Company: AXS-PE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001214816-25-000056
Chunk: 277

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 277
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, 2023, compared to year ended December 31, 2022, refer to Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations in our 2023 Form 10-K, which was filed with the SEC on February 27, 2024, and such discussions are incorporated herein by reference.

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Outlook

We are executing on our commitment to advance AXIS as a specialty underwriting leader that delivers consistent, profitable growth. Our market positioning, diversified book of business, specialty underwriting acumen, global platform, claims management capabilities, and deep distribution relationships, supported by a conservative and well performing investment portfolio, provide the foundation for additional profitable growth in select specialty markets.

The overall outlook for the property and casualty market continues to be largely favorable for specialty insurance and reinsurance carriers. Looking at the trends impacting our business:

•Following multiple years of rate increases outpacing loss cost trends across the specialty sector, pricing is now more moderate, with the exception of casualty lines, due to the emergence of new capital in areas where the market has performed particularly well. We will continue to lean into sectors, and sub sectors, where premium adequacy metrics remain strong and where we see market dislocations creating opportunity for profitable growth. 

•The wholesale channel continues to experience submission growth due to continued dislocations in the standard lines markets. This dynamic enables specialty carriers to target growth opportunities with a disciplined underwriting appetite and strategy.

•Pricing momentum in non-proportional reinsurance continues while our proportional reinsurance business is benefiting from rate increases in the underlying business. While we expect these market conditions to persist, we are seeing nuances by line of business with motor and marine lines under the most pressure. We continue to focus on underwriting discipline and targeted profitable growth.

Across the business, we will continue to pursue attractive opportunities by employing a focused underwriting strategy and selective appetite. Where price continues to deliver adequate profitability, we will look to grow within our risk and volatility guidelines. With a strengthened book of business, and an expanding footprint in attractive specialty markets, we believe AXIS remains positioned to drive profitable growth in 2025 and beyond.

Recent Developments 

Share Repurchase program

On February 6, 2025, authorization under the Company's share repurchase program approved in May 2024 (refer to Item 8, Note 15 to the Consolidated Financial Statements 'Shareholders' Equity') was exhausted.

On February 19, 2025, the Company's Board of Directors