Company: AXS-PE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001214816-25-000056
Chunk: 74

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 74
---
 developments that are different from previous expectations. Adjustments are recorded in the period in which they are identified. Actual losses for these events may ultimately differ materially from the Company's current estimates.Selection of Reported Reserves – Management’s Best EstimateThe Company's loss reserving process involves the collaboration of its underwriting, claims, actuarial, ceded reinsurance and finance departments, including multiple committee meetings and culminates with the approval of a single point best estimate by the Company's Group Reserving Committee, which comprises senior management. In selecting this best estimate, management considers actuarial estimates and applies informed judgment regarding qualitative factors that may not be fully captured in these actuarial estimates. Such factors include, but are not limited to, the timing of the emergence of claims, volume and complexity of claims, social and judicial trends, potential severity of individual claims and the extent of Company historical loss data versus industry benchmark information. While these qualitative factors are considered in arriving at the point estimate, no specific provisions for qualitative factors are established.Reserve for Losses and Loss ExpensesReserve for losses and loss expenses comprise the following:At December 31,20242023Reserve for reported losses and loss expenses$5,433,903 $5,559,261 Reserve for losses incurred but not reported11,785,026 10,874,757 Reserve for losses and loss expenses$17,218,929 $16,434,018 

168

AXIS CAPITAL HOLDINGS LIMITEDNOTES TO CONSOLIDATED FINANCIAL STATEMENTSDECEMBER 31, 2024, 2023 AND 20228.    RESERVE FOR LOSSES AND LOSS EXPENSES (CONTINUED)

Reserve Roll-forwardThe following table presents a reconciliation of the Company's beginning and ending gross reserves for losses and loss expenses and net reserves for unpaid losses and loss expenses:Year ended December 31,202420232022Gross reserve for losses and loss expenses, beginning of year$16,434,018 $15,168,863 $14,653,094 Less reinsurance recoverable on unpaid losses and loss expenses, beginning of year(6,323,083)(5,831,172)(5,017,611)Net reserve for unpaid losses and loss expenses, beginning of year10,110,935 9,337,691 9,635,483 Net incurred losses and loss expenses related to:Current year3,182,810 2,981