Company: AXS-PE
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001214816-25-000181
Chunk: 69

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 1
Chunk 69
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The decrease in cyber lines was related to the cancellation of two programs in 2024, partially offset by premium adjustments related to business written on a line slip basis.

Ceded Premiums Written

Ceded premiums written for the three months ended September 30, 2025 was $607 million, or 36%, of gross premiums written, compared to $551 million, or 36%, of gross premiums written for the three months ended September 30, 2024. The increase in ceded premiums written of $56 million, or 10%, was primarily driven by increases in accident and health, professional lines, marine and aviation, credit and political risk, and property lines, partially offset by decreases in cyber and liability lines. The increases in accident and health, professional lines, marine and aviation, credit and political risk, and property lines reflected the increase in gross premiums written for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The increase in accident and health lines was also attributable to a new quota share treaty.

(1)   Amounts presented on a constant currency basis are non-GAAP financial measures as defined in Item 10 (e) of SEC Regulation S-K. The constant currency basis is calculated by applying the average foreign exchange rate from the current year to the prior year balance. Variances that are unchanged on a constant currency basis are omitted from the narrative

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The decrease in cyber lines reflected the decrease in gross premiums written for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The decrease in liability lines was due to the restructuring of an existing quota share treaty, partially offset by the increase in gross premiums written for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. 

Ceded premiums written for the nine months ended September 30, 2025 was $1,860 million, or 35%, of gross premiums written, compared to $1,723 million, or 35%, of gross premiums written for the nine months ended September 30, 2024. The increase in ceded premiums written of $137 million, or 8%, was primarily driven by increases in accident and health, professional lines and credit and political risk lines, partially offset by a decrease in property lines. The increase in accident and health lines was attributable to a new quota share treaty and the