Company: AXS-PE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001214816-25-000056
Chunk: 284

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 284
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13 %652,687 12 %6 %18 %Accident and health450,810 7 %333,559 5 %258,399 5 %35 %29 %Credit and political risk323,414 5 %252,651 4 %210,649 3 %28 %20 %Total$6,615,584 100 %$6,140,764 100 %$5,585,581 100 %8 %10 %

Gross premiums written in 2024 increased by $475 million, or 8% ($457 million, or 7%, on a constant currency basis(1)), compared to 2023. The increase was primarily attributable to property, accident and health, credit and political risk, marine and aviation, and professional lines, partially offset by decreases in cyber and liability lines.

The increase in property lines was due to new business, a higher level of premiums and increased rate associated with renewed business and increased lines sizes on several programs. 

The increase in accident and health lines was primarily driven by new pet insurance business, a higher level of premiums and increased rate associated with renewed pet insurance business and premium adjustments related to several contracts at Lloyds, partially offset by non-renewals. 

The increase in credit and political risk lines was attributable to new surety program business and new credit business at Lloyds, partially offset by non-renewals associated with the exit from Singapore in January 2024 and non-renewals of political risk business at Lloyds. 

The increase in marine and aviation lines was related to new marine liability business, premium adjustments principally associated with marine war business written on a line slip basis, new business and the timing of renewals of marine offshore energy business and favorable rate changes in marine business as well as aviation business, partially offset by fewer business opportunities and the timing of renewals of marine offshore renewable energy business.

The increase in professional lines was attributable to higher level of activity in transactional liability business, partially offset by a decrease in U.S. public D&O business reflecting weaker pricing in that market.

The decrease in cyber lines was due to lower levels of premiums associated with the cancellation of two significant programs, and premium adjustments related to business written on a line slip basis, partially offset by a higher level of premiums associated with renewed business. 

The decrease in liability lines was driven by underwriting actions taken to reposition the U.S