Company: AXS-PE
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001214816-25-000115
Chunk: 54

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 1
Chunk 54
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29 %$478,835 30 %3%Professional lines257,159 16 %236,665 15 %9%Liability303,758 18 %287,705 18 %6%Cyber113,945 7 %132,936 8 %(14%)Marine and aviation267,151 16 %262,010 17 %2%Accident and health124,843 8 %104,606 7 %19%Credit and political risk93,630 6 %71,748 5 %30%Total$1,655,903 100 %$1,574,505 100 %5%

Gross premiums written for the three months ended March 31, 2025 increased by $81 million, or 5% ($89 million, or 6%, on a constant currency basis(1)), compared to the three months ended March 31, 2024. The increase was primarily attributable to credit and political risk, professional lines, accident and health, property, liability, and marine and aviation lines, partially offset by a decrease in cyber lines.

The increases in credit and political risk, professional lines, accident and health, property, and marine and aviation lines were driven by new business. 

The increase in accident and health lines was also due to a higher level of premiums associated with renewed pet insurance business. 

The increase in property lines was also due to the timing of renewals of offshore energy business, partially offset by a lower level of premiums related to business written on a line slip basis associated with competitive market conditions. 

The increase in marine and aviation lines was partially offset by the timing of a renewal in aviation war business. 

The increase in liability lines was driven by favorable rate change associated with U.S. excess casualty business, partially offset by a decrease in U.S. primary casualty business attributable to underwriting actions taken to reposition the portfolio.

The decrease in cyber lines was related to the cancellation of two significant programs, partially offset by negative premium adjustments in the three months ended March 31, 2024 related to business written on a line slip basis.

Ceded Premiums Written

Ceded premiums written for the three months ended March 31, 2025 was $611 million, or 37%, of gross premiums written, compared to $552 million, or 35%, of gross premiums written for the three months ended March 31, 2024. The