Company: AXS-PE
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001214816-25-000115
Chunk: 38

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 1
Chunk 38
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 table maps the Company's lines of business to reserve classes:Insurance segmentReserve classPropertyCasualtySpecialty otherReported lines of businessPropertyXProfessional linesXLiabilityXCyberXMarine and aviationXAccident and healthXCredit and political riskXPrior year reserve development by reserve class was as follows:Three months ended March 31,20252024Favorable (Adverse)Favorable (Adverse)Property$9,996 $8,011 Casualty— — Specialty other3,982 (8,011)Total$13,978 $— 2025For the three months ended March 31, 2025, net favorable prior year reserve development of $14 million was recognized, the principal component of which was: •$10 million of net favorable prior year reserve development on property business primarily due to better than expected loss emergence mainly related to the 2023 accident year.

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Table of  ContentsAXIS CAPITAL HOLDINGS LIMITEDNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)6.    RESERVE FOR LOSSES AND LOSS EXPENSES (CONTINUED)

2024For the three months ended March 31, 2024, net prior year reserve development of $nil was recognized, the principal components of which were: •$8 million of net favorable prior year reserve development on property business primarily due to better than expected loss emergence mainly related to the 2021 and 2022 accident years.•$8 million of net adverse prior year reserve development on the specialty other reserve class primarily associated with an increase in the loss estimate attributable to a specific large claim in the marine and aviation line of business related to the 2019 accident year.Reinsurance Segment:The following table maps the Company's lines of business to reserve classes:Reinsurance segmentReserve classCasualtySpecialtyRun-offReported lines of businessLiabilityXProfessional linesXMotorXAccident and healthXCredit and suretyXAgricultureXMarine and aviationXCatastropheXPropertyXEngineeringXPrior year reserve development by reserve class was as follows:  Three months ended March 31,  20252024Favorable(Adverse)Favorable(Adverse)Casualty$— $— Specialty3,834 — Run-off125 — Total$3,959 $— 2025For the three months ended March 31,