Company: AXS-PE
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001214816-25-000115
Chunk: 46

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 1
Chunk 46
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est on this loan is payable for this period at an interest rate of 4.8% (2024: interest rates between 4.7% and 5.5%) Interest related to this loan of $9 million (2024: $7 million) was received in advance and is included in other liabilities in the consolidated balance sheets.Loss Portfolio Transfer Reinsurance Agreement with Enstar

On April 24, 2025, the Company completed a loss portfolio transfer reinsurance agreement with Cavello Bay Reinsurance Limited, a wholly-owned subsidiary of Enstar Group Limited ("Enstar") to retrocede a portfolio of reinsurance business predominantly related to 2021 and prior underwriting years. 

15.    REORGANIZATION EXPENSES

For the three months ended March 31, 2025, reorganization expenses were $nil (2024: $12 million) primarily related to severance costs attributable to the Company's "How We Work" program.

16.    INCOME TAXES

The effective tax rate for the three months ended March 31, 2025 and March 31, 2024 was 18.6% and (46.0%), respectively. The change in the effective rate is attributable to Bermuda corporate income tax that applies a 15% tax on Bermuda pre-tax income in 2025 compared to the benefit of the Bermuda economic transition adjustment recognized in 2024.

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ITEM 2.      MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following is a discussion and analysis of our results of operations for the three months ended March 31, 2025 and 2024 and our financial condition at March 31, 2025 and December 31, 2024. This should be read in conjunction with Item 1 'Consolidated Financial Statements' of this report and our Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2024. Unless otherwise noted, tabular dollars are in thousands, except per share amounts. Amounts in tables may not reconcile due to rounding differences.

  Page  First Quarter 2025 Financial Highlights49Overview50Consolidated Results of Operations52Results by Segment:i) Insurance Segment54ii) Reinsurance Segment58Net Investment Income and Net Investment Gains (Losses)62Other Expenses (Revenues),