Company: AXS-PE
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001214816-25-000115
Chunk: 52

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 1
Chunk 52
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52

Underwriting Revenues

Underwriting revenues by segment were as follows:  Three months ended March 31,  2025% Change2024Gross premiums written:Insurance$1,655,9035%$1,574,505Reinsurance1,138,7495%1,079,922Total gross premiums written$2,794,6525%$2,654,427Percent of gross premiums written cededInsurance37 %2 pts35 %Reinsurance38 %3 pts35 %Total percent of gross premiums written ceded37 %2 pts35 %Net premiums written:Insurance$1,044,5802%$1,022,354Reinsurance705,4591%699,719Total net premiums written$1,750,0392%$1,722,073Net premiums earned:Insurance$1,010,08610%$917,946Reinsurance330,734(3%)340,095Total net premiums earned$1,340,8207%$1,258,041

Refer to 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Results by Segment' for further details on underwriting revenues.

Combined Ratio

The components of the combined ratio were as follows:  Three months ended March 31,  2025% PointChange2024Current accident year loss ratio, excluding catastrophe and weather-related losses(1)56.3 %(0.1)56.4 %Catastrophe and weather-related losses ratio(1)3.7 %2.21.5 %Current accident year loss ratio(1)60.0 %2.157.9 %Prior year reserve development ratio(1.4 %)(1.4)— %Net losses and loss expenses ratio58.6 %0.757.9 %Acquisition cost ratio19.7 %(0.5)20.2 %General and administrative expense ratio(2)11.9 %(1.1)13.0 %Combined ratio90.2 %(0.9)91.1 %

(1)    Current accident year loss ratio, catastrophe and weather-related losses ratio and current accident year loss ratio, excluding catastrophe and weather-related losses are non-GAAP financial measures as defined in Item 10(e) of SEC Regulation S-K. The reconciliations to the most comparable GAAP financial measure, net losses and