Company: AXS-PE
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001214816-25-000115
Chunk: 103

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 2
Chunk 103
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 in ceding commission in professional lines.

Underwriting-Related General and Administrative Expense Ratio

The underwriting-related general and administrative expense ratio decreased to 11.9% for the three months ended March 31, 2025, from 13.3% for the three months ended March 31, 2024, mainly driven an increase in net premiums earned.

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Reinsurance Segment

Results from the reinsurance segment were as follows:

  Three months ended March 31,  2025% Change2024Revenues:Gross premiums written$1,138,7495%$1,079,922Net premiums written705,4591%699,719Net premiums earned330,734(3%)340,095Other insurance related income3,422(59%)8,319Expenses:Current accident year net losses and loss expenses(227,796)(231,807)Prior year reserve development3,959—Acquisition costs(70,560)(78,225)Underwriting-related general and administrative expenses(10,846)(15,706)Underwriting income$28,913$22,676Ratios:% PointChangeCurrent accident year loss ratio, excluding catastrophe and weather-related losses68.4 %0.468.0 %Catastrophe and weather-related losses ratio0.5 %0.30.2 %Current accident year loss ratio68.9 %0.768.2 %Prior year reserve development ratio(1.2 %)(1.2)— %Net losses and loss expenses ratio67.7 %(0.5)68.2 %Acquisition cost ratio21.3 %(1.7)23.0 %Underwriting-related general and administrative expense ratio3.3 %(1.3)4.6 %Combined ratio92.3 %(3.5)95.8 %

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Gross Premiums Written

Gross premiums written by line of business were as follows: 

  Three months ended March 31,  20252024% ChangeLiability$253,070 22 %$218,175 20 %16%Professional lines188,445 17 %146,832 14 %28%Motor124,380 11 %152,145 14 %(18%)Accident and health281,355 25 %310,792 29 %(9%)Credit and surety