Company: AXS-PE
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001214816-25-000115
Chunk: 61

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 1
Chunk 61
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Other insurance related income of $3 million for the three months ended March 31, 2025, compared to other insurance related income of $8 million for the three months ended March 31, 2024, was primarily associated with fees related to arrangements with strategic capital partners.

60

Loss Ratio

The components of the loss ratio were as follows:

  Three months ended March 31,  2025% PointChange2024Current accident year loss ratio68.9 %0.768.2 %Prior year reserve development ratio(1.2 %)(1.2)— %Loss ratio67.7 %(0.5)68.2 %

Current Accident Year Loss Ratio

The current accident year loss ratio increased to 68.9% for the three months ended March 31, 2025, from 68.2% for the three months ended March 31, 2024. 

During the three months ended March 31, 2025, catastrophe and weather-related losses, net of reinsurance, were $1.5 million, or 0.5 points, attributable to California Wildfires. Comparatively, during the three months ended March 31, 2024, catastrophe and weather-related losses, were $1 million, or 0.2 points, attributable to weather-related events. 

Adjusting for the impact of the catastrophe and weather-related losses, the current accident year loss ratio increased to 68.4% for the three months ended March 31, 2025, from 68.0% for the three months ended March 31, 2024, principally due to higher loss ratios in several lines of business in the three months ended March 31, 2025, compared to elevated loss experience in marine and aviation lines in the three months ended March 31, 2024.

Prior Year Reserve Development 

Refer to Item 1, Note 6 to the Consolidated Financial Statements 'Reserve for losses and loss expenses' for details on prior year reserve development by segment, reserve class and accident year.

Acquisition Cost Ratio

The acquisition cost ratio decreased to 21.3% for the three months ended March 31, 2025, from 23.0% for the three months ended March 31, 2024, primarily related to adjustments attributable to loss-sensitive features in accident and health, credit and surety, and motor lines, partially offset by a decrease in ceding commissions from retrocess