Company: AXS-PE
Filing Date: 2025-04-03
Form Type: DEF 14A
Source: 0001214816-25-000088
Chunk: 2

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-04-03
Form: DEF 14A
Chunk 2
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 8%. During the year, reinsurance produced $493 million of new business, 63% of which came from short tail specialty lines.

Taken together, this was a very strong year for AXIS. Moreover, as we look to the future, AXIS is well positioned in attractive markets and poised to capitalize on emerging business opportunities.

(1) "ROACE" is return on average common equity and is calculated by dividing income (loss) available (attributable) to common shareholders for the period by the average common shareholders’ equity determined using the common shareholders’ equity balances at the beginning and end of the period.

(2) Operating income (loss), operating income (loss) per diluted common share and operating return on average common equity ("OROACE") are non-GAAP financial measures as defined in Item 10(e) of SEC Regulation S-K. The reconciliations to the most comparable GAAP financial measures, net income (loss) available (attributable) to common shareholders, earnings (loss) per diluted common share and ROACE, respectively, and a discussion of the rationale for the presentation of these items are provided in Appendix 1.

(3) Current accident year combined ratio, excluding catastrophe and weather-related losses is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K . The reconciliation to combined ratio, the most comparable GAAP financial measure, and a discussion of the rationale for the presentation of this item is provided in Appendix 1.

#### Elevating "How We Work"
First launched in 2023, our "How We Work" program continues to progress, enhancing all aspects of how we operate and go to market, while building a foundation for long-term profitable growth.

In 2024, we took critical steps to strengthen and reshape our Company’s target operating model while building new skills and capabilities across the organization. Throughout the business, we deepened our technical expertise as we added strong talent to complement our existing team. This has enabled us to build out new business units with the skills and tools to meet the emerging needs of our customers.

Among the key talent additions was the appointment of Sara Farrup to succeed our longtime Head of Global Markets, Mark Gregory, part of a planned leadership transition. We extend our deepest appreciation to Mark for his many contributions to AXIS and express our excitement to welcome Sara to our company and to the AXIS Executive Committee.

In 2024, we also made important investments in our technology and AI capabilities, as we continue to improve our efficiency and enhance our value