Company: AXS-PE
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001214816-25-000149
Chunk: 68

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 1
Chunk 68
---
loyds.

The increase in marine and aviation lines was attributable to new marine offshore renewable energy and marine cargo business, and premium adjustments principally related to aviation business written on a line slip basis, partially offset by a lower level of premiums associated with marine war business and the timing of the renewal of a significant contract in marine energy business. 

The increase in property lines was due to new program and onshore renewable energy business, together with a higher level of premiums associated with renewed onshore renewable energy business, and positive premium adjustments in the three months ended June 30, 2025 related to program business, partially offset by reduced opportunities in the excess and surplus lines market and a lower level of premiums related to business written on a line slip basis associated with competitive market conditions. 

The decrease in cyber lines was attributable to the cancellation of two significant programs, partially offset by negative premium adjustments in the three months ended June 30, 2024 related to business written on a line slip basis.

Gross premiums written for the six months ended June 30, 2025 increased by $200 million, or 6%, compared to the six months ended June 30, 2024. The increase was primarily attributable to liability, professional lines, accident and health, credit and political risk, property, and marine and aviation lines, partially offset by a decrease in cyber 

(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.

60

The increases in liability, professional lines, accident and health, credit and political risk, property, and marine and aviation lines were driven by new business. 

The increase in liability lines was also driven by favorable rate change associated with U.S. excess casualty business, the timing of renewals of two significant contracts and a higher level of premiums associated with program business, partially offset by a decrease in U.S. primary casualty business attributable to underwriting actions taken to reposition the portfolio and non-renewals.

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 credit and political risk lines was driven by a higher level of premiums associated with renewed surety program business.

The increase in property lines was also due to positive premium adjustments