profitable growth. Our market positioning, diversified book of business, specialty underwriting acumen, global platform, claims management capabilities, and deep distribution relationships, supported by a conservative and well performing investment portfolio, provide the foundation for additional profitable growth in our targeted specialty markets.
Previous report
The current trade and geopolitical environment introduce uncertainty across several dimensions including potential impacts on economic growth and loss costs. At AXIS, we assess all forms of uncertainty presented, and through our normal underwriting practices we take steps and measures that guard against adverse outcomes. Looking at the trends impacting our business:
Previous report
•Following multiple years of rate increases outpacing loss cost trends across the specialty sector, overall pricing has moderated and in some sectors is softening. Casualty lines continue to see positive rate achievement while property rates are deteriorating due to the influx of capital being deployed in the space. We continue to lean into sectors where premium adequacy metrics are strong, where market dislocations arise and where organic profitable growth opportunities exist.
Previous report
•The wholesale channel continues to experience substantial submission growth in North America due to dislocations in the standard lines markets. This dynamic broadly enables specialty carriers to deploy a disciplined underwriting strategy to market opportunities.
Previous report
•Pricing momentum in non-proportional reinsurance continues while our proportional reinsurance business is benefiting from rate increases in the underlying business. While we expect these market conditions to persist, we are seeing nuances by line of business. We continue to focus on underwriting discipline and targeted profitable growth.
Previous report
Across the business, we will continue to pursue attractive opportunities by employing a focused underwriting strategy and selective appetite. Where price continues to deliver adequate profitability, we will look to grow within our risk and volatility guidelines. With a strengthened book of business, and an expanding footprint in our chosen specialty markets, we believe AXIS remains positioned to drive profitable growth in 2026.
Previous report
Recent Developments
Previous report
Loss Portfolio Transfer Reinsurance Agreement with Enstar
Previous report
The transaction is structured as a 75% ground-up quota share retrocession representing net reserves for losses and loss expenses of approximately $2 billion and provides cover up to a policy limit of approximately $940 million. The transaction is deemed to have met the established criteria for retroactive reinsurance accounting (refer to Item 1, Note 6 to the Consolidated Financial Statements'Reserve for Losses and Loss Expenses'for further details).
Previous report
Under the terms of the LPT we will retain responsibility for the management of claims.
Previous report
In subsequent periods, we will reassess the reserves for losses and loss expenses subject to the LPT. Any adverse prior year reserve development associated with the subject business will increase the cumulative amounts ceded to the reinsurer compared to the consideration paid and will increase the gain determined in accordance with retroactive reinsurance accounting. Consistent with our accounting policy, (refer to Item 7, Note 2 to the Consolidated Financial Statements'Basis of Presentation and Significant Accounting Policies' included in our Annual Report on Form 10-K for the year ended December 31, 2024), gains are deferred and amortized into net income over the claims settlement period.
Previous report
Although retroactive reinsurance accounting may result in volatility to our results in the short-term, the loss portfolio transfer reinsurance agreement will provide significant protection from prior year reserve development on the subject business over the contract term, provided this remains within the limit of the agreement.
Previous report
Bermuda Corporate Income Tax
Previous report
The effective tax rates of 18.9%and 19.2%, for the three and nine months ended September 30, 2025 were attributable to the distribution of net income (loss) among tax jurisdictions. Corporate income tax of 15% applied to Bermuda pre-tax income effective January 1, 2025.
Previous report
Gross premiums written for the three months ended September 30, 2025 increased by$165 million, or 11% ($154 million, or 10%, on a constant currency basis(1)), compared to the three months ended September 30, 2024. The increase was primarily attributable to professional lines, accident and health, property, marine and aviation, liability, and credit and political risk lines, partially offset by a decrease in cyber lines.
Previous report
The decrease in cyber lines wasattributable to the cancellation of two programs in 2024.
Previous report
Gross premiums written for the nine months ended September 30, 2025 increased by $365 million, or 7%, compared to the nine months ended September 30, 2024. The increase was primarily attributable to professional lines, liability, accident and health, property, credit and political risk, and marine and aviation lines, partially offset by a decrease in cyber lines.
Previous report
The increases in professional lines, liability, accident and health, property, credit and political risk, and marine and aviation lines were driven by new business.
Previous report
The increase in credit and political risk lineswas also due tohigher renewals of surety program busi ness. The increase in marine and aviation lines was also attributable to premium adjustments principally related to aviation business written on a line slip basis, partially offset by a lower level of premiums associated with aviation war business and marine war business.
Previous report
The decrease in cyber lines was related to the cancellation of two programs in 2024, partially offset by premium adjustments related to business written on a line slip basis.
Previous report
Ceded premiums written for the three months ended September 30, 2025 was $607 million, or 36%, of gross premiums written, compared to $551 million, or 36%, of gross premiums written for the three months ended September 30, 2024. The increase in ceded premiums written of $56 million, or 10%, was primarily driven by increases in accident and health, professional lines, marine and aviation, credit and political risk, and property lines, partially offset by decreases in cyber and liability lines. The increases in accident and health, professional lines, marine and aviation, credit and political risk, and property lines reflected the increase in gross premiums written for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The increase in accident and health lines was also attributable to a new quota share treaty.
Previous report
The decrease in cyber lines reflected the decrease in gross premiums written for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The decrease in liability lines was due to the restructuring of an existing quota share treaty, partially offset by the increase in gross premiums written for the three months ended September 30, 2025, compared to the three months ended September 30, 2024.
Previous report
Ceded premiums written for the nine months ended September 30, 2025 was $1,860 million, or 35%, of gross premiums written, compared to $1,723 million, or 35%, of gross premiums written for the nine months ended September 30, 2024. The increase in ceded premiums written of $137 million, or 8%, was primarily driven by increases in accident and health, professional lines and credit and political risk lines, partially offset by a decrease in property lines. The increase in accident and health lines was attributable to a new quota share treaty and the increase in gross premiums written for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. The increases in professional lines and credit and political risk lines reflected the increase in gross premiums written for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.
Previous report
The decrease in property lines was due to the restructuring of an existing quota share treaty, partially offset by the increase in gross premiums written for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.
Previous report
Net premiums earned for the three months ended September 30, 2025 increased by $62 million, or 6% ($52 million, or 5%, on a constant currency basis), compared to the three months ended September 30, 2024. The increase was primarily driven by increases in gross premiums earned in property, accident and health, marine and aviation, and liability lines, together with decreases in ceded premiums earned in cyber and property lines. These amounts were partially offset by increases in ceded premiums earned in accident and health, and marine and aviation lines, and a decrease in gross premiums earned in cyber lines.
Previous report
Net premiums earned for the nine months ended September 30, 2025 increased by $229 million, or 8%, compared to the nine months ended September 30, 2024. The increase was primarily driven by increases in gross premiums earned in property, accident and health, credit and political risk, professional lines, liability, and marine and aviation lines, together with decreases in ceded premiums earned in cyber and property lines. These amounts were partially offset by increases in ceded premiums earned in accident and health, and credit and political risk lines, and a decrease in gross premiums earned in cyber lines.
Previous report
The current accident year loss ratio decreased to 56.2% for the three months ended September 30, 2025, from 59.3% for the three months ended September 30, 2024.
Previous report
The decrease in the current accident year loss ratio for the three months ended September 30, 2025, compared to the same period in 2024, was impacted by a lower level of catastrophe and weather-related losses. During the three months ended September 30, 2025, catastrophe and weather-related losses, net of reinsurance, were $43 million, or 3.9 points, including $20 million, or 1.8 points attributable to the Middle East Conflict. The remaining losses were primarily attributable to weather-related events. Comparatively, during the three months ended September 30, 2024, catastrophe and weather-related losses, were $71 million, or 7.0 points, attributable to Hurricane Helene, Hurricane Beryl, other weather-related events, and the Red Sea Conflict.
Previous report
Adjusting for the impact of the catastrophe and weather-related losses, the current accident year loss ratio of 52.3% for the three months ended September 30, 2025, is consistent with the ratio of 52.3% for the three months ended September 30, 2024, principally due to the impact of changes in business mix, rate and trend.
Previous report
The current accident year loss ratio decreased to 56.4% for the nine months ended September 30, 2025, from 56.8% for the nine months ended September 30, 2024.
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Reworded paragraphs (66)
Previous wording
The following is a discussion and analysis of our results of operations for the three and nine months ended September 30, 2025 and 2024 and our financial condition at September 30, 2025 and December 31, 2024. This should be read in conjunction with Item 1 'Consolidated Financial Statements' of this report and our Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2024. Unless otherwise noted, tabular dollars are in thousands, except per share amounts. Amounts in tables may not reconcile due to rounding differences.
Current wording
The following is a discussion and analysis of our results of operations for the three months ended March 31, 2026 and 2025 and our financial condition at March 31, 2026 and December 31, 2025. This should be read in conjunction with Item 1 'Consolidated Financial Statements' of this report and our Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2025. Unless otherwise noted, tabular dollars are in thousands, except per share amounts. Amounts in tables may not reconcile due to rounding differences.
Previous wording
Third Quarter 2025 Consolidated Results of Operations
Current wording
First Quarter 2026 Consolidated Results of Operations
Previous wording
•Net income available to common shareholders of $294 million, or $3.79 per common share, and $3.74 per diluted common share
Current wording
•Net income available to common shareholders of $247 million, or $3.29 per diluted common share
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•Pre-tax, catastrophe and weather-related losses, net of reinsurance, of $44 million ($34 million, after-tax), (Insurance: $43 million; Reinsurance: $1m), or 3.0 points, including $20 million or 1.4 points attributable to the Middle East Conflict
Current wording
•Pre-tax, catastrophe and weather-related losses, net of reinsurance, of $48 million ($38 million, after-tax), (Insurance: $48 million; Reinsurance: $nil), or 3.2 points, including natural catastrophe losses of $33 million, or 2.2 points, primarily attributable to U.S. winter storms and other weather-related events. The remaining losses of $15 million, or 1.0 point, were attributable to the Middle East Conflict
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•Net favorable prior year reserve development of $19 million (Insurance: $15 million; Reinsurance: $4 million)
Current wording
•Net favorable prior year reserve development of $18 million (Insurance: $15 million; Reinsurance: $3 million)
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•Underwriting income(2) of $188 million and combined ratio of 89.4%
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•Underwriting income(2) of $187 million and combined ratio of 89.8%
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Third Quarter 2025 Consolidated Financial Condition
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First Quarter 2026 Consolidated Financial Condition
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•Total cash and invested assets of $16.8 billion; fixed maturities, short-term investments, and cash and cash equivalents comprise 87% of total cash and investments and have an average credit rating of AA-
Current wording
•Total cash and invested assets of $17.3 billion; fixed maturities, short-term investments, and cash and cash equivalents comprise 86% of total cash and investments and have an average credit rating of AA-
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•Reserve for losses and loss expenses of $18.0 billion and reinsurance recoverable on unpaid and paid losses and loss expenses of $9.7 billion
Current wording
•Reserve for losses and loss expenses of $18.3 billion and reinsurance recoverable on unpaid and paid losses and loss expenses of $9.5 billion
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•Common shareholders’ equity of $5.8 billion; book value per diluted common share of $73.82
Current wording
•Common shareholders’ equity of $5.8 billion; book value per diluted common share of $78.19
Previous wording
We provide our clients and distribution partners with a broad range of risk transfer products and services, and strong capacity, backed by excellent financial strength. We manage our portfolio holistically, aiming to construct the optimum portfolio of risks, consistent with our risk appetite and the development of our franchise. We nurture an ethical, entrepreneurial, disciplined and diverse culture that promotes outstanding client service, intelligent risk taking, operating efficiency, sustainability and the achievement of superior risk-adjusted returns for our shareholders. We believe that the achievement of our objectives will position us as a global specialty underwriting leader. The execution of our business strategy for the first nine months of 2025 included the following:
Current wording
We provide our clients and distribution partners with a broad range of risk transfer products and services, and strong capacity, backed by excellent financial strength. We manage our portfolio holistically, aiming to construct the optimum portfolio of risks, consistent with our risk appetite and the development of our franchise. We nurture an ethical, entrepreneurial, disciplined and inclusive culture that promotes outstanding client service, intelligent risk taking, operating efficiency, sustainability and the achievement of superior risk-adjusted returns for our shareholders. We believe that the achievement of our objectives will position us as a global specialty underwriting leader. The execution of our business strategy for the first three months of 2026 included the following:
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•growing in a number of attractive specialty lines insurance and treaty reinsurance markets including U.S. excess and surplus lines and Lloyd's specialty insurance business;
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•growing in a number of targeted specialty lines insurance and reinsurance markets including U.S. excess and surplus lines and Lloyd's specialty insurance business;
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•re-balancing our portfolio towards less volatile lines of business, that carry attractive returns while deploying capital within risk limit tolerance, diversification criteria and risk management strategy;
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•cycle-managing our portfolio towards attractive lines of business, that carry premium adequate returns while deploying capital within risk limits, diversification criteria and risk management strategy;
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•investing in data and technology as well as AI capabilities and tools to empower our underwriters and enhance the service that we provide to our customers;
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•investing in data and technology, together with AI capabilities and tools, to empower our teammates and enhance the service that we provide to our customers;
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•utilizing reinsurance markets and third-party capital relationships;
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•utilizing reinsurance markets and third-party capital relationships; and
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•fostering a positive workplace environment that enables us to attract, retain and develop top talent; and
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•fostering a positive workplace environment that enables us to attract, retain and develop top talent.
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(1)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, also included corporate expenses of $29 million and $34 million for the three months ended September 30, 2025 and 2024, respectively, and $83 million and $87 million for the nine months ended September 30, 2025 and 2024, respectively. Refer to'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Other Expenses (Revenues), Net' for further details on corporate expenses. Refer also to'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation' for further details.
Current wording
(1)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, also included corporate expenses of $31 million and $29 million for the three months ended March 31, 2026 and 2025, respectively. Refer to'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Other Expenses (Revenues), Net' for further details on corporate expenses. Refer also to'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation' for further details.
Previous wording
(2) The general and administrative expense ratio included corporate expenses not allocated to underwriting segmentsof 2.0% and 2.5% for the three months ended September 30, 2025 and 2024, respectively, and 2.0% and 2.2% for the nine months ended September 30, 2025 and 2024, respectively. Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Other Expenses (Revenues), Net'for further details.
Current wording
(2) The general and administrative expense ratio included corporate expenses not allocated to underwriting segmentsof 2.1% for the three months ended March 31, 2026 and 2025. Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Other Expenses (Revenues), Net'for further details.
Previous wording
The increase in professional lines was also driven by increased rate associated with renewed environmental business, higher renewals of program business, together with premium adjustments related to transactional liability business. The increase in liability lines was also driven by increased rate associated with renewed U.S. excess casualty business including lower middle market business, the timing of a renewal of a significant contract and higher renewals of program business, partially offset by a decrease in U.S. primary casualty business. The increase in accident and health lines was also attributable to a higher level of premiums and increased rate associated with renewed pet insurance business. The increase in property lines was also due to higher renewals of program business and onshore renewable energy business, together with increased rate associated with program business, partially offset by reduced opportunities in the excess and surplus lines market associated with competitive market conditions.
Current wording
The increase in property lines was also due to a higher level of premiums associated with excess and surplus lines, and onshore renewable energy business, partially offset by reduced opportunities in global property associated with competitive market conditions.
Previous wording
The increase in professional lines was due to positive premium adjustments related to transactional liability business, higher renewals of financial lines and program business, together with new financial lines, U.S. design professional, Allied Health and program business. The increase in accident and health lines was attributable to a higher level of premiums and increased rate associated with renewed pet insurance business, together with new pet insurance business. The increase in property lines was due to new excess and surplus lines market business including lower middle market business, and new program business, together with positive premium adjustments related to program business. The increase in marine and aviation lines was attributable to higher renewals of marine war business and ocean marine business, the timing of renewals and positive premium adjustments related to marine offshore renewable energy business, together with new marine energy business. The increase in liability lines was driven by new U.S. excess casualty business, increased rate associated with renewed U.S. excess casualty business, and a higher level of premiums associated with renewals of program business, partially offset by a decrease in U.S. primary casualty business. The increase in credit and political risk lines was driven by new business and higher renewals of surety program business.
Current wording
The increase in professional lines was also driven by a higher level of premiums and increased rate associated with transactional liability business.
Previous wording
(1) Amounts presented on a constant currency basis are non-GAAP financial measures as defined in Item 10 (e) of SEC Regulation S-K. The constant currency basis is calculated by applying the average foreign exchange rate from the current year to the prior year balance. Variances that are unchanged on a constant currency basis are omitted from the narrative
Current wording
(1) Amounts presented on a constant currency basis are non-GAAP financial measures as defined in Item 10 (e) of SEC Regulation S-K. The constant currency basis is calculated by applying the average foreign exchange rate from the current year to the prior year balance.
Previous wording
The decrease in the current accident year loss ratio for the nine months ended September 30, 2025, compared to the same period in 2024, was impacted by a lower level of catastrophe and weather-related losses. During the nine months ended September 30, 2025, catastrophe and weather-related losses, net of reinsurance, were $127 million, or 4.1 points, including $31 million, or 1.0 point attributable to California Wildfires and $20 million or 0.7 points attributable to the Middle East Conflict. The remaining losses were attributable to other weather-related events. Comparatively, during the nine months ended September 30, 2024, catastrophe and weather-related losses, were $136 million, or 4.7 points, attributable to Hurricane Helene, Hurricane Beryl, other weather-related events, and the Red Sea Conflict.
Current wording
Comparatively, during the three months ended March 31, 2025, catastrophe and weather-related losses, net of reinsurance, were $47.5 million, or 4.7 points, primarily attributable to California Wildfires.
Previous wording
The underwriting-related general and administrative expense ratio increased to 12.1% for the three months ended September 30, 2025, from 11.6% for the three months ended September 30, 2024, mainly driven by investments in underwriting teams and information technology, partially offset by an increase in net premiums earned.
Current wording
The underwriting-related general and administrative expense ratio decreased to 10.6% for the three months ended March 31, 2026, from 11.9% for the three months ended March 31, 2025, mainly driven by an increase in net premiums earned.
Previous wording
The decrease in accident and health lines was driven by decreased line sizes and non-renewals attributable to increased competition and client retentions, a lower level of premiums associated with a short-term medical program, and negative premium adjustments in the nine months ended September 30, 2025, compared to positive premium adjustments in the nine months ended September 30, 2024 associated with a short-term medical program, partially offset by the timing of renewals of several contracts. The decrease in marine and aviation lines was related to decreased line sizes and non-renewals attributable to client retentions and increased competition for marine business. The decrease in motor lines was attributable to decreased line sizes and non-renewals due to increased competition for non-proportional U.K. business, partially offset by a higher level of positive premium adjustments primarily related to non-proportional business associated with favorable market conditions.
Current wording
The decrease in motor lines was driven by decreased line sizes and non-renewals of non-proportional U.K business attributable to increased competition and unfavorable market conditions, partially offset by new non-U.K. proportional and non-proportional business.
Previous wording
During the nine months ended September 30, 2025, catastrophe and weather-related losses, net of reinsurance, were $3 million, or 0.2 points, primarily attributable to California Wildfires. Comparatively, during the nine months ended September 30, 2024, catastrophe and weather-related losses, were $9 million, or 0.9 points, attributable to weather-related events.
Current wording
During the three months ended March 31, 2026, catastrophe and weather-related losses, net of reinsurance, were $nil. Comparatively, during the three months ended March 31, 2025, catastrophe and weather-related losses, were $1.5 million, or 0.5 points, attributable to California Wildfires.
Previous wording
The acquisition cost ratio of 21.9% for the nine months ended September 30, 2025, was comparable to 22.1% for the nine months ended September 30, 2024, primarily related to the benefit of changes in business mix on retrocessional contracts driven by increases in credit and surety, and liability lines business ceded in recent periods and lower adjustments attributable to loss-sensitive features in liability, and credit and surety lines including mortgage business, largely offset by an increase in gross acquisition costs driven by changes in business mix due to increases in credit and surety, and professional lines business written in the recent periods which is associated with relatively higher acquisition cost ratios.
Current wording
The acquisition cost ratio increased to 23.8% for the three months ended March 31, 2026, from 21.3% for the three months ended March 31, 2025, primarily related to changes in business mix due to an increase in credit and surety lines business written in the recent period which is associated with a relatively higher acquisition cost ratio. In addition, the acquisition cost ratio increased due to changes in business mix within motor, and credit and surety lines mainly related to an increase in proportional business written in the recent periods.
Previous wording
For the nine months ended September 30, 2025, the net investment gains were primarily due to net unrealized gains on equity securities and net realized gains on sales of equity securities, partially offset by net realized losses on sales of corporate debt, Agency RMBS and U.S. government securities. For the nine months ended September 30, 2024, the net investment losses were primarily due to net realized losses on sales of Agency RMBS, U.S. government and corporate debt securities, partially offset by net unrealized gains on equity securities and realized gains on sales of equity securities.
Current wording
Net investment losses reported in 2025 mainly reflected net realized losses on the sale of corporate debt and U.S. government securities and net unrealized losses on equity securities, partially offset by net realized gains on the sale of equity securities.
Previous wording
(3)Pre-tax, total return on average cash and investments excluding foreign exchange movements is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to pre-tax, total return on average cash and investments, the most comparable GAAP financial measure, included foreign exchange (losses) gains of $(15) million and $70 million for the three months ended September 30, 2025 and 2024, respectively, and foreign exchange (losses) gains of $129 million and $40 million for the nine months ended September 30, 2025 and 2024, respectively.
Current wording
(3)Pre-tax, total return on average cash and investments excluding foreign exchange movements is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to pre-tax, total return on average cash and investments, the most comparable GAAP financial measure, included foreign exchange (losses) gains of $(24) million and $47 million for the three months ended March 31, 2026 and 2025, respectively.
Previous wording
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.
Current wording
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 a percentage of net premiums earned, corporate expenses were 2.1% for the three months ended March 31, 2026 and 2025.
Previous wording
Foreign exchange gains of $13 million for the three months ended September 30, 2025 reflected the impact of the strengthening of the U.S. dollar on the remeasurement of net insurance-related liabilities denominated in pound sterling and Canadian dollar, partially offset by the weakening of the U.S. dollar on the remeasurement of net insurance-related liabilities denominated in euro. Foreign exchange losses of $138 million for the nine months ended September 30, 2025 reflected the impact of the weakening of the U.S. dollar on the remeasurement of net insurance-related liabilities denominated in euro, pound sterling and Canadian dollar, partially offset by the strengthening of the U.S. dollar on the remeasurement of net insurance-related liabilities denominated in Australian dollar.
Current wording
Foreign exchange gains of $36 million for the three months ended March 31, 2026 reflected the impact of the strengthening of the U.S. dollar on the remeasurement of net insurance-related liabilities denominated in pound sterling, euro and Canadian dollar.
Previous wording
Foreign exchange losses of $92 million for the three months ended September 30, 2024 reflected the impact of the weakening of the U.S. dollar on the remeasurement of net insurance-related liabilities denominated in pound sterling and euro. Foreign exchange losses of $61 million for the nine months ended September 30, 2024 reflected the impact of the weakening of the U.S. dollar on the remeasurement of net insurance-related liabilities denominated in pound sterling and euro.
Current wording
Foreign exchange losses of $57 million for the three months ended March 31, 2025 reflected the impact of the weakening of the U.S. dollar on the remeasurement of net insurance-related liabilities denominated in pound sterling and euro.
Previous wording
Income tax expense (benefit) primarily results from income (loss) in our global operations. Our effective tax rate which is calculated as income tax expense (benefit) divided by income (loss) before tax including interest in income (loss) of equity method investments was 18.9% and 19.2%, for the three and nine months ended September 30, 2025, and 21.0% and (4.8%) for the three and nine months ended September 30, 2024, respectively. This effective rate can vary between periods depending on the distribution of net income (loss) among tax jurisdictions, as well as other factors.
Current wording
Income tax expense (benefit) primarily results from income (loss) in our global operations. Our effective tax rate which is calculated as income tax expense (benefit) divided by income (loss) before tax including interest in income (loss) of equity method investments was 18.0%, for the three months ended March 31, 2026, and 18.6% for the three months ended March 31, 2025. This effective rate can vary between periods depending on the distribution of net income (loss) among tax jurisdictions, as well as other factors.
Previous wording
The income tax expense of $48 million for the three months ended September 30, 2024 was principally due to pre-tax income in our U.S., U.K, operations. The income tax benefit of $36 million for the nine months ended September 30, 2024 was due to the recognition of an income tax benefit of $163 million related to the future Bermuda corporate income tax rate of 15%, pursuant to the Corporate Income Tax Act 2023, partially offset by income tax expense associated with pre-tax income in our U.S., U.K. and European operations.
Current wording
The income tax expense of $56 million, for the three months ended March 31, 2026, was principally due to pre-tax income in our U.S. and U.K operations.
Previous wording
The income tax expense of $70 million and $171 million for the three and nine months ended September 30, 2025, respectively was principally due to pre-tax income in our Bermuda, U.K., U.S., and European operations.
Current wording
The income tax expense of $44 million for the three months ended March 31, 2025 was principally due to pre-tax income in our Bermuda, U.K., U.S., and European operations.
Previous wording
The increase in ROACE for the three months ended September 30, 2025, compared to the three months ended September 30, 2024, was primarily driven by foreign exchange gains, an increase in underwriting income and a decrease in corporate expenses, partially offset by increases in income tax expense and average common shareholders' equity and a decrease in net investment income.
Current wording
The increase in ROACE for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, was primarily driven by net income available to commons shareholders, partially offset by an increase in average common shareholders' equity.
Previous wording
The increase in operating ROACE for the three months ended September 30, 2025, compared to the three months ended September 30, 2024, was primarily driven byan increase in underwriting income and a decrease in corporate expenses, partially offset by increases in income tax expense and average common shareholders' equity and a decrease in net investment income.
Current wording
The decrease in operating ROACE for the three months ended March 31, 2026, compared to the three months ended March 31, 2025, was primarily driven by an increase in average common shareholders' equity.
Previous wording
During the three and nine months ended September 30, 2025, book value per diluted common share increased by 4.9% and 13.1%, respectively due to net income for the period, and net unrealized investment gains recognized in accumulated other comprehensive income (loss), partially offset by common share repurchases and common share dividends declared.
Current wording
During the three months ended March 31, 2025, book value per diluted common share increased by 1.9% due to net income for the period, and net unrealized investment gains recognized in accumulated other comprehensive income (loss), partially offset by common share repurchases and common share dividends declared.
Previous wording
We believe in returning excess capital to shareholders by way of dividends. Accordingly, dividend policy is an integral part of the value we create for shareholders. Our Board of Directors has approved quarterly common share dividends for twenty-two consecutive years.
Current wording
We believe in returning excess capital to shareholders by way of dividends. Accordingly, dividend policy is an integral part of the value we create for shareholders. Our Board of Directors has approved quarterly common share dividends for twenty-three consecutive years.
Previous wording
(2)Tax expense (benefit) associated with the adjustments to net income (loss) available (attributable) to common shareholders. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.
Current wording
(1)Tax expense (benefit) associated with the adjustments to net income (loss) available (attributable) to common shareholders. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.
Previous wording
(3)Refer to Item 1, Note 7 to our Consolidated Financial Statements 'Earnings per Common Share' for further details.
Current wording
(2)Refer to Item 1, Note 7 to our Consolidated Financial Statements 'Earnings per Common Share' for further details.
Showing the first 40 of 66 pairs. Open the source sections for the rest.
Rearranged current paragraphs (7)
Current report — wording carried from elsewhere
•Total common shares repurchased were 0.8 million shares for a total of $82 million, including $60 million repurchased pursuant to our Board-authorized share repurchase programs, and $23 million from employees to facilitate the satisfaction of their personal withholding tax liabilities that arise on vesting of share-settled restricted stock units
Current report — wording carried from elsewhere
The increase in accident and health lines was also attributable to increased rate associated with renewed pet insurance business.
Current report — wording carried from elsewhere
During the three months ended March 31, 2026, book value per diluted common share increased by 1.3% due to net income for the period, partially offset by net unrealized investment losses recognized in accumulated other comprehensive income (loss), common share repurchases and common share dividends declared.
Current report — wording carried from elsewhere
At March 31, 2026, fixed maturities had a weighted average credit rating of A+ (2025: A+), a book yield of 4.7% (2025: 4.6%), and an average duration of 3.2 years(2025: 3.1 years).
Current report — wording carried from elsewhere
Refer to Note 3(f) to the Consolidated Financial Statements 'Investments'.
Current report — wording carried from elsewhere
At March 31, 2026, the Company had borrowings under the FHLB program of$66 million.
Current report — wording carried from elsewhere
The $150 million Facility is intended to support the Borrower's working capital requirements and general corporate expenses. The line of credit facility contains customary representations, warranties, covenants, and events of default for transactions of this nature.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
•Total common shares repurchased were 1.1 million shares for a total of $110 million