Company: AXS-PE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001214816-25-000056
Chunk: 117

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 117
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 language or coverage and/or other reasons, the Company remains liable. The following table presents gross and net premiums written and earned:Year ended December 31,202420232022  PremiumswrittenPremiumsearnedPremiumswrittenPremiumsearnedPremiumswrittenPremiumsearnedGross$9,005,888 $8,529,567 $8,356,525 $7,973,577 $8,214,595 $7,936,382 Ceded(3,248,537)(3,223,332)(3,254,200)(2,889,796)(2,951,539)(2,776,056)Net$5,757,351 $5,306,235 $5,102,325 $5,083,781 $5,263,056 $5,160,326 For the year ended December 31, 2024, the Company recognized ceded losses and loss expenses of $2,039 million (2023: $1,754 million; 2022: $1,754 million).At December 31, 2024, the Company’s reinsurance recoverable on unpaid and paid losses and loss expenses was $7.4 billion (2023: $6.9 billion).

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AXIS CAPITAL HOLDINGS LIMITEDNOTES TO CONSOLIDATED FINANCIAL STATEMENTSDECEMBER 31, 2024, 2023 AND 20229.    REINSURANCE (CONTINUED)

At December 31, 2024, the Company's allowance for expected credit losses to be recognized over the life of the Company’s reinsurance recoverables balance was $43 million (2023: $37 million; 2022: $31 million). The following table provides a reconciliation of the beginning and ending balances of the allowance for expected credit losses related to the Company’s reinsurance recoverable balance:Year ended December 31,20242023Beginning balance$36,611 $30,715 Increase (decrease) in allowance for expected credit losses6,834 5,896 Ending Balance$43,445 $36,611 Loss Portfolio Transfer Reinsurance AgreementOn December 13, 2024, the Company entered into a loss portfolio transfer reinsurance agreement with Cavello Bay Reinsurance Limited, a wholly-owned subsidiary of Enstar Group Limited ("Enstar") to retrocede a portfolio of reinsurance business