Company: AXS-PE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001214816-25-000056
Chunk: 75

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 75
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,220 3,267,943 Prior years(24,323)411,882 (25,533) 3,158,487 3,393,102 3,242,410 Net paid losses and loss expenses related to:Current year(538,709)(488,016)(457,857)Prior years(2,360,100)(2,185,588)(2,397,213) (2,898,809)(2,673,604)(2,855,070)Foreign exchange and other7,419 53,746 (685,132)Net reserve for unpaid losses and loss expenses, end of year10,378,032 10,110,935 9,337,691 Reinsurance recoverable on unpaid losses and loss expenses, end of year6,840,897 6,323,083 5,831,172 Gross reserve for losses and loss expenses, end of year$17,218,929 $16,434,018 $15,168,863 The Company writes business with loss experience generally characterized as low frequency and high severity in nature, which can result in volatility in its financial results. During 2024, 2023 and 2022, the Company recognized catastrophe and weather-related losses, net of reinstatement premiums, of $226 million, $138 million and $403 million.On September 22, 2023, the Company entered into a retrocession reinsurance agreement with a third-party reinsurer which was deemed to have met the established criteria for retroactive reinsurance accounting. At December 31, 2023, foreign exchange and other included an increase in reinsurance recoverable on unpaid losses of $74 million related to this transaction.On December 9, 2022, the Company entered into loss portfolio transfer reinsurance agreements with a third-party reinsurer which were deemed to have met the established criteria for retroactive reinsurance accounting. At December 31, 2022, foreign exchange and other included an increase in reinsurance recoverable on unpaid losses of $422 million related to this transaction.

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AXIS CAPITAL HOLDINGS LIMITEDNOTES TO CONSOLIDATED FINANCIAL STATEMENTSDECEMBER 31, 2024, 2023 AND 20228.    RESERVE FOR LOSSES AND LOSS EXPENSES (CONTINUED)

Estimates for Catastrophe EventsAt December 31, 2024, net reserves for losses