Company: AXS-PE
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001214816-25-000115
Chunk: 55

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 1
Chunk 55
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 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 ended March 31, 2024.

The decrease in property lines was due to the restructuring of a significant existing quota share treaty, partially offset by the increase in gross premiums written for the three months ended March 31, 2025, compared to the three months ended March 31, 2024. 

The decrease in marine and aviation lines was attributable to reinstatement premiums associated with losses and loss expenses for the three months ended March 31, 2024.

Net Premiums Earned 

Net premiums earned by line of business were as follows:

  Three months ended March 31,  20252024%ChangeProperty$318,333 31 %$253,593 28 %26%Professional lines202,642 20 %196,581 21 %3%Liability118,152 12 %124,639 14 %(5%)Cyber79,206 8 %82,858 9 %(4%)Marine and aviation154,946 15 %139,290 15 %11%Acc