Company: AXS-PE
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001214816-25-000115
Chunk: 56

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 1
Chunk 56
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ident and health89,145 9 %84,257 9 %6%Credit and political risk47,662 5 %36,728 4 %30%Total$1,010,086 100 %$917,946 100 %10%

Net premiums earned for the three months ended March 31, 2025 increased by $92 million, or 10%, compared to the three months ended March 31, 2024. 

The increase was primarily driven by increases in gross premiums earned in property, and credit and political risk lines, together with decreases in ceded premiums earned in marine and aviation, and professional lines. These amounts were partially offset by increases in ceded premiums earned in liability, and credit and political risk lines.

Loss Ratio

The components of the loss ratio were as follows:

  Three months ended March 31,2025% PointChange2024Current accident year loss ratio57.0 %2.954.1 %Prior year reserve development ratio(1.4 %)(1.4)— %Loss ratio55.6 %1.554.1 %

Current Accident Year Loss Ratio

The current accident year loss ratio increased to 57.0% for the three months ended March 31, 2025, from 54.1% for the three months ended March 31, 2024.

The increase in the current accident year loss ratio for three months ended March 31, 2025, compared to the same period in 2024, was impacted by a higher level of catastrophe and weather-related losses. During the three months ended March 31, 2025, catastrophe and weather-related losses, net of reinsurance, were $47.5 million, or 4.7 points, including $30.5 million, or 3.0 points attributable to California Wildfires. The remaining losses were primarily attributable to other weather-related events. Comparatively, during the three months ended March 31, 2024, catastrophe and weather-related losses, were $19 million, or 2.1 points, attributable to weather-related events. 

56

Adjusting for the impact of the catastrophe and weather-related losses, the current accident year loss ratio increased to 52.3% for the three months ended March 31, 2025, from 52.0% for the three months ended March 31, 2024, principally due to the adverse impact of loss