Company: AXS-PE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001214816-25-000056
Chunk: 80

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 80
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 expected loss emergence mainly related to the 2021 and 2022 accident years.•$10 million of net adverse prior year reserve development on motor business primarily due to reserve strengthening to reflect increased estimates of future loss trend due to inflation and reserve strengthening attributable to the proportional book of business mainly related to 2018 through 2022 accident years.•$30 million of net favorable prior year reserve development on accident and health business primarily due to better than expected loss emergence mainly related to 2018 through 2021 accident years.•$13 million of net favorable prior year reserve development on marine and aviation business primarily due to better than expected loss emergence mainly related to the 2021 and 2022 accident years. 

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AXIS CAPITAL HOLDINGS LIMITEDNOTES TO CONSOLIDATED FINANCIAL STATEMENTSDECEMBER 31, 2024, 2023 AND 20228.    RESERVE FOR LOSSES AND LOSS EXPENSES (CONTINUED)

•$11 million of net favorable prior year reserve development on agriculture business primarily due to better than expected loss emergence mainly related to the 2022 accident year.•$8 million of net favorable prior year reserve development on credit and surety business primarily due to better than expected loss emergence attributable to the international credit and mortgage books of business mainly related to the 2018 and 2019 accident years and the 2021 and 2022 accident years, partially offset by increases in loss estimates attributable to specific large claims related to the 2020 accident year.Run-off lines•$46 million of net favorable prior year reserve development on catastrophe business primarily due to better than expected loss emergence mainly attributable to 2022 events.•$15 million of net favorable prior year reserve development on property business primarily due to better than expected loss emergence mainly attributable to 2022 catastrophe events.•$5 million of net favorable prior year reserve development on engineering business primarily due to better than expected loss emergence mainly related to older accident years.In 2022, we recognized $9 million of net favorable prior year reserve development, the principal components of which were:  •$44 million of net favorable prior year reserve development on credit and surety business primarily due to better than expected loss emergence mainly related to 2015 through 2021 accident years, most notably within the mortgage book of business related to the 2020 and 2021 accident years.•$18 million of net favorable prior year reserve development on motor business primarily due to better than expected loss emergence mainly related to 2017 through