Company: AXS-PE
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001214816-25-000149
Chunk: 73

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 1
Chunk 73
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 June 30, 2025, from 51.9% for the six months ended June 30, 2024, principally due to the impact of loss trends over pricing in most lines of business, partially offset by the change in business mix attributable to the increase in property business written in recent periods that is associated with a relatively lower loss ratio.

Prior Year Reserve Development

Refer to Item 1, Note 6 to the Consolidated Financial Statements 'Reserve for losses and loss expenses' for details on prior year reserve development by segment, reserve class and accident year. 

Acquisition Cost Ratio 

The acquisition cost ratio decreased to 18.9% for the three months ended June 30, 2025, from 19.6% for the three months ended June 30, 2024, primarily related to an increase in ceding commission in accident and health, cyber and property lines.

Gross variable acquisition costs for the three months ended June 30, 2025, were consistent with gross variable acquisition costs for the three months ended June 30, 2024, related to changes in business mix attributable to increases in accident and health, property, and credit and political risk lines business written in recent periods, largely offset by a decrease in cyber lines business written in the recent periods. 

The acquisition cost ratio decreased to 19.0% for the six months ended June 30, 2025, from 19.4% for the six months ended June 30, 2024 primarily related to increase in ceding commission in accident and health, cyber, marine and aviation, and property lines.

Gross variable acquisition costs for the six months ended June 30, 2025, were consistent with gross variable acquisition costs for the six months ended June 30, 2024, related to changes in business mix attributable to increases in accident and health, property, and credit and political risk lines business written in recent periods, largely offset by a decrease in cyber lines business written in the recent periods. 

63

Underwriting-Related General and Administrative Expense Ratio

The underwriting-related general and administrative expense ratio increased to 12.0% for the three months ended June 30, 2025, from 11.7% for the three months ended June 30, 2024, mainly driven increases in personnel costs associated with new underwriting teams, information technology costs and professional fees, partially offset by an increase in net premiums earned.

The underwriting-related general and administrative expense