Company: AXS-PE
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001214816-25-000149
Chunk: 77

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 1
Chunk 77
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 offset by a decreased line size on a significant credit contract.

66

Gross premiums written for the three months ended June 30, 2025, was comparable to gross premiums written for the three months ended June 30, 2024 in motor lines due to the timing of renewals of several contracts, largely offset by non-renewals due to increased competition for non-proportional U.K. business, and a lower level of positive premium adjustments.

Gross premiums written for the six months ended June 30, 2025, increased by $16 million, or 1% ($40 million, or 2%, on a constant currency basis), compared to the six months ended June 30, 2024. The increase was primarily attributable to credit and surety, liability, professional lines, partially offset by decreases in accident and health, motor, marine and aviation, agriculture and catastrophe lines.

The increase in credit and surety lines was driven by new business, a higher level of premium adjustments in the six months ended June 30, 2025, compared to the six months ended June 30, 2024 attributable to credit business, and increased line sizes on credit contracts.

The increase in liability lines was due to the timing of renewals, new general liability business at Lloyd's and new workers compensation business, a higher level of positive premium adjustments in the six months ended June 30, 2025, compared to the six months ended June 30, 2024, and the restructuring of a significant contract at Lloyds, partially offset by decreased line sizes on several contracts and non-renewals. 

The increase in professional lines was primarily attributable to new cyber business, partially offset by non-renewals and decreased line sizes.

The decrease in accident and health lines was driven by decreased line sizes and non-renewals attributable to increased competition, a lower level of premiums in the six months ended June 30, 2025, compared to the six months ended June 30, 2024 associated with a significant short-term medical program and negative premium adjustments in the six months ended June 30, 2025, compared to positive premium adjustments in the six months ended June 30, 2024, partially offset by the timing of renewals of several significant contracts.

The decrease in motor lines was attributable to decreased line sizes and non-renewals due to increased competition for non-proportional U.K. business, and the timing of renewal of a significant proportional contract, partially offset by positive