Company: AXS-PE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001214816-25-000056
Chunk: 290

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 290
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 2024, compared to 2023, together with the impact of foreign exchange movements, partially offset by non-renewals and decreased line sizes on several proportional contracts associated with repositioning the portfolio.

The increase in agriculture lines was due to new business and increased line sizes on several contracts, partially offset by negative premium adjustments associated with challenging market conditions in 2024, compared to positive premium adjustments in 2023.

The increase in marine and aviation lines was driven by new proportional and non-proportional marine business.

The increase in engineering lines was due to a higher level of positive prior year premium adjustments in 2024, compared to 2023.

The decrease in liability lines was related to the restructuring of several significant contracts, a lower level of U.S. exposed risks, and a lower level of positive premium adjustments in 2024, compared to 2023, partially offset by new business.

70

The decreases in catastrophe and property lines were attributable to the exit from these lines of business in June 2022. 

Ceded Premiums Written

Ceded premiums written in 2024 were $883 million, or 37%, of gross premiums written, compared to $872 million, or 39%, in 2023. The increase in ceded premiums written of $11 million, or 1%, was primarily driven by increases in credit and surety, accident and health, motor and agriculture lines, partially offset by decreases in liability, professional lines and catastrophe lines.

The increase in credit and surety lines reflected the increase in gross premiums written for 2024, compared to 2023, and the restructuring of a significant quota share retrocession treaty with a strategic capital partner, partially offset by the non-renewal of a significant quota share retrocession treaty.

The increase in accident and health lines reflected the increase in gross premiums written for 2024, compared to 2023.

The increase in motor lines reflected the increase in gross premiums written for 2024, compared to 2023, partially offset by the restructuring of a significant quota share retrocession treaty with a strategic capital partner.

The increase in agriculture lines was related to premiums ceded to a new whole account quota share retrocessional treaty.

The decrease in liability lines was attributable to the restructuring of significant quota share retrocession treaties with strategic capital partners and the decrease in gross premiums written for 2024, compared to 2023.

The decrease in professional lines was driven by the restructuring of significant quota share retrocession treaties with strategic capital partners