Company: AXS-PE
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001214816-25-000115
Chunk: 100

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 2
Chunk 100
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 with renewed pet insurance business. 

The increase in property lines was also due to the timing of renewals of offshore energy business, partially offset by a lower level of premiums related to business written on a line slip basis associated with competitive market conditions. 

The increase in marine and aviation lines was partially offset by the timing of a renewal in aviation war business. 

The increase in liability lines was driven by favorable rate change associated with U.S. excess casualty business, partially offset by a decrease in U.S. primary casualty business attributable to underwriting actions taken to reposition the portfolio.

The decrease in cyber lines was related to the cancellation of two significant programs, partially offset by negative premium adjustments in the three months ended March 31, 2024 related to business written on a line slip basis.

Ceded Premiums Written

Ceded premiums written for the three months ended March 31, 2025 was $611 million, or 37%, of gross premiums written, compared to $552 million, or 35%, of gross premiums written for the three months ended March 31, 2024. The increase in ceded premiums written of $59 million, or 11%, was primarily driven by increases in accident and health, cyber, liability, and credit and political risk lines, partially offset by decreases in property, and marine and aviation lines.

The increase in accident and health lines was attributable to a new quota share treaty and the increase in gross premiums written for the three months ended March 31, 2025, compared to the three months ended March 31, 2024.

The increase in cyber lines was due to higher costs associated with an excess of loss treaty for the three months ended March 31, 2025, compared to the three months ended March 31, 2024, partially offset by the decrease in gross premiums written for the three months ended March 31, 2025, compared to the three months ended March 31, 2024. 

(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.

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The increases in liability, and credit and political risk lines reflected the increase in gross premiums written for the three months ended March 31, 2025, compared to the three months