Company: AXS-PE
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001214816-25-000115
Chunk: 99

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 2
Chunk 99
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 expenses(119,592)(122,087)Underwriting income$134,541$122,987Ratios:% PointChangeCurrent accident year loss ratio, excluding catastrophe and weather-related losses52.3 %0.352.0 %Catastrophe and weather-related losses ratio4.7 %2.62.1 %Current accident year loss ratio57.0 %2.954.1 %Prior year reserve development ratio(1.4 %)(1.4)— %Net losses and loss expenses ratio55.6 %1.554.1 %Acquisition cost ratio19.2 %—19.2 %Underwriting-related general and administrative expense ratio11.9 %(1.4)13.3 %Combined ratio86.7 %0.186.6 %

nm – not meaningful

54

Gross Premiums Written

Gross premiums written by line of business were as follows:  Three months ended March 31,  20252024% ChangeProperty$495,417 29 %$478,835 30 %3%Professional lines257,159 16 %236,665 15 %9%Liability303,758 18 %287,705 18 %6%Cyber113,945 7 %132,936 8 %(14%)Marine and aviation267,151 16 %262,010 17 %2%Accident and health124,843 8 %104,606 7 %19%Credit and political risk93,630 6 %71,748 5 %30%Total$1,655,903 100 %$1,574,505 100 %5%

Gross premiums written for the three months ended March 31, 2025 increased by $81 million, or 5% ($89 million, or 6%, on a constant currency basis(1)), compared to the three months ended March 31, 2024. The increase was primarily attributable to credit and political risk, professional lines, accident and health, property, liability, and marine and aviation lines, partially offset by a decrease in cyber lines.

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

The increase in accident and health lines was also due to a higher level of premiums associated