Company: AXS-PE
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001214816-25-000149
Chunk: 133

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 2
Chunk 133
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, 2024, and the restructuring of a significant contract at Lloyds, partially offset by decreased line sizes on several contracts and non-renewals. 

The increase in professional lines was primarily attributable to new cyber business, partially offset by non-renewals and decreased line sizes.

The decrease in accident and health lines was driven by decreased line sizes and non-renewals attributable to increased competition, a lower level of premiums in the six months ended June 30, 2025, compared to the six months ended June 30, 2024 associated with a significant short-term medical program and negative premium adjustments in the six months ended June 30, 2025, compared to positive premium adjustments in the six months ended June 30, 2024, partially offset by the timing of renewals of several significant contracts.

The decrease in motor lines was attributable to decreased line sizes and non-renewals due to increased competition for non-proportional U.K. business, and the timing of renewal of a significant proportional contract, partially offset by positive premium adjustments related to a large quota share contract, and non-proportional business associated with favorable market conditions.

The decrease in marine and aviation lines was related to decreased line sizes and non-renewals attributable to client retentions and increased competition for marine business.

The decrease in agriculture lines was due to the non-renewal of a significant contract and negative premium adjustments in the six months ended June 30, 2025 associated with challenging market conditions, partially offset by new business.

67

Ceded Premiums Written

Ceded premiums written for the three months ended June 30, 2025, was $239 million, or 41%, of gross premiums written, compared to $247 million, or 39%, of gross premiums written for the three months ended June 30, 2024. The decrease in ceded premiums written of $8 million, or 3%, was primarily driven by a decrease in professional lines, partially offset by increases in liability, and credit and surety lines.

The decrease in professional lines reflected the decrease in gross premiums written in the three months ended June 30, 2025, compared to the three months ended June 30, 2024, and the restructuring of significant quota share retrocession treaties with strategic capital partners.

The increase in liability lines reflected the restructuring of a significant quota share retrocession treaty with a strategic capital partner.

The increase in credit and surety lines reflected the increase in gross premiums written in the three months ended