Company: AXS-PE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001214816-25-000056
Chunk: 79

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 79
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 development on accident and health business primarily due to reserve strengthening mainly related to 2019 through 2021 accident years.

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

Reinsurance Segment:Favorable (Adverse)Years ended December 31,202420232022Accident and health$— $29,947 $14,199 Agriculture— 10,781 11,703 Marine and aviation4,111 12,595 2,597 Professional lines— (92,181)(54,820)Credit and surety4,003 8,306 43,567 Motor— (9,653)18,161 Liability— (262,114)(58,148)Run-off linesCatastrophe— 46,297 (504)Property— 15,225 42,523 Engineering— 5,268 (10,095)Total run-off lines— 66,790 31,924 Total$8,114 $(235,529)$9,183 In 2024, we recognized $8 million of net favorable prior year reserve development, the principal components of which were:•$4 million of net favorable prior year reserve development on marine and aviation business primarily due to better than expected loss emergence mainly related to the 2022 accident year. •$4 million of net favorable prior year reserve development on credit and surety business primarily due to better than expected loss emergence attributable to the mortgage book of business mainly related to the 2020 accident year. In 2023, we recognized $236 million of net adverse prior year reserve development, the principal components of which were:•$262 million of net adverse prior year reserve development on liability business primarily due to reserve strengthening within the U.S. casualty and U.S. multiline/regional books of business related to all accident years. The reserve strengthening was attributable to updated trend assumptions, emerging development patterns and new industry data reflecting the impact of current economic and social inflation trends in the U.S. casualty market.•$92 million of net adverse prior year reserve development on professional lines business primarily due to reserve strengthening within the U.S. proportional book of business mainly related to 2019 and older accident years, partially offset by better than