Company: AXS-PE
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001214816-25-000149
Chunk: 129

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 2
Chunk 129
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 six months ended June 30, 2024 primarily related to increase in ceding commission in accident and health, cyber, marine and aviation, and property lines.

Gross variable acquisition costs for the six months ended June 30, 2025, were consistent with gross variable acquisition costs for the six months ended June 30, 2024, related to changes in business mix attributable to increases in accident and health, property, and credit and political risk lines business written in recent periods, largely offset by a decrease in cyber lines business written in the recent periods. 

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Underwriting-Related General and Administrative Expense Ratio

The underwriting-related general and administrative expense ratio increased to 12.0% for the three months ended June 30, 2025, from 11.7% for the three months ended June 30, 2024, mainly driven increases in personnel costs associated with new underwriting teams, information technology costs and professional fees, partially offset by an increase in net premiums earned.

The underwriting-related general and administrative expense ratio decreased to 12.0% for the six months ended June 30, 2025, from 12.5% for the six months ended June 30, 2024, mainly driven by an increase in net premiums earned, partially offset by an increase in  personnel costs associated with new underwriting teams.

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Reinsurance Segment

Results from the reinsurance segment were as follows:

  Three months ended June 30,Six months ended June 30,  2025% Change20242025% Change2024Revenues:Gross premiums written$583,536(7%)$626,170$1,722,2851%$1,706,092Net premiums written344,924(9%)379,5471,050,383(3%)1,079,266Net premiums earned360,4704%346,266691,2041%686,360Other insurance related income8,6561%8,58712,078(29%)16,906Expenses:Current accident year net losses and loss expenses(244,997)(223,397)(472,793)(455,204)Prior year reserve development5,013—8,972— Acquisition costs(80,985)(77,065)(151,544)(155,290)Underwriting-related general and administrative expenses(10,595)(8,874)(21,441)(24,580)Underwriting income$