Company: AXS-PE
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001214816-25-000149
Chunk: 132

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 2
Chunk 132
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 2024 associated with a significant short-term medical program, and non-renewals attributable to increased competition.

The decrease in marine and aviation lines was related to decreased line sizes attributable to client retentions and increased competition for marine business and negative premium adjustments in the three months ended June 30, 2025, compared to positive premium adjustments in the three months ended June 30, 2024.

The decrease in liability lines was due to non-renewals attributable to client retentions and decreased line sizes on several contracts, largely offset by new general liability business at Lloyd's and new workers compensation business, together with a higher level of positive premium adjustments in the three months ended June 30, 2025, compared to the three months ended June 30, 2024.

The increase in credit and surety lines was driven by a higher level of premium adjustments in the three months ended June 30, 2025, compared to the three months ended June 30, 2024 attributable to credit business, together with new credit business, partially offset by a decreased line size on a significant credit contract.

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Gross premiums written for the three months ended June 30, 2025, was comparable to gross premiums written for the three months ended June 30, 2024 in motor lines due to the timing of renewals of several contracts, largely offset by non-renewals due to increased competition for non-proportional U.K. business, and a lower level of positive premium adjustments.

Gross premiums written for the six months ended June 30, 2025, increased by $16 million, or 1% ($40 million, or 2%, on a constant currency basis), compared to the six months ended June 30, 2024. The increase was primarily attributable to credit and surety, liability, professional lines, partially offset by decreases in accident and health, motor, marine and aviation, agriculture and catastrophe lines.

The increase in credit and surety lines was driven by new business, a higher level of premium adjustments in the six months ended June 30, 2025, compared to the six months ended June 30, 2024 attributable to credit business, and increased line sizes on credit contracts.

The increase in liability lines was due to the timing of renewals, new general liability business at Lloyd's and new workers compensation business, a higher level of positive premium adjustments in the six months ended June 30, 2025, compared to the six months ended June 30