Company: AXS-PE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001214816-25-000056
Chunk: 342

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 342
---
 In a year of significant loss events, reinstatement premiums will be higher than in a year in which there are no large loss events. Refer to Item 8, Note 2 to the Consolidated Financial Statements 'Basis of Presentation and Significant Accounting Policies' and 'Critical Accounting Estimates – Reserve for Losses and Loss Expenses' above for further details. 

For proportional reinsurance contracts, premiums are recognized at the inception of the contract based on estimates to be received from ceding companies. We review these premium estimates on a quarterly basis and evaluate their reasonability in light of premiums reported by cedants. Factors contributing to changes in initial premium estimates may include:

•changes in renewal rates or rates of new business accepted by cedants (changes could result from changes in the relevant insurance market that could affect more than one of our cedants or could be a consequence of changes in the marketing strategy or risk appetite of an individual cedant);

•changes in underlying exposure values; and/or

•changes in rates being charged by cedants.

As a result of this review process, any adjustments to premium estimates are recognized in the period in which they are determined. Changes in premium estimates could be material to gross premiums written in the period. Changes in premium estimates could be also material to net premiums earned in the period in which they are determined, as any adjustment may be substantially or fully earned. Gross premiums written for proportional reinsurance contracts, including adjustments to premium estimates established in prior years, accounted for 60% and 61% of the reinsurance segment’s gross premiums written for the years ended December 31, 2024 and 2023, respectively.

106

Gross premiums written for proportional reinsurance contracts incepting during the year were as follows:

Year ended December 31,202420232022Liability$365,854 $356,022 $376,462 Accident and health310,907 298,577 307,082 Professional lines343,208 280,381 236,454 Credit and surety205,393 169,297 133,853 Motor40,848 68,136 135,954 Agriculture140,714 99,806 112,452 Marine and aviation30,916 19,839 22,081 Run-off linesCatastrophe— 1,343 3,463 Property297 3,000 60,204 Engineering— — — Total run