Company: AXS-PE
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001214816-25-000115
Chunk: 98

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 2
Chunk 98
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 catastrophe and weather-related losses(1)56.3 %(0.1)56.4 %Catastrophe and weather-related losses ratio(1)3.7 %2.21.5 %Current accident year loss ratio(1)60.0 %2.157.9 %Prior year reserve development ratio(1.4 %)(1.4)— %Net losses and loss expenses ratio58.6 %0.757.9 %Acquisition cost ratio19.7 %(0.5)20.2 %General and administrative expense ratio(2)11.9 %(1.1)13.0 %Combined ratio90.2 %(0.9)91.1 %

(1)    Current accident year loss ratio, catastrophe and weather-related losses ratio and current accident year loss ratio, excluding catastrophe and weather-related losses are non-GAAP financial measures as defined in Item 10(e) of SEC Regulation S-K. The reconciliations to the most comparable GAAP financial measure, net losses and loss expenses ratio is provided above and a discussion of the rationale for the presentation of these items are provided in 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation'.

(2)    The general and administrative expense ratio included corporate expenses not allocated to underwriting segments of 2.1% and 2.0% for the three months ended March 31, 2025 and 2024, respectively. Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Other Expenses (Revenues), Net' for further details.

Refer to 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Results by Segment' for further details on underwriting expenses.

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RESULTS BY SEGMENT

Insurance Segment

Results for the insurance segment were as follows:   Three months ended March 31,  2025% Change2024Revenues:Gross premiums written$1,655,9035%$1,574,505Net premiums written1,044,5802%1,022,354Net premiums earned1,010,08610%917,946Other insurance related income156nm21Expenses:Current accident year net losses and loss expenses(576,066)(496,864)Prior year reserve development13,978—Acquisition costs(194,021)(176,029)Underwriting-related general and administrative