Company: AXS-PE
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001214816-25-000115
Chunk: 106

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 2
Chunk 106
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 98 %(2%)Run-off linesCatastrophe985 — %3,484 1 %(72%)Property1,503 — %3,116 1 %(52%)Engineering1,847 1 %1,161 — %59%Total run-off lines4,335 1 %7,761 2 %(44%)Total$330,734 100 %$340,095 100 %(3%)

Net premiums earned for the three months ended March 31, 2025, decreased by $9 million, or 3%, ($3 million, or 1%, on a constant currency basis), compared to the three months ended March 31, 2024. 

The decrease was primarily driven by decreases in gross premiums earned in accident and health, and liability lines, together with increases in ceded premiums earned in professional lines and credit and surety lines. These amounts were partially offset by increases in gross premiums earned in credit and surety, agriculture, and professional lines.

Other Insurance Related Income (Loss)

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.

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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