Company: AXS-PE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001214816-25-000056
Chunk: 165

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-02-26
Form: 10-K
Item: Item 1
Chunk 165
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 equipment, and electronic equipment as well as business interruption. The Company exited this line of business in 2020.

8

Gross premiums written by broker, shown individually where premiums by broker were 10% or more of the total in any of the last three years, were as follows:

Year ended December 31,202420232022Aon plc$589,324 25 %$595,587 27 %$659,811 25 %Marsh & McLennan Companies Inc.561,906 24 %594,287 27 %739,380 28 %Arthur J. Gallagher & Co512,000 21 %398,093 18 %379,822 14 %Other brokers374,313 15 %343,130 16 %231,200 9 %Direct194,809 8 %163,073 7 %444,930 17 %Managing general agencies and underwriters157,952 7 %121,591 5 %173,871 7 %Total$2,390,304 100 %$2,215,761 100 %$2,629,014 100 % 

No cedant accounted for more than 10% of the gross premiums written in the reinsurance segment.

Competitive Environment

In our reinsurance segment, competition tends to be focused on availability, service, financial strength and price. We compete with major North American and other reinsurers and reinsurance departments of numerous multi-line insurance organizations. In addition to traditional market participants, we also compete with new market entrants supported by alternative capital sources offering risk transfer solutions on a collateralized or other non-traditional basis. Our clients may also acquire reinsurance protection through capital market products such as catastrophe bonds and insurance loss warranties. We believe that we achieve a competitive advantage through our diversified global product offerings, responsiveness to customer needs and ability to provide sophisticated and innovative products. We offer excellent claims management, strong financial strength ratings and an ability to leverage our balance sheet and relationships with strategic capital partners to provide strong capacity. 

Cash and Investments

We seek to balance the investment portfolio's objectives of increasing book value with the generation of relatively stable investment income, while providing sufficient liquidity to meet our claims and other obligations. Liquidity needs arising from potential claims are of primary importance and are considered in asset class participation and the asset allocation process. A significant portion of our investment portfolio is dedicated to