Company: AXS-PE
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001214816-25-000115
Chunk: 59

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 1
Chunk 59
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31, 2024. The increase was primarily attributable to professional lines, credit and surety, liability, and agriculture lines, partially offset by decreases in accident and health, motor, and marine and aviation lines.

The increase in professional lines was attributable to new cyber business, and the timing of renewals of two significant contracts, partially offset by decreased line sizes and non-renewals.

The increase in credit and surety lines was driven by new business, including whole account turnover credit business, structured credit and political risk business, mortgage business, and new proportional surety business together with increased line sizes on credit business.

The increase in liability lines was due to the timing of renewals, the restructuring of a significant contract at Lloyds, and new business, partially offset by non-renewals.

The increase in agriculture lines was due to new business.

The decrease in accident and health lines was driven by decreased line sizes attributable to increased competition and negative premium adjustments in the three months ended March 31, 2025, compared to positive premium adjustments in the three months ended March 31, 2024, partially offset by the timing of renewals of several significant contracts.

The decrease in motor lines was attributable to decreased line sizes and non-renewals due to increased competition for non-proportional U.K. business, the timing of renewals of two significant proportional contracts and a decrease line size on a significant proportional contract, partially offset by positive premium adjustments related to a large quota share contract, and non-proportional business associated with favorable market conditions.

The decrease in marine and aviation lines was related to non-renewals and decreased line sizes attributable to client retentions and increased competition for marine business.

59

Ceded Premiums Written

Ceded premiums written for the three months ended March 31, 2025, was $433 million, or 38%, of gross premiums written, compared to $380 million, or 35%, of gross premiums written for the three months ended March 31, 2024. The increase in ceded premiums written of $53 million, or 14%, was primarily driven by increases in liability, professional lines, credit and surety, and agriculture lines, partially offset by decreases in motor, and accident and health lines.

The increase in liability, professional lines, credit and surety, and agriculture lines reflected the increase in gross premiums written in the three months ended March 31, 2025, compared to the three months ended March 31, 2024, and the restructuring