Company: AXS-PE
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001214816-25-000115
Chunk: 37

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 1
Chunk 37
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378,032 10,110,935 Net incurred losses and loss expenses related to:Current year803,862 728,671 Prior years(17,937)—  785,925 728,671 Net paid losses and loss expenses related to:Current year(45,288)(50,724)Prior years(723,513)(612,571) (768,801)(663,295)Foreign exchange and other149,785 (48,602)Net reserve for unpaid losses and loss expenses, end of period10,544,941 10,127,709 Reinsurance recoverable on unpaid losses and loss expenses, end of period6,944,518 6,503,188 Gross reserve for losses and loss expenses, end of period$17,489,459 $16,630,897 Estimates for Significant Catastrophe EventsAt March 31, 2025, net reserves for losses and loss expenses included estimated amounts for numerous catastrophe events. The magnitude and complexity of losses arising from certain of these events inherently increase the level of uncertainty and, therefore, the level of management judgment involved in arriving at estimated net reserves for losses and loss expenses. These events include California Wildfires in 2025, Hurricane Milton and Hurricane Helene in 2024. As a result, actual losses for these events may ultimately differ materially from current estimates. During the three months ended March 31, 2025, the Company recognized catastrophe and weather-related losses, net of reinsurance, of $49 million (2024: $20 million).

37

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

Prior Year Reserve DevelopmentThe Company's net favorable (adverse) prior year reserve development arises from changes to estimates of losses and loss expenses related to loss events that occurred in previous calendar years. The following table presents net favorable (adverse) prior year reserve development by segment:  Three months ended March 31,20252024Favorable (Adverse)Favorable (Adverse)Insurance$13,978 $— Reinsurance3,959 — Total$17,937 $— The following sections provide further details on net favorable (adverse) prior year reserve development by segment, reserve class and accident year:Insurance Segment:The following