Company: AXS-PE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001214816-25-000056
Chunk: 289

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 289
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466 9 %239,794 9 %19 %(16 %)Agriculture150,373 6 %126,300 6 %128,012 5 %19 %(1 %)Marine and aviation82,274 3 %62,260 3 %93,371 4 %32 %(33 %)Run-off linesCatastrophe10,823 1 %30,175 1 %222,810 9 %(64 %)(86 %)Property3,130 — %21,513 1 %103,492 4 %(85 %)(79 %)Engineering12,551 1 %4,273 — %10,441 — %nm(59 %)Total run-off lines26,504 2 %55,961 2 %336,743 13 %(53 %)(83 %)Total$2,390,304 100 %$2,215,761 100 %$2,629,014 100 %8 %(16 %)

nm – not meaningful

Gross premiums written in 2024 increased by $175 million, or 8%, compared to 2023. The increase was primarily attributable to credit and surety, professional lines, accident and health, motor, agriculture, marine and aviation, and engineering lines, partially offset by decreases in liability, catastrophe and property lines.

The increase in credit and surety lines was driven by new business, including new structured credit and political risk business and new mortgage business, together with premium adjustments associated with mortgage business.

The increase in professional lines was attributable to new cyber business and increased line sizes on a several cyber contracts, partially offset by negative premium adjustments associated with challenging market conditions in 2024, compared to positive premium adjustments associated with favorable market conditions in 2023, non-renewals of several under-performing contracts and the timing of renewals of two significant contracts.

The increase in accident and health lines was due to new business and positive premium adjustments in 2024, compared to the negative premium adjustments in 2023, partially offset by decreased line sizes on several contracts.

The increase in motor lines was attributable to the timing of the renewal of a significant proportional contract and new non-proportional business associated with favorable market conditions, a higher level of positive premium adjustments related to non-proportional business associated with favorable market conditions in