Company: AXS-PE
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001214816-25-000149
Chunk: 123

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 2
Chunk 123
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5 increased by $118 million, or 7% ($116 million, or 6%, on a constant currency basis(1)), compared to the three months ended June 30, 2024. The increase was primarily attributable to liability, professional lines, accident and health, credit and political risk, marine and aviation, and property lines, partially offset by a decrease in cyber lines.

The increase in liability lines was driven by new U.S. excess casualty business and the timing of renewals of two significant contracts.

The increase in professional lines was due to new U.S. design professional, Allied Health and environmental business, a higher level of activity in transactional liability business, new program business and a higher level of premiums associated with renewed program business.

The increase in accident and health lines was attributable to a higher level of premiums and increased rate associated with renewed pet insurance business together with new pet insurance business. 

The increase in credit and political risk lines was driven by a higher level of premiums associated with renewed surety program business and new political risk business at Lloyds.

The increase in marine and aviation lines was attributable to new marine offshore renewable energy and marine cargo business, and premium adjustments principally related to aviation business written on a line slip basis, partially offset by a lower level of premiums associated with marine war business and the timing of the renewal of a significant contract in marine energy business. 

The increase in property lines was due to new program and onshore renewable energy business, together with a higher level of premiums associated with renewed onshore renewable energy business, and positive premium adjustments in the three months ended June 30, 2025 related to program business, partially offset by reduced opportunities in the excess and surplus lines market and a lower level of premiums related to business written on a line slip basis associated with competitive market conditions. 

The decrease in cyber lines was attributable to the cancellation of two significant programs, partially offset by negative premium adjustments in the three months ended June 30, 2024 related to business written on a line slip basis.

Gross premiums written for the six months ended June 30, 2025 increased by $200 million, or 6%, compared to the six months ended June 30, 2024. The increase was primarily attributable to liability, professional lines, accident and health, credit and political risk, property, and marine and aviation lines, partially offset by a decrease in cyber 

(1)   Amounts presented on a constant currency basis are non-GAAP financial measures as defined in Item 10 (