AXIS CAPITAL HOLDINGS LTD
For the period ended Sep 30, 2026. Filed Oct 28, 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.
Sep 30, 2026 · Filed Oct 28, 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 2026-06-30; filed 2026-07-28.
0001214816-26-000203
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-10-28.
0001214816-26-000215
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 280 previous paragraphs and 277 current paragraphs.
156 unchanged; 87 reworded; 31 added; 31 removed; 6 previous and 3 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 (31)
Current report
THIRD QUARTER 2026 FINANCIAL HIGHLIGHTS
Current report
•Operating income(1) of $229 million, or $3.12 per diluted common share(1)
Current report
•Gross premiums written of $2.4 billion
Current report
•Net premiums earned of $1.6 billion
Current report
•Total assets of $36.5 billion
Current report
Gross premiums written for the three months ended September 30, 2026 increased by $217 million, or 13%, compared to the three months ended September 30, 2025, primarily attributable to marine and aviation due to higher premiums mainly related to marine war business, property and professional lines due to new business associated with our AXIS Capacity Solutions ("ACS") capability, and accident and health lines due to higher renewals and new business.
Current report
Ceded premiums written was 36% of gross premiums written for the three months ended September 30, 2026 and 2025, due to decreased cession rates in marine and aviation, and accident and health lines, offset by increased cession rates in property, and professional lines.
Current report
Ceded premiums written was 36% of gross premiums written for the nine months ended September 30, 2026 compared to 35% of gross premiums written for the nine months ended September 30, 2025 due to an increased cession rate in property lines, largely offset by decreased cession rates in accident and health, and liability lines.
Current report
Net premiums earned for the three months ended September 30, 2026 increased by $215 million, or 20% ($205 million, or 19%, on a constant currency basis), compared to the three months ended September 30, 2025, primarily driven by increases in marine and aviation, professional lines, and accident and health lines due to increases in gross premiums earned.
Current report
Net premiums earned for the nine months ended September 30, 2026 increased by $500 million, or 16% ($481 million, or 15%, on a constant currency basis), compared to the nine months ended September 30, 2025, primarily driven by increases in marine and aviation, professional lines, and liability lines.
Current report
The current accident year loss ratio increased to 59.9% for the three months ended September 30, 2026, from 56.2% for the three months ended September 30, 2025.
Current report
The increase in the current accident year loss ratio was impacted by a higher level of catastrophe and weather-related losses. During the three months ended September 30, 2026, catastrophe and weather-related losses, net of reinsurance, were $75 million, or 5.7 points, including $44 million, or 3.3 points, attributable to the Middle East conflict and the Russia-Ukraine war. The remaining losses of $31 million, or 2.3 points, were attributable to weather-related events. Comparatively, 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.
Current report
The acquisition cost ratio increased to 22.6% and 20.9% for thethree and nine months ended September 30, 2026, from 18.9% and 19.0% for thethree and nine months ended September 30, 2025, primarily related to new property and professional lines business associated with our ACS capability.
Current report
Gross premiums written for the three months ended September 30, 2026, increased by $17 million, or 4% ($21 million, or 5%, on a constant currency basis), compared to the three months ended September 30, 2025 primarily attributable to a higher level of premiums associated with two contracts in agriculture lines, partially offset by decreased line sizes and non-renewals in liability lines.
Current report
The increase in agriculture lines was partially offset by timing of renewals and premium adjustments.
Current report
The increase in agriculture lines was partially offset by non-renewals and premium adjustments.
Current report
During the three months ended September 30, 2026, catastrophe and weather-related losses, net of reinsurance were $nil. Comparatively, during the three months ended September 30, 2025, catastrophe and weather-related losses, net of reinsurance were $1.0 million, or 0.3 points.
Current report
The current accident year loss ratio of 68.4% for the nine months ended September 30, 2026 was comparable to 68.3% for the nine months ended September 30, 2025.
Current report
Adjusting for the impact of the catastrophe and weather-related losses, the current accident year loss ratio was 68.1% for the nine months ended September 30, 2026, and September 30, 2025.
Current report
The acquisition cost ratio of 22.0% for the three months ended September 30, 2026 was comparable to 21.9% for the three months ended September 30, 2025.
Current report
The underwriting-related general and administrative expense ratio of 3.0%for the three months ended September 30, 2026 was comparable to 3.2%for the three months ended September 30, 2025.
Current report
During the three months ended September 30, 2026, book value per diluted common share decreased by 2.0% driven by net unrealized investment losses recognized in accumulated other comprehensive income (loss), common share repurchases, and common share dividends, partially offset by net income for the period.
Current report
Letters of Credit and Credit Facilities
Current report
$250 million Facility
Current report
On March 23, 2026, the Company reduced its $300 million Facility to $250 million (the "$250 million Facility"), and extended the tenor of letters of credit issuable from March 31, 2027 to March 31, 2028. The $250 million Facility is principally used to support the reinsurance obligations of certain of the Company’s operating subsidiaries. At September 30, 2026, letters of credit outstanding under the $250 million Facility were $221 million, and the Company was in compliance with all applicable facility covenants.
Current report
$150 million Facility
Current report
AXIS Specialty Limited maintained an uncommitted bilateral short-term line of credit facility of up to $150 million ("$150 million Facility"). The $150 million Facility was available to support working capital requirements and general corporate purposes and was scheduled to expire on October 7, 2026. At September 30, 2026, the $150 million Facility was undrawn, and AXIS Specialty Limited was in compliance with all applicable facility covenants.
Current report
On October 7, 2026, the $150 million facility expired.
Current report
$90 million Facility
Current report
The Company maintains an uncommitted unsecured letter of credit facility of up to $90 million (the "$90 million Facility"). The $90 million Facility is supported by a guarantee issued by AXIS Specialty Limited and is used to support obligations in connection with Syndicate 1686's and Syndicate 2050's participation in the Lloyd’s insurance market, specifically their Funds at Lloyd’s requirements. At September 30, 2026, the $90 million Facility was fully utilized, and the Company was in compliance with all applicable facility covenants.
Current report
On October 16, 2026, the Company increased its $90 million Facility to $170 million (the "$170 million Facility"), and extended the tenor of letters of credit issuable from August 31, 2030 to December 30, 2030.
Removed paragraphs (31)
Previous report
SECOND QUARTER 2026 FINANCIAL HIGHLIGHTS
Previous report
•Gross premiums written of $2.7 billion
Previous report
•Net premiums earned of $1.5 billion
Previous report
•Net investment income of $182 million
Previous report
•Reorganization expenses of $6 million primarily related to the continued implementation of initiatives undertaken to streamline our operations, initiated in the first quarter of 2026.
Previous report
•Total assets of $36.6 billion
Previous report
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Previous report
Gross premiums written for the three months ended June 30, 2026 increased by $296 million, or 15%, compared to the three months ended June 30, 2025, attributable to all lines of business with the exception of cyber lines. Our AXIS Capacity Solutions ("ACS") capability contributed approximately $165 million to the increase in gross premiums written in three months ended June 30, 2026, compared to the three months ended June 30, 2025.
Previous report
The increase in marine and aviation lines was due to a higher level of premiums related to marine war business, premium adjustments related to marine specie business and higher renewals in offshore renewable energy and ocean marine business.
Previous report
Ceded premiums written for the three months ended June 30, 2026 was $857 million, or 39%, of gross premiums written, compared to $642 million, or 33%, of gross premiums written for the three months ended June 30, 2025. The increase in ceded premiums written as a percentage of gross premiums written was 5% primarily due to an increased cession ratein property lines.
Previous report
Ceded premiums written for the six months ended June 30, 2026 was $1,548 million, or 37%, of gross premiums written, compared to $1,253 million, or 35%, of gross premiums written for the six months ended June 30, 2025. The increase in ceded premiums written as a percentage of gross premiums written was 2% primarily due to an increased cession ratein property lines, partially offset bydecreased cession rates in liability, and accident and health lines.
Previous report
Net premiums earned for the three months ended June 30, 2026 increased by $154 million, or 15% ($147 million, or 14%, on a constant currency basis(1)), compared to the three months ended June 30, 2025, primarily driven by increases in professional lines, marine and aviation, and liability lines.
Previous report
Net premiums earned for the six months ended June 30, 2026 increased by $286 million, or 14%, compared to the six months ended June 30, 2025, primarily driven by increases in professional lines, liability, property, and marine and aviation lines.
Previous report
The increase in property lines was due to an increase in gross premiums earned, partially offset by an increase in ceded premiums earned attributable to new quota share treaties and the restructuring of an existing quota share treaty that decreased our retentions on this line of business.
Previous report
The current accident year loss ratio increased to 60.5% for the three months ended June 30, 2026, from 55.9% for the three months ended June 30, 2025.
Previous report
The increase in the current accident year loss ratio was impacted by a higher level of catastrophe and weather-related losses. During the three months ended June 30, 2026, catastrophe and weather-related losses, net of reinsurance, were $78 million, or 6.5 points, including natural catastrophe losses of $49 million, or 4.1 points. The remaining losses of $29 million, or 2.4 points, were attributable to the Middle East conflict. Comparatively, during the three months ended June 30, 2025, catastrophe and weather-related losses, net of reinsurance, were $36 million, or 3.6 points, primarily attributable to weather-related events.
Previous report
The underwriting-related general and administrative expense ratio decreased to 10.4% for the three months ended June 30, 2026, from 12.0% for the three months ended June 30, 2025, mainly driven by an increase in net premiums earned and fees related to opportunities associated with our ACS initiatives.
Previous report
Gross premiums written for the three months ended June 30, 2026, decreased by $144 million, or 25%, compared to the three months ended June 30, 2025 primarily attributable to non-renewals and decreased line sizes in professional lines and liability lines.
Previous report
The decrease in motor lines was due to decreased line sizes and non-renewals of non-proportional U.K. business associated with increased competition and unfavorable market conditions, partially offset by new non-U.K. proportional and non-proportional business.
Previous report
The current accident year loss ratio increased to 69.1% for the three months ended June 30, 2026, from 68.0% for the three months ended June 30, 2025. The increase in the current accident year loss ratio was impacted by a higher level of catastrophe and weather-related losses.
Previous report
During the three months ended June 30, 2026, catastrophe and weather-related losses, net of reinsurance, were $3 million, or 0.8 points, attributable to the Middle East conflict. Comparatively, during the three months ended June 30, 2025, catastrophe and weather-related losses, were $0.2 million, or 0.1 point.
Previous report
The current accident year loss ratio was 68.4% for the six months ended June 30, 2026 and June 30, 2025.
Previous report
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Previous report
Bermuda deferred tax expense in 2025 is due to the amortization of the Bermuda net deferred tax asset related to Bermuda corporate income tax that is effective for fiscal years beginning on or after January 1, 2025. Bermuda deferred tax expense is not related to the underwriting process. Therefore, this expense is excluded from operating income (loss).
Previous report
Letter of Credit Facility
Previous report
On March 23, 2026, the $300 million Facility was amended to reduce the committed utilization capacity available under the Facility to $250 million (the "$250 million Facility") and extend the tenors of issuable letters of credit to March 31, 2028.
Previous report
On March 23, 2025, the $300 million Facility was amended to extend the tenors of issuable letters of credit to March 31, 2027.
Previous report
On August 26, 2025, AXIS Corporate Capital UK II Limited (the "Borrower"), acting through AXIS Managing Agency Limited, as managing agent of Syndicate 1686 and Syndicate 2050 (collectively, the "Syndicates"), entered into a Facility Letter and Master Agreement (together, the "Agreements") with Citibank (the "Lender"), providing for an uncommitted unsecured letter of credit facility up to a maximum aggregate amount of $90 million (the "$90 million Facility") with tenors of issuable letters of credit to August 31, 2030. The facility is supported by a guarantee issued by AXIS Specialty Limited.
Previous report
The letter of credit facility is intended to support the Borrower's obligations in connection with the Syndicates’ participation in the Lloyd’s insurance market, specifically its Funds at Lloyd’s requirements. The facility contains customary representations, warranties, covenants, and events of default for transactions of this nature.
Previous report
On October 8, 2025, AXIS Specialty Limited (the "Borrower"), entered into a Letter Agreement with Wells Fargo Bank, National Association (the "Bank"), providing for an uncommitted bilateral short-term line of credit facility up to a maximum aggregate amount of $150 million (the "$150 million Facility") with tenors of issuable letters of credit to October 7, 2026.
Previous report
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.
Reworded paragraphs (87)
Previous wording
The following is a discussion and analysis of our results of operations for the three and six months ended June 30, 2026 and 2025 and our financial condition at June 30, 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.
Current wording
The following is a discussion and analysis of our results of operations for the three and nine months ended September 30, 2026 and 2025 and our financial condition at September 30, 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
Second Quarter 2026 Consolidated Results of Operations
Current wording
Third Quarter 2026 Consolidated Results of Operations
Previous wording
•Net income available to common shareholders of $251 million, or $3.38 per diluted common share
Current wording
•Net income available to common shareholders of $202 million, or $2.75 per diluted common share
Previous wording
•Net premiums written of $1.6 billion
Current wording
•Net premiums written of $1.5 billion
Previous wording
•Pre-tax, catastrophe and weather-related losses, net of reinsurance, of $80 million ($63 million, after-tax), (Insurance: $78 million; Reinsurance: $3 million), or 5.3 points, including natural catastrophe losses of $49 million, or 3.2 points. The remaining losses of $31 million, or 2.1 points, were attributable to the Middle East Conflict
Current wording
•Pre-tax, catastrophe and weather-related losses, net of reinsurance, of $75 million ($57 million, after-tax), (Insurance: $75 million; Reinsurance: $nil), or 4.6 points, including $44 million, or 2.7 points, attributable to the Middle East Conflict and the Russia-Ukraine war. The remaining losses of $31 million, or 1.9 points were attributable to weather-related events.
Previous wording
•Underwriting income(2) of $143 million and combined ratio of 93.1%
Current wording
•Underwriting income(2) of $134 million and combined ratio of 94.0%
Previous wording
•Fees related to arrangements with strategic capital partners of $22 million, including $17 million recognized as a reimbursement of general and administrative expenses
Current wording
•Fees related to arrangements with strategic capital partners of $23 million, including $18 million recognized as a reimbursement of general and administrative expenses
Previous wording
•Operating income(1) of $211 million, or $2.84 per diluted common share(1)
Current wording
•Net investment income of $211 million
Previous wording
•Net investment gains of $47 million
Current wording
•Net investment losses of $47 million
Previous wording
•Income tax expense of $61 million, resulting in an effective tax rate of 19.2%
Current wording
•Income tax expense of $49 million, resulting in an effective tax rate of 19.1%
Previous wording
Second Quarter 2026 Consolidated Financial Condition
Current wording
Third Quarter 2026 Consolidated Financial Condition
Previous wording
•Total cash and invested assets of $17.8 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 $18.0 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-
Previous wording
•Reserve for losses and loss expenses of $18.6 billion and reinsurance recoverable on unpaid and paid losses and loss expenses of $9.6 billion
Current wording
•Reserve for losses and loss expenses of $19.0 billion and reinsurance recoverable on unpaid and paid losses and loss expenses of $9.6 billion
Previous wording
•Debt of $1.3 billion and debt to total capital ratio(3) of 16.8%
Current wording
•Debt of $1.3 billion and debt to total capital ratio(3) of 17.3%
Previous wording
•Total common shares repurchased were 978,000 shares for a total of $97 million, including $89 million repurchased pursuant to our Board-authorized share repurchase programs, and $8 million from employees to facilitate the satisfaction of their personal withholding tax liabilities that arise on vesting of share-settled restricted stock units
Current wording
•Total common shares repurchased were 1.1 million shares for a total of $110 million, including $109 million repurchased pursuant to our Board-authorized share repurchase programs, and $1 million from employees to facilitate the satisfaction of their personal withholding tax liabilities that arise on vesting of share-settled restricted stock units
Previous wording
•Common shareholders’ equity of $6.0 billion; book value per diluted common share of $80.67
Current wording
•Common shareholders’ equity of $5.7 billion; book value per diluted common share of $79.06
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 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 six months of 2026 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 nine months of 2026 included the following:
Previous wording
The global trade and geopolitical landscape remain fluid, introducing uncertainty across economic conditions, loss costs, and capital deployment. AXIS is built to operate effectively in dynamic risk environments. We proactively assess evolving risks and translate uncertainty into specialized insurance solutions 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 wording
The global trade and geopolitical landscape remain fluid, introducing uncertainty across economic conditions, loss costs, and capital deployment. AXIS is built to operate effectively in dynamic risk environments. We proactively assess evolving risks and translate uncertainty into specialized insurance solutions through disciplined pricing, portfolio management, and rigorous risk selection. Our underwriting framework is designed to manage downside risk while positioning the business to capitalize on market dislocations and emerging opportunities.
Previous wording
•Pricing dynamics are evolving following multiple years of rate increases that exceeded loss cost trends. Market conditions are softening with variances across the various "micro markets" where AXIS competes: casualty lines continue to achieve positive rate momentum, financial lines pricing remains stable, and property markets continue to experience pressure from increased capital inflows that are fueling global market competition. We are deliberately managing capital deployment where premium adequacy remains compelling. This approach includes ensuring volatility is appropriately priced while seeking additional market dislocations and opportunities at target returns.
Current wording
•Pricing dynamics continue to evolve following several years of rate increases that exceeded loss cost trends. Market conditions are softening with variances across the various "micro markets" where AXIS competes: casualty lines continue to achieve positive rate momentum, financial lines pricing remains stable, and property markets continue to experience pressure from increased capital inflows that are fueling global market competition. We are deliberately managing capital deployment where premium adequacy remains compelling. This approach includes ensuring volatility is appropriately priced while seeking additional market dislocations and opportunities at target returns.
Previous wording
•Distribution dynamics remain constructive for disciplined specialty underwriters. In North America, submission growth through the wholesale channel remains steady as market conditions vary by line of business, reinforcing the importance of underwriting selectivity. In the London Market, increasingly granular "micro‑markets" by line of business and channel continue to reward technical underwriting expertise and strong broker relationships. These conditions play directly to AXIS, strengths and support sustainable, profitable growth.
Current wording
•Distribution dynamics remain constructive for disciplined specialty underwriters. In North America, submission growth through the wholesale channel remains steady as market conditions vary by line of business, reinforcing the importance of underwriting selection. In the London Market, increasingly granular "micro‑markets" by line of business and channel continue to reward technical underwriting expertise and strong broker relationships. These conditions play directly to AXIS, strengths and support sustainable, profitable growth.
Previous 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 $33 million and $26 million for the three months ended June 30, 2026 and 2025, respectively and $64 million and $55 million for thesix months ended June 30, 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.
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 $30 million and $29 million for the three months ended September 30, 2026 and 2025, respectively and $94 million and $83 million for the nine months ended September 30, 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
(1) Current accident year loss ratio, catastrophe and weather-related losses ratio and current accident year loss ratio, excluding catastrophe and weather-related losses are non-GAAP financial measures as defined in Item 10(e) of SEC Regulation S-K. The reconciliations to the most comparable GAAP financial measures, net losses and loss expenses ratio are provided above and a discussion of the rationale for the presentation of these items are provided in 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation'.
Current wording
(1) Current accident year loss ratio, catastrophe and weather-related losses ratio and current accident year loss ratio, excluding catastrophe and weather-related losses are non-GAAP financial measures as defined in Item 10(e) of SEC Regulation S-K. The reconciliations to the most comparable GAAP financial measures, net losses and loss expenses ratio are provided above and a discussion of the rationale for the presentation of these items is provided in 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation'.
Previous wording
(2) The general and administrative expense ratio includes corporate expenses not allocated to underwriting segmentsof 2.1% and 1.9% for the three months ended June 30, 2026 and 2025, respectively, and 2.1% and 2.0% for the six months ended June 30, 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.
Current wording
(2) The general and administrative expense ratio includes corporate expenses not allocated to underwriting segmentsof 1.9% and 2.0% for the three months ended September 30, 2026 and 2025, respectively, and 2.0% and 2.0% for the nine months ended September 30, 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.
Previous wording
Gross premiums written for the six months ended June 30, 2026 increased by $624 million, or 17%, compared to the six months ended June 30, 2025, attributable to all lines of business with the exception of cyber lines. In addition, our ACS capability contributed approximately $338 million to the increase in gross premiums written in six months ended June 30, 2026, compared to the six months ended June 30, 2025, including $61 million attributable to a discrete Funds at Lloyds ("FAL") transaction. The FAL transaction was written on a proportional basis therefore, annual estimated premium income was recognized at inception of the contract.
Current wording
Gross premiums written for the nine months ended September 30, 2026 increased by $841 million, or 16% ($810 million, or 15%, on a constant currency basis(1)), compared to the nine months ended September 30, 2025, attributable to all lines of business. In addition, our ACS capability contributed approximately $449 million to the increase in gross premiums written in nine months ended September 30, 2026, compared to the nine months ended September 30, 2025, including $61 million attributable to a discrete Funds at Lloyds ("FAL") transaction. The FAL transaction was written on a proportional basis therefore, annual estimated premium income was recognized at inception of the contract.
Previous wording
The increases inproperty, professional lines, accident and health, and liability lines were primarily attributable to new business.
Current wording
The increases inproperty, professi onal lines, accident and health, and liability lines were primarily attributable to new business.
Previous wording
The increase in professional lines was also driven by higher renewals of design professional liability business, together with the timing of renewals of transactional liability business.
Current wording
The increase in professional lines was also driven by higher renewals of design professional liability business and transactional liability business, together with the timing of renewals associated with program business.
Previous wording
The increase in marine and aviation lines was also due to a higher level of premiums related to marine war business.
Current wording
The increase in marine and aviation lines was due to higher premiums primarily related to marine war business.
Previous wording
The increase in accident and health lines was also attributable to increased rate associated with renewed pet insurance business.
Current wording
The increase in accident and health lines was also attributable to higher renewals and increased rate associated with renewed pet insurance business.
Previous wording
The increases in professional lines and marine and aviation lines were due to increases in gross 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 an existing quota share treaty that increased our retention on this line of business.
Current wording
The increases in marine and aviation, and professional lines were due to increases in gross premiums earned, partially offset by increases in ceded premiums earned attributable to existing quota share treaties that decreased our retentions of these lines of business. 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 an existing quota share treaty that increased our retention on this line of business.
Previous wording
Adjusting for the impact of the catastrophe and weather-related losses, the current accident year loss ratio increased to 54.0% for the three months ended June 30, 2026, from 52.3% for the three months ended June 30, 2025, principally due an acceleration in property market softening and the recognition of increasingly competitive conditions in casualty lines.
Current wording
Adjusting for the impact of the catastrophe and weather-related losses, the current accident year loss ratio increased to 54.2% for the three months ended September 30, 2026, from 52.3% for the three months ended September 30, 2025, principally due an acceleration in property market softening and the recognition of increasingly competitive conditions in casualty lines.
Previous wording
The current accident year loss ratio increased to 59.0% for the six months ended June 30, 2026, from 56.4% for the six months ended June 30, 2025.
Current wording
The current accident year loss ratio increased to 59.4% for the nine months ended September 30, 2026, from 56.4% for the nine months ended September 30, 2025.
Previous wording
The increase in the current accident year loss ratio was impacted by a higher level of catastrophe and weather-related losses. During the six months ended June 30, 2026, catastrophe and weather-related losses, net of reinsurance, were $125 million, or 5.4 points, including natural catastrophe losses of $81 million, or 3.6 points, primarily attributable to U.S. winter storms and other weather-related events. The remaining losses of $44 million, or 1.8 points, were attributable to the Middle East conflict. Comparatively, during the six months ended June 30, 2025, catastrophe and weather-related losses, net of reinsurance, were $84 million, or 4.1 points, including $31 million, or 1.5 points attributable to California Wildfires. The remaining losses were primarily attributable to other weather-related events.
Current wording
The increase in the current accident year loss ratio was impacted by a higher level of catastrophe and weather-related losses. During the nine months ended September 30, 2026, catastrophe and weather-related losses, net of reinsurance, were $200 million, or 5.5 points, including natural catastrophe losses of $112 million, or 3.0 points, attributable to U.S. winter storms and other weather-related events. The remaining losses of $88 million, or 2.5 points, were attributable to the Middle East conflict and the Russia-Ukraine war. Comparatively, 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 primarily attributable to other weather-related events.
Previous wording
Adjusting for the impact of the catastrophe and weather-related losses, the current accident year loss ratio increased to 53.6% for the six months ended June 30, 2026, from 52.3% for the six months ended June 30, 2025, principally due to an acceleration in property market softening and the recognition of increasingly competitive conditions in casualty lines.
Current wording
Adjusting for the impact of the catastrophe and weather-related losses, the current accident year loss ratio increased to 53.9% for the nine months ended September 30, 2026, from 52.3% for the nine months ended September 30, 2025, principally due to an acceleration in property market softening and the recognition of increasingly competitive conditions in casualty lines.
Previous wording
The acquisition cost ratio increased to 20.1% and 19.9% for thethree and six months ended June 30, 2026, from 18.9% and 19.0% for thethree and six months ended June 30, 2025, primarily related to an increase in gross variable 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, which are associated with relatively higher gross acquisition cost ratios. The acquisition cost ratio for the three months ended June 30, 2026 benefited from increases in ceding commission in accident and health, and cyber lines.
Current wording
In addition, gross acquisition costs increased due to changes in business mix attributable to increases in marine war business written in marine and aviation lines, pet insurance business written in accident and health lines, and program business written in property, professional lines, and credit and political risk lines, all of which are associated with relatively higher gross acquisition cost ratios.
Previous wording
The underwriting-related general and administrative expense ratio decreased to 10.3% for the six months ended June 30, 2026, from 12.0% for the six months ended June 30, 2025, mainly driven by an increase in net premiums earned.
Current wording
The underwriting-related general and administrative expense ratio decreased to 10.4% and 10.3% for thethree and nine months ended September 30, 2026, from 12.1% and 12.0% for thethree and nine months ended September 30, 2025, mainly driven by an increase in net premiums earned.
Previous wording
The decrease in liability lines was due to decreased line sizes and non-renewals primarily related to general liability business and the timing of renewals.
Current wording
The decrease in liability lines was due to decreased line sizes and non-renewals primarily related to general liability business, and premium adjustments, partially offset by the timing of renewals.
Previous wording
Gross premiums written for thesix months ended June 30, 2026, decreased by $169 million, or 10% ($210 million, or 12%, on a constant currency basis), compared to the six months ended June 30, 2025 primarily attributable to non-renewals and decreased line sizes in liability, professional lines and motor lines, partially offset by increased line sizes and new business in credit and surety lines.
Current wording
Gross premiums written for the nine months ended September 30, 2026, decreased by $151 million, or 7% ($189 million, or 9%, on a constant currency basis), compared to the nine months ended September 30, 2025 primarily attributable to non-renewals and decreased line sizes in both liability and professional lines, partially offset by increased line sizes and new business in credit and surety lines and a higher level of premiums associated with two contracts in agriculture lines.
Previous wording
The decrease in professional lines was driven by non-renewals of cyber business attributable to client retentions and unfavorable market conditions, together with decreased line sizes on several under-performing cyber contracts.
Current wording
The decrease in professional lines was driven by non-renewals of cyber business attributable to client retentions and unfavorable market conditions, non-renewals of D&O business related to client retentions, decreased line sizes on several under-performing cyber and D&O contracts, and premium adjustments.
Previous wording
The increase in credit and surety lines was driven by increased line sizes and new credit, surety and credit and political risk business.
Current wording
The increase in credit and surety lines was driven by increased line sizes and new business attributable to credit, surety, and credit and political risk products, together with premium adjustments.
Previous wording
Ceded premiums written for the three months ended June 30, 2026, was $205 million, or 47%, of gross premiums written, compared to $239 million, or 41%, of gross premiums written for the three months ended June 30, 2025. The increase in ceded premiums writtenas a percentage of gross premiums written was 6% primarily due to increased cession rates inprofessional lines and liability lines.
Current wording
Ceded premiums written for the three months ended September 30, 2026, was $194 million, or 43%, of gross premiums written, compared to $164 million, or 38%, of gross premiums written for the three months ended September 30, 2025. The increase in ceded premiums writtenas a percentage of gross premiums written was 5% primarily due to increased cession rates in liability and motor lines.
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Rearranged current paragraphs (3)
Current report — wording carried from elsewhere
The acquisition cost ratio for thenine months ended September 30, 2026 benefited from increases in ceding commission in accident and health, and cyber lines.
Current report — wording carried from elsewhere
Foreign exchange gains for the three months ended September 30, 2025 of $13 million reflected the impact of the strengthening of the U.S. dollar against the pound sterling and Canadian dollar, partially offset by the impact of the weakening of the U.S. dollar against the euro. Foreign exchange losses for the nine months ended September 30, 2025 of $138 million reflected the impact of the weakening of the U.S. dollar against the euro, pound sterling and Canadian dollar, partially offset by the impact of the strengthening of the U.S. dollar against the Australian dollar.
Current report — wording carried from elsewhere
The income tax expense of $70 million and $171 million for the three and nine months ended September 30, 2025 was principally due to pre-tax income in our Bermuda, U.K., U.S., and European operations.
Rearranged previous paragraphs (6)
Previous report — wording carried elsewhere
The increases in property and professional lines were primarily attributable to new business.
Previous report — wording carried elsewhere
The increase in professional lines was also driven by the timing of renewals of transactional liability business and higher renewals of design professional liability business.
Previous report — wording carried elsewhere
The increases in professional lines and marine and aviation lines were due to increases in gross 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 an existing quota share treaty that increased our retention on this line of business.
Previous report — wording carried elsewhere
The decrease in professional lines was driven by to non-renewals of cyber business attributable to client retentions, together with decreased line sizes on several under-performing cyber contracts.
Previous report — wording carried elsewhere
The acquisition cost ratio increased to 23.3% for the three months ended June 30, 2026, from 22.5% for the three months ended June 30, 2025, primarily related to changes in business mix due to an increase in credit and surety lines business written in the recent periods, which is associated with a relatively higher acquisition cost ratio.
Previous report — wording carried elsewhere
Foreign exchange losses for the three and six months ended June 30, 2025 of $95 million and $152 million, respectively, reflected the impact of the weakening of the U.S. dollar against euro, pound sterling and Canadian dollar.