Company: AXS-PE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001214816-25-000056
Chunk: 285

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 285
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. primary casualty portfolio, and a lower level of premiums associated with the cancellation of a significant program, partially offset by favorable rate change and new business associated with U.S. excess casualty business.

(1) Amounts presented on a constant currency basis are non-GAAP financial measures as defined in Item10 (e) of SEC Regulation S-K. The constant currency basis is calculated by applying the average foreign exchange rate from the current year to the prior year balance.

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Ceded Premiums Written

Ceded premiums written in 2024 were $2,365 million, or 36% of gross premiums written, compared to $2,382 million, or 39% in 2023. The decrease in ceded premiums written of $17 million, or 1% was primarily driven by decreases in cyber and professional lines, partially offset by increases in accident and health, property, credit and political risk, marine and aviation and liability lines.

The decreases in cyber, and professional lines were due to the restructuring of significant existing quota share treaties. The decrease in cyber lines also reflected the decrease in gross premiums written for 2024, compared to 2023.

The increase in accident and health lines was driven by a new quota share treaty and reflected the increase in gross premiums written for 2024, compared to 2023.

The increase in property lines reflected the increase in gross premiums written for 2024, compared to 2023, partially offset by the restructuring of a significant existing quota share treaty. 

The increase in credit and political risk lines reflected the increase in gross premiums written for 2024, compared to 2023. 

The increase in marine and aviation lines was attributable to reinstatement premiums associated with losses and loss expenses in 2024.

Net Premiums Earned

Net premiums earned by line of business were as follows:        % ChangeYear ended December 31,2024202320222023 to 20242022 to 2023Professional lines$817,535 21 %$764,558 22 %$817,924 26 %7 %(7 %)Property1,139,308 28 %878,849 26 %755,986 24 %30 %16 %Liability494,561 13 %496,381 14 %459,775 15 %— %8 %Cyber347,842 9 %323,025 9 %309,004 10