Company: AXS-PE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001214816-25-000056
Chunk: 76

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 76
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 and loss expenses included estimated amounts for numerous catastrophe events. The magnitude and complexity of losses arising from certain of these events inherently increase the level of uncertainty and, therefore, the level of management judgment involved in arriving at estimated net reserves for losses and loss expenses. These events include Hurricane Milton and Hurricane Helene in 2024, Cyclone Gabrielle in 2023, Hurricane Ian, Winter Storm Elliot, June European Convective Storms, the Russia-Ukraine war and COVID-19 in 2022. As a result, actual losses for these events may ultimately differ materially from the Company's current estimates.Prior Year Reserve DevelopmentThe Company's net favorable (adverse) prior year reserve development arises from changes to estimates for losses and loss expenses related to loss events that occurred in previous calendar years. The following table presents net favorable (adverse) prior year reserve development by segment:Favorable (Adverse)Insurance ReinsuranceTotalYear ended December 31, 2024$16,209 $8,114 $24,323 Year ended December 31, 2023$(176,353)$(235,529)$(411,882)Year ended December 31, 2022$16,350 $9,183 $25,533 The following sections provide further details on net favorable (adverse) prior year reserve development by segment, line of business and accident year.Insurance Segment:Favorable (Adverse)Years ended December 31,202420232022Property $17,718 $16,195 $52,512 Accident and health4,191 (10,236)(12,856)Marine and aviation(10,656)26,977 27,927 Cyber— 35,579 8,416 Professional lines— (41,243)(29,093)Credit and political risk4,956 31,691 24,361 Liability— (235,316)(54,917)Total$16,209 $(176,353)$16,350 In 2024, we recognized $16 million of net favorable prior year reserve development, the principal components of which were:•$18 million of net favorable prior year reserve development on property business primarily due to better than expected loss emergence mainly related to the 2022 accident year.•$5 million of net favorable prior year reserve development on credit and political risk business primarily due to better than expected loss emergence related to 2013 and