Company: AXS-PE
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001214816-25-000149
Chunk: 47

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 1
Chunk 47
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 reserve class primarily due to better than expected loss emergence attributable to the credit and political risk line of business related to several accident years.2024For the six months ended June 30, 2024, net prior year reserve development of $nil was recognized, the principal components of which were: •$8 million of net favorable prior year reserve development on property business primarily due to better than expected loss emergence mainly related to the 2021 and 2022 accident years.•$8 million of net adverse prior year reserve development on the specialty other reserve class primarily due to an increase in the loss estimate attributable to a specific large claim in the marine and aviation line of business related to the 2019 accident year.Reinsurance Segment:The following table maps the Company's lines of business to reserve classes:Reinsurance segmentReserve classCasualtySpecialtyRun-offReported lines of businessLiabilityXProfessional linesXMotorXAccident and healthXCredit and suretyXAgricultureXMarine and aviationXCatastropheXPropertyXEngineeringX

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Table of  ContentsAXIS CAPITAL HOLDINGS LIMITEDNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)6.    RESERVE FOR LOSSES AND LOSS EXPENSES (CONTINUED)

Prior year reserve development by reserve class was as follows:  Three months ended June 30,Six months ended June 30,  2025202420252024Favorable(Adverse)Favorable(Adverse)Favorable(Adverse)Favorable(Adverse)Casualty$— $— $— $— Specialty5,013 — 8,847 — Run-off— — 125 — Total$5,013 $— $8,972 $— 2025For the three months ended June 30, 2025, net favorable prior year reserve development of $5 million was recognized.•$5 million of net favorable prior year reserve development on the specialty reserve class business.2025For the six months ended June 30, 2025, net favorable prior year reserve development of $9 million was recognized.•$9 million of net favorable prior year reserve development on the specialty reserve class primarily due to better than expected loss emergence attributable to the agriculture line of business mainly related to the 2023 and 2024 accident years.

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Table of  ContentsAXIS CAPITAL HOLDINGS LIMITEDNOTES TO CONS