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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒        QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2025
OR
☐        TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 001-31721
AXIS CAPITAL HOLDINGS LIMITED
(Exact name of registrant as specified in its charter)

Bermuda
(State or other jurisdiction of incorporation or organization)
98-0395986
(I.R.S. Employer Identification No.)
92 Pitts Bay Road, Pembroke, Bermuda HM 08
(Address of principal executive offices and zip code)
(441) 496-2600
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Exchange Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common shares, par value $0.0125 per shareAXSNew York Stock Exchange
Depositary shares, each representing a 1/100th interest in a 5.50% Series E preferred shareAXS PRENew York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  ☒    No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  ☒  No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒
    Accelerated filer
☐
Non-accelerated filer☐
 Smaller reporting company
☐
Emerging growth company
☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  ☐  No  ☒
At October 24, 2025, there were 77,037,743 common shares outstanding, $0.0125 par value per share, of the registrant.

Table of Contents


AXIS CAPITAL HOLDINGS LIMITED
INDEX TO FORM 10-Q


 
Page
 PART I 
Item 1.
Item 2.
Item 3.
Item 4.
PART II
Item 1.
Item 1A.
Item 2.
Item 5.
Item 6.


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Table of Contents


PART I     FINANCIAL INFORMATION
In this Form 10-Q, references to "AXIS Capital" refer to AXIS Capital Holdings Limited and references to "we", "us", "our", "AXIS", the "Group" or the "Company" refer to AXIS Capital Holdings Limited and its direct and indirect subsidiaries and branches.
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. This Quarterly Report on Form 10-Q or any other written or oral statements made by or on behalf of the Company may include forward-looking statements, which reflect the Company’s current views with respect to future events and financial performance. All statements, other than statements of historical fact included in or incorporated by reference in this report are forward-looking statements. In some cases, these forward-looking statements can be identified by the use of forward-looking words such as "may", "should", "could", "anticipate", "estimate", "expect", "plan", "believe", "predict", "potential", "aim", "will", "target", "intend" or similar statements of a future or forward-looking nature or their negative or similar terminology.

Forward-looking statements made in this report, such as those related to our performance, pricing, growth prospects, the outcome of our strategic initiatives, our expectations relating to our ability to successfully implement and manage technology initiatives – including artificial intelligence, our expectations about the current trade and geopolitical environment on our business, economic and market conditions, and other statements that are not historical facts, reflect our current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Such statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation:

Insurance Risk: the cyclical nature of insurance and reinsurance business leading to periods with excess underwriting capacity and unfavorable premium rates; the frequency and severity of natural and man-made catastrophes; the effects of emerging claims, systemic risks, and coverage and regulatory issues; reserve adequacy; losses relating to geopolitical conflicts; the adverse impact of social and economic inflation; failure of our loss limitation methods; failure of our cedants to adequately evaluate risk; and our reliance on industry models.

Strategic Risk: industry competition and consolidation; general economic, capital, and credit market conditions, including market illiquidity, fluctuations in interest rates, credit spreads, equity securities' prices, foreign currency exchange rates, and evolving impacts of tariffs, sanctions, and international trade tensions; our ability to increase the use of data and analytics and technology as part of our business strategy and adapt to new technologies; changes in the political environment of certain countries where we operate or underwrite business; loss of business provided to us by major brokers; rating agency actions; key personnel changes; potential strategic opportunities including acquisitions and our ability to achieve them; evolving expectations regarding environmental, social, and governance matters; and the effect of contagious diseases on our business.

Credit and Market Risk: reinsurance availability and recoverability; premium collection risks; and counterparty defaults in our program business.

Liquidity Risk: the inability to access sufficient cash to meet our obligations when they are due.

Operational Risk: technology and cybersecurity challenges; failures in internal or outsourced operational processes, people, or systems; and changes in accounting policies or practices.

Regulatory Risk: changes in laws and regulations and potential government intervention in our industry; and inadvertent non-compliance with sanctions, anti-corruption, data protection and privacy requirements.

Risks Related to Taxation: change in tax laws.

Readers should carefully consider these risks alongside those detailed in Item 1A, 'Risk Factors' of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"), and in subsequent filings available at www.sec.gov.


3
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We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

Website and Social Media Disclosure

We use our website (www.axiscapital.com) and our corporate LinkedIn (AXIS Capital) and X Corp. (@AXIS_Capital) accounts as channels of distribution of Company information. The information we post through these channels may be deemed material. Accordingly, investors should monitor these channels, in addition to following our press releases, SEC filings and public conference calls and webcasts. In addition, e-mail alerts and other information about AXIS Capital may be received by those enrolled in our "E-mail Alerts" program, which can be found in the Investor Information section of our website (www.axiscapital.com). The contents of our website and social media channels are not part of this Quarterly Report on Form 10-Q.



4
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ITEM 1.     CONSOLIDATED FINANCIAL STATEMENTS

 Page 
Consolidated Balance Sheets at September 30, 2025 (Unaudited) and December 31, 2024
Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024 (Unaudited)
Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2025 and 2024 (Unaudited)
Consolidated Statements of Changes in Shareholders' Equity for the three and nine months ended September 30, 2025 and 2024 (Unaudited)
Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (Unaudited)
Notes to Consolidated Financial Statements (Unaudited)
Note 1 - Basis of Presentation and Significant Accounting Policies
Note 2 - Segment Information
Note 3 - Investments
Note 4 - Fair Value Measurements
Note 5 - Derivative Instruments
Note 6 - Reserve for Losses and Loss Expenses
Note 7 - Earnings Per Common Share
Note 8 - Share-Based Compensation
Note 9 - Shareholders' Equity
Note 10 - Debt and Financing Arrangements
Note 11 - Federal Home Loan Bank Advances
Note 12 - Commitments and Contingencies
Note 13 - Other Comprehensive Income (Loss)
Note 14 - Related Party Transactions
Note 15 - Income Taxes




















5
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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 2025 (UNAUDITED) AND DECEMBER 31, 2024
20252024
 (in thousands)
Assets
Investments:
Fixed maturities, available for sale, at fair value
    (Amortized cost 2025: $12,822,803; 2024: $12,419,905
    Allowance for expected credit losses 2025: $4,696; 2024: $3,938)
$12,879,372 $12,152,753 
Fixed maturities, held to maturity, at amortized cost
    (Fair value 2025: $404,106; 2024: $436,751
    Allowance for expected credit losses 2025: $nil; 2024: $nil)
406,658 443,400 
Equity securities, at fair value
    (Cost 2025: $534,096; 2024: $520,743)
649,970 579,274 
 Mortgage loans, held for investment, at fair value
     (Allowance for expected credit losses 2025: $33,158; 2024: $23,378)
409,699 505,697 
Other investments, at fair value972,867 930,278 
Equity method investments220,022 206,994 
Short-term investments, at fair value17,185 223,666 
Total investments15,555,773 15,042,062 
Cash and cash equivalents825,898 2,143,471 
Restricted cash and cash equivalents532,180 920,150 
Accrued interest receivable117,720 114,012 
Insurance and reinsurance premium balances receivable
     (Allowance for expected credit losses 2025: $17,929; 2024: $17,339)
3,684,736 3,169,355 
Reinsurance recoverable on unpaid losses and loss expenses
     (Allowance for expected credit losses 2025: $41,139; 2024: $43,445)
9,043,009 6,840,897 
Reinsurance recoverable on paid losses and loss expenses648,126 546,287 
Deferred acquisition costs641,467 524,837 
Prepaid reinsurance premiums2,164,297 1,936,979 
Receivable for investments sold3,813 3,693 
Goodwill66,498 66,498 
Intangible assets168,446 175,967 
Operating lease right-of-use assets92,706 92,516 
Loan advances made
250,537 247,775 
Other assets541,119 695,794 
Total assets$34,336,325 $32,520,293 
Liabilities
Reserve for losses and loss expenses$17,996,236 $17,218,929 
Unearned premiums5,994,611 5,211,865 
Insurance and reinsurance balances payable1,855,349 1,713,798 
Debt1,316,321 1,315,179 
Federal Home Loan Bank advances66,380 66,380 
Payable for investments purchased194,988 269,728 
Operating lease liabilities108,960 106,614 
Other liabilities436,471 528,421 
Total liabilities27,969,316 26,430,914 
Shareholders’ equity
Preferred shares 550,000 550,000 
Common shares (shares issued 2025: 176,580; 2024: 176,580
    shares outstanding 2025: 77,035; 2024: 82,984)
2,206 2,206 
Additional paid-in capital2,395,615 2,394,063 
Accumulated other comprehensive income (loss)10,169 (267,557)
Retained earnings7,932,969 7,341,569 
Treasury shares, at cost (2025: 99,545; 2024: 93,596)
(4,523,950)(3,930,902)
Total shareholders’ equity 6,367,009 6,089,379 
Total liabilities and shareholders’ equity$34,336,325 $32,520,293 
See accompanying notes to Consolidated Financial Statements.

6
Table of Contents

AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

 Three months endedNine months ended
2025202420252024
 (in thousands, except per share amounts)
Revenues
Net premiums earned$1,451,883 $1,366,701 $4,186,133 $3,929,221 
Net investment income184,903 205,100 579,911 563,458 
Other insurance related income6,593 6,838 18,835 23,704 
Net investment gains (losses):
Increase in allowance for expected credit losses
(5,475)(1,134)(10,538)(9,433)
Impairment losses(63)(14)(2,389)(178)
Other realized and unrealized investment gains (losses)36,443 33,330 57,292 (20,892)
Total net investment gains (losses)30,905 32,182 44,365 (30,503)
Total revenues1,674,284 1,610,821 4,829,244 4,485,880 
Expenses
Net losses and loss expenses841,435 831,872 2,429,114 2,326,532 
Acquisition costs285,618 274,935 826,094 794,280 
General and administrative expenses171,637 165,203 491,878 477,016 
Foreign exchange losses (gains)(13,492)92,204 138,428 61,268 
Interest expense and financing costs16,657 16,849 49,816 51,005 
Reorganization expenses— — — 26,312 
    Amortization of intangible assets2,396 2,729 7,521 8,188 
Total expenses1,304,251 1,383,792 3,942,851 3,744,601 
Income before income taxes and interest in income of equity method investments
370,033 227,029 886,393 741,279 
Income tax (expense) benefit(70,252)(47,922)(170,773)36,185 
Interest in income of equity method investments2,083 1,621 3,669 10,689 
Net income301,864 180,728 719,289 788,153 
Preferred share dividends7,563 7,563 22,688 22,688 
Net income available to common shareholders$294,301 $173,165 $696,601 $765,465 
Per share data
Earnings per common share:
Earnings per common share$3.79 $2.06 $8.81 $9.07 
Earnings per diluted common share$3.74 $2.04 $8.70 $8.97 
Weighted average common shares outstanding77,619 83,936 79,037 84,428 
Weighted average diluted common shares outstanding78,601 85,000 80,090 85,338 


See accompanying notes to Consolidated Financial Statements.

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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

 
 Three months endedNine months ended
 2025202420252024
 (in thousands)
Net income$301,864 $180,728 $719,289 $788,153 
Other comprehensive income (loss), net of tax:
Available for sale investments:
Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has not been recognized39,079 310,512 231,712 214,955 
Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has been recognized269 727 (45)120 
Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income
(4,023)4,421 33,638 82,207 
Unrealized gains (losses) arising during the period, net of reclassification adjustment35,325 315,660 265,305 297,282 
Foreign currency translation adjustment(3,446)2,570 12,421 (8,184)
Total other comprehensive income, net of tax
31,879 318,230 277,726 289,098 
Comprehensive income
$333,743 $498,958 $997,015 $1,077,251 


See accompanying notes to Consolidated Financial Statements.

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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

Three months endedNine months ended
2025202420252024
 (in thousands)
Preferred shares
Balance at beginning and end of period$550,000 $550,000 $550,000 $550,000 
Common shares (par value)
Balance at beginning and end of period2,206 2,206 2,206 2,206 
Additional paid-in capital
Balance at beginning of period2,384,659 2,376,244 2,394,063 2,383,030 
Treasury shares reissued(91)(538)(30,556)(28,354)
Share-based compensation expense11,047 10,199 32,108 31,229 
Balance at end of period2,395,615 2,385,905 2,395,615 2,385,905 
Accumulated other comprehensive income (loss)
Balance at beginning of period(21,710)(394,968)(267,557)(365,836)
Unrealized gains (losses) on available for sale investments, net of tax:
Balance at beginning of period4,363 (366,037)(225,617)(347,659)
Unrealized gains (losses) arising during the period, net of reclassification adjustment35,325 315,660 265,305 297,282 
Balance at end of period39,688 (50,377)39,688 (50,377)
Cumulative foreign currency translation adjustments, net of tax:
Balance at beginning of period(26,073)(28,931)(41,940)(18,177)
Foreign currency translation adjustment(3,446)2,570 12,421 (8,184)
Balance at end of period(29,519)(26,361)(29,519)(26,361)
Balance at end of period10,169 (76,738)10,169 (76,738)
Retained earnings
Balance at beginning of period7,673,246 6,957,185 7,341,569 6,440,528 
Net income
301,864 180,728 719,289 788,153 
Preferred share dividends (1)
(7,563)(7,563)(22,688)(22,688)
Common share dividends (1)
(34,578)(37,533)(105,201)(113,176)
Balance at end of period7,932,969 7,092,817 7,932,969 7,092,817 
Treasury shares, at cost
Balance at beginning of period(4,414,003)(3,831,196)(3,930,902)(3,746,732)
Shares repurchased(110,038)(40,305)(625,633)(154,829)
Shares reissued91 538 32,585 30,598 
Balance at end of period(4,523,950)(3,870,963)(4,523,950)(3,870,963)
Total shareholders’ equity $6,367,009 $6,083,227 $6,367,009 $6,083,227 
(1) Refer to Note 9 'Shareholders' Equity' for details on dividends declared and paid related to the Company's common and preferred shares.



See accompanying notes to Consolidated Financial Statements.

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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024
Nine months ended
20252024
 (in thousands)
Cash flows from operating activities:
Net income$719,289 $788,153 
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Net investment (gains) losses (1)
(41,182)30,503 
Net realized and unrealized gains on other investments(54,970)(38,435)
Amortization of fixed maturities(30,431)(26,886)
Interest in income of equity method investments
(3,669)(10,689)
Other amortization and depreciation41,155 42,171 
Share-based compensation expense
34,136 33,474 
Changes in:
Accrued interest receivable(3,690)(20,109)
Reinsurance recoverable on unpaid losses and loss expenses(2,208,757)(499,090)
Reinsurance recoverable on paid losses and loss expenses(147,701)79,146 
Deferred acquisition costs(118,275)(125,034)
Prepaid reinsurance premiums(229,249)(108,082)
Reserve for losses and loss expenses778,520 885,904 
Unearned premiums788,621 714,994 
Insurance and reinsurance balances, net(200,657)(78,166)
Other items5,562 (178,588)
Net cash (used in) provided by operating activities
(671,298)1,489,266 
Cash flows from investing activities:
Purchases of:
Fixed maturities, available for sale(6,994,026)(7,264,647)
Fixed maturities, held to maturity(111,574)(100,755)
Equity securities(83,460)(111,865)
Mortgage loans(10,435)(3,078)
Other investments(71,984)(52,660)
Equity method investments(9,359)(12,389)
Short-term investments(235,568)(196,418)
Proceeds from the sale of:
Fixed maturities, available for sale5,423,967 4,942,272 
Equity securities98,617 154,644 
Other investments84,364 100,818 
Short-term investments310,909 34,169 
Proceeds from redemption of fixed maturities, available for sale1,087,336 1,184,455 
Proceeds from redemption of fixed maturities, held to maturity148,338 283,391 
Proceeds from redemption of short-term investments133,978 53,311 
Proceeds from the repayment of mortgage loans96,970 68,634 
Proceeds from the purchase of other assets
(35,537)(13,946)
Loan advances made
(120,723)(176,466)
Net cash used in investing activities(288,187)(1,110,530)
Cash flows from financing activities:
Repurchase of common shares
(599,959)(139,886)
Taxes paid on withholding shares(25,674)(14,943)
Dividends paid - common shares(108,762)(114,630)
Dividends paid - preferred shares(22,688)(22,688)
Federal Home Loan Bank advances, net— (10,210)
Net cash used in financing activities(757,083)(302,357)
Effect of exchange rate changes on foreign currency cash, cash equivalents and restricted cash11,025 10,962 
Increase (decrease) in cash, cash equivalents and restricted cash(1,705,543)87,341 
Cash, cash equivalents and restricted cash - beginning of period3,063,621 1,383,985 
Cash, cash equivalents and restricted cash - end of period$1,358,078 $1,471,326 
(1) In 2025, net investment (gains) losses in the consolidated statement of cash flows excluded net realized gains on overseas deposits of $3 million that are included in net investment (gains) losses in the consolidated statement of operations.


See accompanying notes to Consolidated Financial Statements.

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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (CONTINUED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

Nine months ended
2025
2024
(in thousands)
Supplemental disclosures of cash flow information:
Income taxes paid
$105,135 $47,402 
Interest paid$48,436 $49,886 


Supplemental disclosures of cash flow information:
2025
In 2025, $188 million related to loan advances to Monarch Point Re (ISA 2023, ISA 2024 and ISA 2025) Ltd. ("Monarch Point Re") was repaid and was treated as a non-cash activity in the consolidated statement of cash flows. In addition, $170 million related to reinsurance balances payables due to Monarch Point Re under retrocession agreements and $44 million related to ceded losses and loss expenses due from Monarch Point Re under retrocession agreements were settled and each amount was treated as a non-cash activity in the consolidated statement of cash flows. Further, $9 million related to interest on loans advances to Monarch Point Re was received in advance and was treated as a non-cash activity in the consolidated statement of cash flows (refer to Note 14 'Related Party Transactions').
2024
In 2024, $169 million related to loan advances to Monarch Point Re (ISA 2023 and ISA 2024) Ltd. ("Monarch Point Re") was repaid and was treated as a non-cash activity in the consolidated statement of cash flows. In addition, $162 million related to reinsurance balances payables due to Monarch Point Re under retrocession agreements and $20 million related to ceded losses and loss expenses due from Monarch Point Re under retrocession agreements were settled and each amount was treated as a non-cash activity in the consolidated statement of cash flows. Further, $12 million related to interest on the loan advances to Monarch Point Re was received in advance and was treated as a non-cash activity in the consolidated statement of cash flows.
In 2024, $68 million related to loan advances to a third-party reinsurer was repaid and $68 million related to reinsurance balances payables due to the third-party reinsurer under retrocession agreements was settled and each amount was treated as a non-cash activity in the consolidated statement of cash flows.











See accompanying notes to Consolidated Financial Statements.

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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1.    BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES


Basis of Presentation

These unaudited consolidated financial statements (the "financial statements") have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the U.S. Securities and Exchange Commission's ("SEC") instructions to Form 10-Q and Article 10 of Regulation S-X and include AXIS Capital Holdings Limited ("AXIS Capital") and its subsidiaries (the "Company"). Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. This Quarterly Report on Form 10-Q should be read in conjunction with the financial statements and related notes included in AXIS Capital's Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC.

In the opinion of management, these financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the Company's financial position and results of operations for the periods presented.

The results of operations for any interim period are not necessarily indicative of the results for a full year. All inter-company accounts and transactions have been eliminated.

To facilitate comparison of information across periods, certain reclassifications have been made to prior year amounts to conform to the current year's presentation.

Tabular dollar and share amounts are in thousands, with the exception of per share amounts. All amounts are reported in U.S. dollars.

Significant Accounting Policies

There were no notable changes to the Company's significant accounting policies subsequent to its Annual Report on Form 10-K for the year ended December 31, 2024.

Recently Issued Accounting Standards Not Yet Adopted

Targeted Improvements to the Accounting for Internal-Use Software

In September 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU" or "Update") 2025-06 "Intangibles - Goodwill and Other - Internal-Use Software (Topic 350-40) - Targeted Improvements to the Accounting for Internal-Use Software".

The amendments in this Update remove all references to prescriptive and sequential software development stages (referred to as "project stages") throughout Subtopic 350-40. An entity will be required to start capitalizing software costs when (1) management has authorized and committed to funding the software project and (2) it is probable that the project will be completed and the software will be used to perform the function intended (referred to as the "probable-to-complete recognition threshold") have occurred.

This guidance is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted at the beginning of an annual reporting period. The amendments in this Update can be applied on a prospective, modified or a retrospective transition approach. The Company does not expect the adoption of this guidance to have a material impact on its results of operations, financial condition, or liquidity.



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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

2.    SEGMENT INFORMATION
The Company's underwriting operations are organized around its global underwriting platforms, AXIS Insurance and AXIS Re. The Company has determined that it has two reportable segments, insurance and reinsurance.

Insurance

The Company's insurance segment offers specialty insurance products to a variety of markets on a worldwide basis. The product lines in this segment are property, professional lines, liability, cyber, marine and aviation, accident and health, and credit and political risk.

Reinsurance

The Company's reinsurance segment provides treaty reinsurance to insurance companies on a worldwide basis. The product lines in this segment are liability, professional lines, motor, accident and health, credit and surety, agriculture, marine and aviation, and run-off lines which include catastrophe and property lines of business that the Company placed into run-off in 2022 and engineering lines of business that the Company placed into run-off in 2020.

The Company does not allocate its assets by segment, with the exception of goodwill and intangible assets.

The following tables present the underwriting results of the Company's reportable segments, as well as the carrying amounts of allocated goodwill and intangible assets:

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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

2.    SEGMENT INFORMATION (CONTINUED)
  20252024
Three months ended and at September 30,InsuranceReinsuranceTotalInsuranceReinsuranceTotal
Gross premiums written$1,691,882$432,302$2,124,184$1,526,676$409,226$1,935,902
Net premiums written1,084,947268,0421,352,989975,911260,0741,235,985
Net premiums earned1,085,612366,2711,451,8831,023,851342,8501,366,701
Other insurance related income2616,3326,593936,7456,838
Current accident year net losses and loss expenses
(610,650)(249,731)(860,381)(606,663)(233,221)(839,884)
Net favorable prior year reserve development14,8434,10318,9464,0094,0038,012
Acquisition costs(205,440)(80,178)(285,618)(203,255)(71,680)(274,935)
Underwriting-related general and administrative expenses(131,326)(11,785)(143,111)(119,249)(12,333)(131,582)
Underwriting income$153,300$35,012188,312$98,786$36,364135,150
Net investment income184,903205,100
Net investment gains30,90532,182
Corporate expenses(28,526)(33,621)
Foreign exchange (losses) gains13,492(92,204)
Interest expense and financing costs(16,657)(16,849)
Amortization of intangible assets(2,396)(2,729)
Income before income taxes and interest in income of equity method investments
370,033227,029
Income tax (expense) benefit(70,252)(47,922)
Interest in income of equity method investments2,0831,621
Net income301,864180,728
Preferred share dividends7,5637,563
Net income available to common shareholders$294,301$173,165
Current accident year loss ratio56.2 %68.2 %59.3 %59.3 %68.0 %61.5 %
Prior year reserve development ratio(1.3%)(1.1%)(1.3%)(0.4%)(1.1%)(0.6%)
Net losses and loss expenses ratio54.9 %67.1 %58.0 %58.9 %66.9 %60.9 %
Acquisition cost ratio18.9 %21.9 %19.7 %19.9 %20.9 %20.1 %
General and administrative expense ratio12.1 %3.2 %11.7 %11.6 %3.6 %12.1 %
Combined ratio85.9 %92.2 %89.4 %90.4 %91.4 %93.1 %
Goodwill and intangible assets$234,944$—$234,944$279,497$—$279,497











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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

2.    SEGMENT INFORMATION (CONTINUED)
20252024
Nine months ended and at September 30,InsuranceReinsuranceTotalInsuranceReinsuranceTotal
Gross premiums written$5,280,220$2,154,587$7,434,807$4,915,247$2,115,317$7,030,564
Net premiums written3,420,0381,318,4254,738,4633,192,4621,339,3404,531,802
Net premiums earned3,128,6581,057,4754,186,1332,900,0111,029,2103,929,221
Other insurance related income
42418,41118,8355323,65123,704
Current accident year net losses and loss expenses(1,763,702)(722,524)(2,486,226)(1,646,118)(688,425)(2,334,543)
Net favorable prior year reserve development44,03613,07657,1124,0084,0038,011
Acquisition costs(594,372)(231,722)(826,094)(567,310)(226,970)(794,280)
Underwriting-related general and administrative expenses(375,564)(33,226)(408,790)(353,230)(36,913)(390,143)
Underwriting income$439,480$101,490540,970$337,414$104,556441,970
Net investment income579,911563,458
Net investment gains (losses)44,365(30,503)
Corporate expenses(83,088)(86,873)
Foreign exchange (losses) gains
(138,428)(61,268)
Interest expense and financing costs(49,816)(51,005)
Reorganization expenses—(26,312)
Amortization of intangible assets(7,521)(8,188)
Income before income taxes and interest in income of equity method investments
886,393741,279
Income tax (expense) benefit(170,773)36,185
Interest in income of equity method investments
3,66910,689
Net income719,289788,153
Preferred share dividends22,68822,688
Net income available to common shareholders$696,601$765,465
Current accident year loss ratio56.4 %68.3 %59.4 %56.8 %66.9 %59.4 %
Prior year reserve development ratio(1.4%)(1.2%)(1.4%)(0.2%)(0.4%)(0.2%)
Net losses and loss expenses ratio55.0 %67.1 %58.0 %56.6 %66.5 %59.2 %
Acquisition cost ratio19.0 %21.9 %19.7 %19.6 %22.1 %20.2 %
General and administrative expense ratio12.0 %3.1 %11.8 %12.2 %3.5 %12.2 %
Combined ratio86.0 %92.1 %89.5 %88.4 %92.1 %91.6 %
Goodwill and intangible assets$234,944$—$234,944$279,497$—$279,497

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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3.    INVESTMENTS
a)     Fixed Maturities, Available for Sale

The following table provides the amortized cost and fair values of the Company's fixed maturities classified as available for sale:
Amortized
cost
Allowance for expected credit lossesGross
unrealized
gains
Gross
unrealized
losses
Fair
value
At September 30, 2025
Available for sale
U.S. government and agency$2,526,849 $— $18,961 $(8,135)$2,537,675 
Non-U.S. government780,969 (64)15,591 (4,646)791,850 
Corporate debt5,100,090 (4,341)94,964 (45,141)5,145,572 
Agency RMBS(1)
1,890,490 — 24,284 (26,288)1,888,486 
CMBS(2)
843,089 — 6,368 (18,373)831,084 
Non-agency RMBS200,779 (235)1,541 (4,767)197,318 
ABS(3)
1,419,221 (56)12,535 (4,499)1,427,201 
Municipals(4)
61,316 — 454 (1,584)60,186 
Total fixed maturities, available for sale$12,822,803 $(4,696)$174,698 $(113,433)$12,879,372 
At December 31, 2024    
Available for sale
U.S. government and agency$2,830,111 $— $6,011 $(33,136)$2,802,986 
Non-U.S. government753,315 — 2,584 (25,960)729,939 
Corporate debt4,941,510 (3,690)30,594 (126,224)4,842,190 
Agency RMBS(1)
1,245,681 — 1,154 (61,990)1,184,845 
CMBS(2)
852,534 — 1,244 (34,170)819,608 
Non-agency RMBS132,116 (195)597 (9,982)122,536 
ABS(3)
1,547,350 (53)5,812 (13,277)1,539,832 
Municipals(4)
117,288 — 125 (6,596)110,817 
Total fixed maturities, available for sale$12,419,905 $(3,938)$48,121 $(311,335)$12,152,753 
(1)Residential mortgage-backed securities ("RMBS") originated by U.S. government-sponsored agencies.
(2)Commercial mortgage-backed securities ("CMBS").
(3)Asset-backed securities ("ABS") include debt tranched securities collateralized primarily by auto loans, student loans, credit card receivables and collateralized loan obligations ("CLOs").
(4)Municipals include bonds issued by states, municipalities and political subdivisions.




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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3.    INVESTMENTS (CONTINUED)
Contractual Maturities

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

The table below provides the contractual maturities of fixed maturities classified as available for sale:
Amortized
cost
Fair
value
% of Total
fair value
At September 30, 2025
Maturity
Due in one year or less$523,048 $519,238 4.0 %
Due after one year through five years5,568,065 5,620,992 43.6 %
Due after five years through ten years2,173,525 2,191,493 17.0 %
Due after ten years204,586 203,560 1.6 %
 8,469,224 8,535,283 66.2 %
Agency RMBS1,890,490 1,888,486 14.7 %
CMBS843,089 831,084 6.5 %
Non-agency RMBS200,779 197,318 1.5 %
ABS1,419,221 1,427,201 11.1 %
Total$12,822,803 $12,879,372 100.0 %
At December 31, 2024
Maturity
Due in one year or less$895,177 $885,866 7.4 %
Due after one year through five years5,637,336 5,567,905 45.8 %
Due after five years through ten years1,895,116 1,826,564 15.0 %
Due after ten years214,595 205,597 1.7 %
 8,642,224 8,485,932 69.9 %
Agency RMBS1,245,681 1,184,845 9.7 %
CMBS852,534 819,608 6.7 %
Non-agency RMBS132,116 122,536 1.0 %
ABS1,547,350 1,539,832 12.7 %
Total$12,419,905 $12,152,753 100.0 %



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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3.    INVESTMENTS (CONTINUED)
Gross Unrealized Losses

The following table summarizes fixed maturities, available for sale in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position:
  12 months or greaterLess than 12 monthsTotal
  
Fair
value
Unrealized
losses
Fair
value
Unrealized
losses
Fair
value
Unrealized
losses
At September 30, 2025
Fixed maturities, available for sale
U.S. government and agency$300,052 $(6,399)$323,963 $(1,736)$624,015 $(8,135)
Non-U.S. government43,793 (2,653)178,105 (1,993)221,898 (4,646)
Corporate debt621,680 (34,665)600,542 (10,476)1,222,222 (45,141)
Agency RMBS316,226 (18,365)210,375 (7,923)526,601 (26,288)
CMBS300,118 (12,614)189,125 (5,759)489,243 (18,373)
Non-agency RMBS41,182 (4,756)4,739 (11)45,921 (4,767)
ABS101,840 (4,241)70,126 (258)171,966 (4,499)
Municipals31,096 (1,456)5,219 (128)36,315 (1,584)
Total fixed maturities, available for sale$1,755,987 $(85,149)$1,582,194 $(28,284)$3,338,181 $(113,433)
At December 31, 2024      
Fixed maturities, available for sale
U.S. government and agency$262,368 $(17,515)$1,026,139 $(15,621)$1,288,507 $(33,136)
Non-U.S. government98,846 (9,179)457,889 (16,781)556,735 (25,960)
Corporate debt934,975 (78,979)2,032,254 (47,245)2,967,229 (126,224)
Agency RMBS280,550 (35,333)749,040 (26,657)1,029,590 (61,990)
CMBS410,213 (22,334)260,411 (11,836)670,624 (34,170)
Non-agency RMBS69,418 (9,900)8,302 (82)77,720 (9,982)
ABS147,281 (8,471)295,897 (4,806)443,178 (13,277)
Municipals49,495 (4,198)51,002 (2,398)100,497 (6,596)
Total fixed maturities, available for sale$2,253,146 $(185,909)$4,880,934 $(125,426)$7,134,080 $(311,335)

At September 30, 2025, 2,431 fixed maturities (2024: 3,994) were in an unrealized loss position of $113 million (2024: $311 million) of which $7 million (2024: $14 million) was related to securities below investment grade or not rated.

At September 30, 2025, 1,608 fixed maturities (2024: 2,108) had been in a continuous unrealized loss position for twelve months or greater and had a fair value of $1,756 million (2024: $2,253 million).

The unrealized losses of $113 million (2024: $311 million) were due to non-credit factors and were expected to be recovered as the related securities approach maturity.

At September 30, 2025, the Company did not intend to sell the securities in an unrealized loss position and it is more likely than not that the Company will not be required to sell these securities before the anticipated recovery of their amortized costs.


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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3.    INVESTMENTS (CONTINUED)
b)     Fixed Maturities, Held to Maturity
The following table provides the amortized cost and fair values of the Company's fixed maturities classified as held to maturity:
Amortized
cost
Allowance for expected credit lossesNet carrying valueGross
unrealized
gains
Gross
unrealized
losses
Fair
value
At September 30, 2025
Held to maturity
Corporate debt$137,403 $— $137,403 $1,788 $(5,328)$133,863 
ABS(1)
269,255 — 269,255 996 (8)270,243 
Total fixed maturities, held to maturity$406,658 $— $406,658 $2,784 $(5,336)$404,106 
At December 31, 2024    
Held to maturity
Corporate debt$122,706 $— $122,706 $675 $(7,764)$115,617 
ABS(1)
320,694 — 320,694 560 (120)321,134 
Total fixed maturities, held to maturity$443,400 $— $443,400 $1,235 $(7,884)$436,751 
(1)Asset-backed securities ("ABS") include debt tranched securities collateralized primarily by collateralized loan obligations ("CLOs").

At September 30, 2025, fixed maturities, held to maturity of $407 million (2024: $443 million) were presented net of an allowance for expected credit losses of $nil (2024: $nil).

The Company's ABS, held to maturity consist of CLO debt tranched securities ("CLO Debt"). The Company uses a scenario-based approach to review its CLO debt portfolio and reviews subordination levels of these securities to determine their ability to absorb credit losses of the underlying collateral. If losses are forecast to be below the subordination level for a tranche held by the Company, the security is determined not to have a credit loss. At September 30, 2025, the allowance for credit losses expected to be recognized over the life of the Company's ABS, held to maturity was $nil.

To estimate expected credit losses for corporate debt securities, held to maturity, the Company's projected cash flows are primarily driven by assumptions regarding the severity of loss, which is a function of the probability of default and projected recovery rates. The Company's default and recovery rates are based on credit ratings, credit analysis and macroeconomic forecasts. At September 30, 2025, the allowance for credit losses expected to be recognized over the life of the Company's corporate debt, held to maturity was $nil.
Contractual Maturities
Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. ABS classified as held to maturity had a net carrying value of $269 million (2024: $321 million).
Corporate debt classified as held to maturity with a net carrying value of $32 million (2024: $28 million) is due between 1 year and 3 years. Corporate debt classified as held to maturity with a net carrying value of $103 million (2024: $95 million) is due between 3 years and 10 years. Corporate debt classified as held to maturity with a net carrying value of $3 million (2024: $nil) is due after 10 years.


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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3.    INVESTMENTS (CONTINUED)
c)     Equity Securities
The following table provides the cost and fair values of the Company's equity securities:
Cost
Gross
unrealized
gains
Gross
unrealized
losses
Fair
value
At September 30, 2025
Equity securities
Common stocks$3,129 $120 $(515)$2,734 
Preferred stocks15,002 664 (115)15,551 
Exchange-traded funds229,508 132,054 (70)361,492 
Bond mutual funds286,457 9,334 (25,598)270,193 
Total equity securities$534,096 $142,172 $(26,298)$649,970 
At December 31, 2024   
Equity securities
Common stocks$3,061 $65 $(488)$2,638 
Preferred stocks5,843 136 (112)5,867 
Exchange-traded funds188,771 126,477 (1,206)314,042 
Bond mutual funds323,068 540 (66,881)256,727 
Total equity securities$520,743 $127,218 $(68,687)$579,274 


d)     Mortgage Loans

The following table provides details of the Company's mortgage loans, held for investment:
  
September 30, 2025December 31, 2024
  
Carrying value% of TotalCarrying value% of Total
Mortgage loans, held for investment:
Commercial$442,857 108 %$529,075 105 %
Allowance for expected credit losses (33,158)(8%)(23,378)(5%)
Total mortgage loans held for investment
$409,699 100 %$505,697 100 %

The primary credit quality indicators for commercial mortgage loans are the debt service coverage ratio which compares a property’s net operating income to amounts needed to service the principal and interest due under the loan, (generally, the lower the debt service coverage ratio, the higher the risk of experiencing a credit loss) and the loan-to-value ratio which compares the unpaid principal balance of the loan to the estimated fair value of the underlying collateral (generally, the higher the loan-to-value ratio, the higher the risk of experiencing a credit loss). The debt service coverage ratio and loan-to-value ratio, as well as the values utilized in calculating these ratios, are updated quarterly.

The Company has a high quality commercial mortgage loan portfolio with a weighted average debt service coverage ratio of 1.7x (2024: 1.7x) and a weighted average loan-to-value ratio of 79% (2024: 78%).

At September 30, 2025, there were two commercial mortgage loans with past due amounts where the Company is assessing exit strategies. At September 30, 2024, there were no past due amounts associated with the commercial mortgage loans held by the Company.



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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3.    INVESTMENTS (CONTINUED)
On a quarterly basis, the Company's exposure to commercial mortgage loans in the office sector, that represents 51% (2024: 43%) of the total mortgage loan portfolio, is evaluated for credit losses based on inputs unique to this sector. This assessment utilizes historical credit loss experience adjusted to reflect current conditions and management forecasts. Further, collateral dependent commercial mortgage loans (e.g., when the borrower is experiencing financial difficulty, including when foreclosure is reasonably possible or probable) are evaluated individually for credit losses. The allowance for expected credit losses for a collateral dependent loan is established as the excess of amortized cost over the estimated fair value of the loan's underlying collateral, less selling cost when foreclosure is probable.

Accordingly, any change in estimated credit losses are recognized as a change in the allowance for expected credit losses and is recorded in net investment gains (losses).

At September 30, 2025, the Company's mortgage loan portfolio had an allowance for expected credit losses of $33 million (2024: $23 million).

e)     Other Investments

The following table provides a summary of the Company's other investments, together with additional information relating to the liquidity of each category:
Fair value
Redemption frequency
(if currently eligible)
  Redemption  
  notice period  
At September 30, 2025    
Multi-strategy funds$14,168 1 %Quarterly
60-90 days
Direct lending funds175,495 18 %
Quarterly(1)
90 days
Private equity funds356,421 37 %n/an/a
Real estate funds289,087 30 %
Quarterly(2), Annually(3)
45-90 days
Other privately held investments137,696 14 %n/an/a
Total other investments$972,867 100 % 
At December 31, 2024    
Multi-strategy funds$24,919 3 %Quarterly
60-90 days
Direct lending funds171,048 18 %
Quarterly(1)
90 days
Private equity funds320,690 35 %n/an/a
Real estate funds291,640 31 %
Quarterly(2), Annually(3)
45-90 days
Other privately held investments121,981 13 %n/an/a
Total other investments$930,278 100 %  
     
n/a - not applicable
(1) Applies to one fund with a fair value of $2 million (2024: $3 million).
(2) Applies to one fund with a fair value of $44 million (2024: $51 million).
(3) Applies to one fund with a fair value of $24 million (2024: $21 million).



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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3.    INVESTMENTS (CONTINUED)
Two common redemption restrictions which may impact the Company's ability to redeem multi-strategy funds are gates and lockups. A gate is a suspension of redemptions which may be implemented by the general partner or investment manager of the fund in order to defer, in whole or in part, the redemption request in the event the aggregate amount of redemption requests exceeds a predetermined percentage of the fund's net assets which may otherwise hinder the general partner or investment manager's ability to liquidate holdings in an orderly fashion in order to generate the cash necessary to fund extraordinarily large redemption payouts. A lockup period is the initial amount of time an investor is contractually required to hold the security before having the ability to redeem.

During the nine months ended September 30, 2025 and 2024, neither of these restrictions impacted the Company's redemption requests. At September 30, 2025, there were no multi-strategy fund holdings (2024: nil) where the Company is still within the lockup period. 

At September 30, 2025, the Company had $28 million (2024: $28 million) of unfunded commitments as a limited partner in multi-strategy funds. Once the full amount of committed capital has been called by the General Partner of each of these funds, the assets will not be fully returned until after the completion of the funds' investment term. These funds have investment terms ranging from two years to the dissolution of the underlying fund.

At September 30, 2025, the Company had $271 million (2024: $170 million) of unfunded commitments as a limited partner in direct lending funds. Once the full amount of committed capital has been called by the General Partner of each of these funds, the assets will not be fully returned until the completion of the fund's investment term. These funds have investment terms ranging from three to twelve years and the General Partners of certain funds have the option to extend the term by up to three years.

At September 30, 2025, the Company had $236 million (2024: $215 million) of unfunded commitments as a limited partner in private equity funds. The life of the funds is subject to the dissolution of the underlying funds. The Company expects the overall holding period to be over six years.
At September 30, 2025, the Company had $114 million (2024: $91 million) of unfunded commitments as a limited partner in real estate funds. These funds include an open-ended fund and funds with investment terms ranging from two years to the dissolution of the underlying fund.
At September 30, 2025, the Company had $20 million (2024: $21 million) of unfunded commitments as a limited partner in three private company investment funds focusing on financial services technology companies with an emphasis on insurance technology companies ("private company investment funds"). Two of these funds have investment terms of five years and one fund has an investment term of ten years.

f)     Equity Method Investments

During 2023, the Company paid $22 million to acquire 18% of the common equity of Monarch Point Re (ISAC) Ltd. and Monarch Point Re (ISA 2023) Ltd., a collateralized reinsurance company formed under the laws of Bermuda as an incorporated segregated accounts company under the Incorporated Segregated Accounts Companies Act 2019, as amended (the "ISAC Act"). During 2024, the Company paid $14 million to acquire 18% of the common equity of Monarch Point Re (ISA 2024) Ltd. During 2025, the Company paid $9 million to acquire 18% of the common equity of Monarch Point Re (ISA 2025) Ltd., (Monarch Point Re (ISAC) Ltd., Monarch Point Re (ISA 2023) Ltd., Monarch Point Re (ISA 2024) Ltd. and Monarch Point Re (ISA 2025) Ltd., individually or collectively "Monarch Point Re").

The Company retrocedes a diversified portfolio of casualty reinsurance business to Monarch Point Re and Stone Point Credit Adviser LLC, a wholly owned subsidiary of Stone Point Capital, LLC ("Stone Point" refer to Note 14 'Related Party Transactions') serves as its investment manager. As an investor, the Company expects to benefit from underwriting fees generated by Monarch Point Re and the income and capital appreciation Stone Point seeks to deliver through its investment management services.

Monarch Point Re is not a Variable Interest Entity ("VIE") that is required to be included in the Company's consolidated financial statements. The Company accounts for its ownership interest in Monarch Point Re under the equity method of accounting.





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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3.    INVESTMENTS (CONTINUED)
During 2016, the Company paid $108 million including direct transaction costs to acquire 19% of the common equity of Harrington Reinsurance Holdings Limited ("Harrington"), the parent company of Harrington Re Ltd. ("Harrington Re"), an independent reinsurance company jointly sponsored by the Company and The Blackstone Group L.P. ("Blackstone"). Following share tender offers in 2024 and 2023, the Company's ownership interest in Harrington increased to 22% and 20%, respectively.

Through long-term service agreements, the Company serves as Harrington Re's reinsurance underwriting manager and Blackstone serves as exclusive investment management service provider. As an investor, the Company expects to benefit from underwriting profit generated by Harrington Re and the income and capital appreciation Blackstone seeks to deliver through its investment management services. In addition, the Company has entered into an arrangement with Blackstone under which underwriting and investment related fees will be shared equally.

The Company accounts for its ownership interest in Harrington under the equity method of accounting. The Company's proportionate share of the underlying equity in net assets resulted in a basis difference of $5 million which represents initial transactions costs.

g)     Variable Interest Entities

In the normal course of investing activities, the Company actively manages allocations to non-controlling tranches of structured securities which are variable interests issued by VIEs. These structured securities include RMBS, CMBS and ABS.

The Company also invests in limited partnerships which represent 75% of the Company's other investments. The investments in limited partnerships include multi-strategy funds, direct lending funds, private equity funds and real estate funds that are variable interests issued by VIEs (refer to Note 3(e) 'Other Investments').

The Company does not have the power to direct the activities that are most significant to the economic performance of these VIEs. Therefore, the Company is not the primary beneficiary of these VIEs. The maximum exposure to loss on these interests is limited to the amount of commitment made by the Company. The Company has not provided financial or other support to these structured securities other than the original investment.

h)     Net Investment Income

Net investment income was derived from the following sources:
  
Three months ended September 30,Nine months ended September 30,
  
2025202420252024
Fixed maturities$155,796 $163,002 $452,368 $456,421 
Other investments15,019 19,594 55,907 39,569 
Equity securities3,046 3,529 9,408 9,348 
Mortgage loans5,890 8,175 18,714 26,412 
Cash and cash equivalents12,597 14,402 62,626 41,796 
Short-term investments355 3,919 2,882 11,148 
Gross investment income
192,703 212,621 601,905 584,694 
Investment expenses(7,800)(7,521)(21,994)(21,236)
Net investment income$184,903 $205,100 $579,911 $563,458 



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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3.    INVESTMENTS (CONTINUED)
i)     Net Investment Gains (Losses)

The following table provides an analysis of net investment gains (losses):
  Three months ended September 30,Nine months ended September 30,
  2025202420252024
Gross realized investment gains
Fixed maturities, short-term investments, and cash and cash equivalents
$22,486 $22,649 $64,018 $43,232 
Equity securities— 1,667 40,100 32,292 
Gross realized investment gains22,486 24,316 104,118 75,524 
Gross realized investment losses
Fixed maturities, short-term investments, and cash and cash equivalents
(11,884)(22,589)(91,297)(119,108)
Equity securities— (7,539)(11,590)(15,251)
Mortgage loans
— (4,275)— (4,275)
Gross realized investment losses(11,884)(34,403)(102,887)(138,634)
(Increase) decrease in allowance for expected credit losses, fixed maturities, available for sale347 209 (757)6,338 
(Increase) decrease in allowance for expected credit losses, mortgage loans(5,822)(1,343)(9,781)(15,771)
Impairment losses(1)
(63)(14)(2,389)(178)
Change in fair value of investment derivatives(2)
169 (870)(1,282)153 
Net unrealized gains (losses) on equity securities25,672 44,287 57,343 42,065 
Net investment gains (losses)
$30,905 $32,182 $44,365 $(30,503)
(1) Related to instances where the Company intends to sell securities or it is more likely than not that the Company will be required to sell securities before their anticipated recovery.
(2) Refer to Note 5 'Derivative Instruments'.

The following table provides a reconciliation of the beginning and ending balances of the allowance for expected credit losses on fixed maturities classified as available for sale:
  Three months ended September 30,Nine months ended September 30,
  2025202420252024
Balance at beginning of period$5,043 $4,631 $3,938 $10,759 
Expected credit losses on securities where credit losses were not previously recognized
466 325 2,125 604 
Additions (reductions) for expected credit losses on securities where credit losses were previously recognized
(607)(451)(904)(1,858)
Impairments of securities which the Company intends to sell or more likely than not will be required to sell— — — — 
Securities sold/redeemed/matured(206)(83)(463)(5,083)
Balance at end of period$4,696 $4,422 $4,696 $4,422 


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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3.    INVESTMENTS (CONTINUED)
The following table provides a reconciliation of the beginning and ending balances of the allowance for expected credit losses on mortgage loans:
  Three months ended September 30,Nine months ended September 30,
  2025202420252024
Balance at beginning of period$27,335 $20,681 $23,378 $6,220 
Expected credit losses on loans where credit losses were not previously recognized
1,192 750 2,211 13,930 
Additions (reductions) for expected credit losses on loans where credit losses were previously recognized
4,631 4,868 7,569 6,149 
Loans sold/redeemed/matured
— (4,275)— (4,275)
Balance at end of period$33,158 $22,024 $33,158 $22,024 

j)    Reverse Repurchase Agreements

At September 30, 2025, the Company held $47 million (2024: $543 million) of reverse repurchase agreements. These loans are fully collateralized, are generally outstanding for a short period of time and are presented on a gross basis as part of cash and cash equivalents in the Company's consolidated balance sheets. The required collateral for these loans is either cash or U.S. Treasuries at a minimum rate of 102% of the loan principal. Upon maturity, the Company receives principal and interest income. The Company monitors the estimated fair value of the securities loaned and borrowed on a daily basis with additional collateral obtained as necessary throughout the duration of the transaction.






























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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

4.    FAIR VALUE MEASUREMENTS
Fair Value Hierarchy

Fair value is defined as the price to sell an asset or transfer a liability (i.e., the "exit price") in an orderly transaction between market participants. U.S. GAAP prescribes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. The level in the hierarchy within which a given fair value measurement falls is determined based on the lowest level input that is significant to the measurement. The hierarchy is broken down into three levels as follows:

•Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.
•Level 2 - Valuations based on quoted prices in active markets for similar assets or liabilities, quoted prices for identical assets or liabilities in inactive markets, or for which significant inputs are observable (e.g., interest rates, yield curves, prepayment speeds, default rates, loss severities, etc.) or can be corroborated by observable market data.
•Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The unobservable inputs reflect the Company's judgments about assumptions that market participants might use.

The availability of observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including, for example, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires significantly more judgment.

Accordingly, the degree of judgment exercised by management in determining fair value is greatest for financial instruments categorized as Level 3. In periods of market dislocation, the observability of prices and inputs may be reduced for many financial instruments. This may lead the Company to change the selection of valuation technique (from market to cash flow approach) or may cause the Company to use multiple valuation techniques to estimate the fair value of a financial instrument. This circumstance could cause an instrument to be reclassified between levels within the fair value hierarchy.

Valuation Techniques

The valuation techniques, including significant inputs and assumptions generally used to determine the fair values of the Company's financial instruments as well as the classification of the fair values of its financial instruments in the fair value hierarchy are described in detail below.

Fixed Maturities

At each valuation date, the Company uses the market approach valuation technique to estimate the fair value of its fixed maturities portfolio, where possible. The market approach includes, but is not limited to, prices obtained from third-party pricing services for identical or comparable securities and the use of "pricing matrix models" using observable market inputs such as yield curves, credit risks and spreads, measures of volatility, and prepayment speeds. Pricing from third-party pricing services is sourced from multiple vendors, where available, and the Company maintains a vendor hierarchy by asset type based on historical pricing experience and vendor expertise. Where prices are unavailable from pricing services, the Company obtains non-binding quotes from broker-dealers who are active in the corresponding markets. The valuation techniques including significant inputs and assumptions generally used to determine the fair values of the Company's fixed maturities by asset class as well as the classifications of the fair values of these securities in the fair value hierarchy are described in detail below.

U.S. Government and Agency

U.S. government and agency securities consist primarily of bonds issued by the U.S. Treasury and mortgage pass-through agencies such as the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Government National Mortgage Association. As the fair values of U.S. Treasury securities are based on unadjusted quoted market prices in active markets, the fair values of these securities are classified as Level 1. The fair values of U.S. government agency securities are determined using the spread above the risk-free yield curve. As the yields for the risk-free yield curve and the spreads are observable market inputs, the fair values of U.S. government agency securities are classified as Level 2.

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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

4.    FAIR VALUE MEASUREMENTS (CONTINUED)
Non-U.S. Government

Non-U.S. government securities include bonds issued by non-U.S. governments and their agencies along with supranational organizations (collectively also known as sovereign debt securities). The fair values of these securities are based on prices obtained from international indices or valuation models that include inputs such as interest rate yield curves, cross-currency basis index spreads and country credit spreads for structures similar to the sovereign bond in terms of issuer, maturity and seniority. As the significant inputs used to price these securities are observable market inputs, the fair values of non-U.S. government securities are classified as Level 2.

Corporate Debt

Corporate debt securities consist primarily of investment grade debt of a wide variety of corporate issuers and industries. The fair values of these securities are generally determined using the spread above the risk-free yield curve. These spreads are generally obtained from the new issue market, secondary trading and broker-dealer quotes. As the yields for the risk-free yield curve and the spreads are observable market inputs, the fair values of corporate debt securities are generally classified as Level 2. Where pricing is unavailable from pricing services, the Company obtains non-binding quotes from broker-dealers to estimate fair value. This is generally the case when there is a low volume of trading activity and current transactions are not orderly. In this event, the fair values of these securities are classified as Level 3.

Agency RMBS

Agency RMBS consist of bonds issued by the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Government National Mortgage Association. The fair values of these securities are priced using a mortgage pool specific model which uses daily inputs from the active to be announced market and the spread associated with each mortgage pool based on vintage. As the significant inputs used to price these securities are observable market inputs, the fair values of Agency RMBS are classified as Level 2.

CMBS

CMBS mainly include investment grade bonds originated by non-agencies. The fair values of these securities are determined using a pricing model which uses dealer quotes and other available trade information along with security level characteristics to determine deal specific spreads. As the significant inputs used to price these securities are observable market inputs, the fair values of CMBS are generally classified as Level 2. Where pricing is unavailable from pricing services, the Company obtains non-binding quotes from broker-dealers to estimate fair value. This is generally the case when there is a low volume of trading activity and current transactions are not orderly. In this event, the fair values of these securities are classified as Level 3.

Non-agency RMBS

Non-agency RMBS mainly include investment grade bonds originated by non-agencies. The fair values of these securities are determined using an option adjusted spread model or other relevant models, which use inputs including available trade information or broker quotes, prepayment and default projections based on historical statistics of the underlying collateral and current market data. As the significant inputs used to price these securities are observable market inputs, the fair values of non-agency RMBS are generally classified as Level 2. Where pricing is unavailable from pricing services, the Company obtains non-binding quotes from broker-dealers to estimate fair value. This is generally the case when there is a low volume of trading activity and current transactions are not orderly. In this event, the fair values of these securities are classified as Level 3.

ABS

ABS mainly include investment grade bonds backed by pools of loans with a variety of underlying collateral, including auto loans, student loans, credit card receivables and collateralized loan obligations ("CLOs"), originated by a variety of financial institutions. The fair values of these securities are determined using a model which uses prepayment speeds and spreads sourced primarily from the new issue market. As the significant inputs used to price these securities are observable market inputs, the fair values of ABS are generally classified as Level 2. Where pricing is unavailable from pricing services, the Company obtains non-binding quotes from

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

4.    FAIR VALUE MEASUREMENTS (CONTINUED)
broker-dealers to estimate fair value. This is generally the case when there is a low volume of trading activity and current transactions are not orderly. In this event, the fair values of these securities are classified as Level 3.

Municipals

Municipals comprise revenue bonds and general obligation bonds issued by U.S. domiciled state and municipal entities. The fair values of these securities are determined using spreads obtained from the new issue market, trade prices and broker-dealers quotes. As the significant inputs used to price these securities are observable market inputs, the fair values of municipals are classified as Level 2.

Equity Securities

Equity securities include common stocks, preferred stocks, exchange-traded funds and bond mutual funds. As the fair values of common stocks, exchange-traded funds and exchange listed preferred stocks are based on unadjusted quoted market prices in active markets, the fair values of these securities are classified as Level 1. As the significant inputs used to price non-exchange listed preferred stocks are observable market inputs, the fair value of these securities are classified as Level 2. As bond mutual funds have daily liquidity, the fair values of these securities are classified as Level 2.

Other Investments

The fair value of an indirect investment in CLO-Equities is estimated using an income approach valuation technique, specifically an externally developed discounted cash flow model due to the lack of observable and relevant trades in secondary markets. As the significant inputs used to price this security are unobservable, the fair value of the indirect investment in CLO-Equities is classified as Level 3.

Other privately held investments include common shares, preferred shares, convertible notes, convertible preferred shares, a variable yield security and private company investment funds. These investments are initially valued at cost, which approximates fair value. In subsequent measurement periods, the fair values of these investments are generally derived from one or a combination of valuation methodologies which consider factors including recent capital raises by the investee companies, comparable precedent transaction multiples, comparable publicly traded multiples, third-party valuations, discounted cash-flow models, and other techniques that consider the industry and development stage of each investee company. The fair value of the variable yield security is determined using an externally developed discounted cash flow model. In order to assess the reasonableness of the information received from investee companies, the Company maintains an understanding of current market conditions, historical results, and emerging trends that may impact the results of operations, financial condition or liquidity of these companies. In addition, the Company engages in regular communication with management at investee companies.

As the significant inputs used to price these investments are unobservable, the fair values of other privately held investments are classified as Level 3. The fair values of private company investment funds are estimated using net asset valuations ("NAVs") as advised by external fund managers or third-party administrators.

Short-term Investments

Short-term investments primarily comprise highly liquid securities with maturities greater than three months but less than one year from the date of purchase. These securities are typically not actively traded due to their approaching maturity, therefore their amortized cost approximates fair value. The fair values of short-term investments are classified as Level 2.

Derivative Instruments

Derivative instruments include foreign exchange forward contracts that are customized to the Company's economic hedging strategies and trade in the over-the-counter derivative market. The fair values of these derivatives are determined using a market approach valuation technique based on significant observable market inputs from third-party pricing vendors, non-binding broker-dealer quotes and/or recent trading activity. As the significant inputs used to price these derivatives are observable market inputs, the fair values of these derivatives are classified as Level 2.


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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

4.    FAIR VALUE MEASUREMENTS (CONTINUED)
The tables below present the financial instruments measured at fair value on a recurring basis for the periods indicated:
Quoted prices in active markets for identical assets (Level 1)Significant other observable inputs (Level 2)Significant unobservable inputs (Level 3)Fair value based on NAV practical expedientTotal fair value
At September 30, 2025
Assets
Fixed maturities, available for sale
U.S. government and agency$2,493,189 $44,486 $— $— $2,537,675 
Non-U.S. government— 791,850 — — 791,850 
Corporate debt— 5,004,469 141,103 — 5,145,572 
Agency RMBS— 1,888,486 — — 1,888,486 
CMBS— 831,084 — — 831,084 
Non-agency RMBS— 197,318 — — 197,318 
ABS— 1,388,313 38,888 — 1,427,201 
Municipals— 60,186 — — 60,186 
 2,493,189 10,206,192 179,991 — 12,879,372 
Equity securities
Common stocks2,734 — — — 2,734 
Preferred stocks9,503 6,048 — — 15,551 
Exchange-traded funds361,492 — — — 361,492 
Bond mutual funds— 270,193 — — 270,193 
 373,729 276,241 — — 649,970 
Other investments
Multi-strategy funds— — — 14,168 14,168 
Direct lending funds— — — 175,495 175,495 
Private equity funds— — — 356,421 356,421 
Real estate funds— — — 289,087 289,087 
Other privately held investments— — 95,159 42,537 137,696 
— — 95,159 877,708 972,867 
Short-term investments— 17,185 — — 17,185 
Other assets
Derivative instruments (refer to Note 5)
— 3,097 — — 3,097 
Total Assets$2,866,918 $10,502,715 $275,150 $877,708 $14,522,491 
Liabilities
Derivative instruments (refer to Note 5)
$— $1,545 $— $— $1,545 
 Total Liabilities$— $1,545 $— $— $1,545 




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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

4.    FAIR VALUE MEASUREMENTS (CONTINUED)

Quoted prices in active markets for identical assets (Level 1)Significant other observable inputs (Level 2)Significant unobservable inputs (Level 3)Fair value based on NAV practical expedientTotal fair value
At December 31, 2024
Assets
Fixed maturities, available for sale
U.S. government and agency$2,767,315 $35,671 $— $— $2,802,986 
Non-U.S. government— 729,939 — — 729,939 
Corporate debt— 4,715,799 126,391 — 4,842,190 
Agency RMBS— 1,184,845 — — 1,184,845 
CMBS— 819,608 — — 819,608 
Non-agency RMBS— 122,536 — — 122,536 
ABS— 1,519,000 20,832 — 1,539,832 
Municipals— 110,817 — — 110,817 
 2,767,315 9,238,215 147,223 — 12,152,753 
Equity securities
Common stocks2,638 — — — 2,638 
Preferred stocks3 5,864 — — 5,867 
Exchange-traded funds314,042 — — — 314,042 
Bond mutual funds— 256,727 — — 256,727 
 316,683 262,591 — — 579,274 
Other investments
Multi-strategy funds— — — 24,919 24,919 
Direct lending funds— — — 171,048 171,048 
Private equity funds— — — 320,690 320,690 
Real estate funds— — — 291,640 291,640 
Other privately held investments— — 92,230 29,751 121,981 
— — 92,230 838,048 930,278 
Short-term investments— 223,666 — — 223,666 
Other assets
Derivative instruments (refer to Note 5)
— 9,439 — — 9,439 
Total Assets$3,083,998 $9,733,911 $239,453 $838,048 $13,895,410 
Liabilities
Derivative instruments (refer to Note 5)
$— $3,100 $— $— $3,100 
Total Liabilities$— $3,100 $— $— $3,100 



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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

4.    FAIR VALUE MEASUREMENTS (CONTINUED)
The following table quantifies the significant unobservable inputs used in estimating fair values at September 30, 2025 of investments classified as Level 3 in the fair value hierarchy:
Asset fair valueValuation techniqueUnobservable inputAmount / Range
Weighted
average
Other investments - Other privately held investments
$11,454 Discounted cash flowDiscount rate5.4%5.4%
Default rate0.5%0.5%
Loss absorption yield1.0%1.0%
Estimated maturity date
0.2 years
0.2 years
Note: Fixed maturities of $180 million that are classified as Level 3 are excluded from the above table as these securities are priced using broker-dealer quotes. In addition, other privately held investments of $84 million that are classified as Level 3 are excluded from the above table as these investments are priced using capital statements received from investee companies.

Other Investments - Other Privately Held Securities

Other privately held securities are initially valued at cost which approximates fair value. In subsequent measurement periods, the fair value of the variable yield security was determined using an externally developed discounted cash flow model. This model includes inputs that are specific to that investment. The inputs used in the fair value measurement include an appropriate discount rate, default rate, loss absorption rate and estimated maturity date. The selection of an appropriate discount rate is judgmental and is the most significant unobservable input used in the valuation of this investment. A significant increase (decrease) in this input in isolation could result in significantly lower (higher) fair value measurement for this investment. In order to assess the reasonableness of the inputs the Company uses in the discounted cash flow model, the Company maintains an understanding of current market conditions, historical results, as well as investee specific information that may impact future cash flows.

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4.    FAIR VALUE MEASUREMENTS (CONTINUED)
The following table presents changes in Level 3 for financial instruments measured at fair value on a recurring basis:
Opening
balance
Transfers
into
Level 3
Transfers
out of
Level 3
Included 
in net income(1)
Included
in OCI (2)
PurchasesSales
Settlements/
distributions
Closing
balance
Change in
unrealized
gains/(losses) (3)
Three months ended September 30, 2025
Fixed maturities, available for sale         
Corporate debt$131,473 $— $— $15 $613 $11,178 $(62)$(2,114)$141,103 $— 
ABS33,492 — — — 342 5,054 — — 38,888 — 
 164,965 — — 15 955 16,232 (62)(2,114)179,991 — 
Other investments
CLO-Equities— — — — — — — — — — 
Other privately held investments
94,347 — — 812 — — — — 95,159 812 
 94,347 — — 812 — — — — 95,159 812 
Total assets$259,312 $— $— $827 $955 $16,232 $(62)$(2,114)$275,150 $812 
Nine months ended September 30, 2025
Fixed maturities, available for sale
Corporate debt$126,391 $— $— $253 $1,658 $36,228 $(20,076)$(3,351)$141,103 $— 
ABS20,832 — — — 1,002 17,054 — — 38,888 — 
147,223 — — 253 2,660 53,282 (20,076)(3,351)179,991 — 
Other investments
CLO-Equities— — — — — — — — — — 
Other privately held investments92,230 — — 7,871 — — — (4,942)95,159 7,871 
92,230 — — 7,871 — — — (4,942)95,159 7,871 
Total assets$239,453 $— $— $8,124 $2,660 $53,282 $(20,076)$(8,293)$275,150 $7,871 
(1) Realized gains (losses) on fixed maturities and realized and unrealized gains (losses) on other assets and other liabilities included in net income are included in net investment gains (losses). Realized and unrealized gains (losses) on other investments included in net income are included in net investment income.
(2) Unrealized gains (losses) on fixed maturities are included in other comprehensive income ("OCI").
(3) Change in unrealized gains (losses) relating to assets and liabilities held at the reporting date.


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4.    FAIR VALUE MEASUREMENTS (CONTINUED)
Opening
balance		Transfers
into
Level 3		Transfers
out of
Level 3
Included 
in net income(1)
Included
in OCI(2)
PurchasesSalesSettlements/
distributions		Closing
balance
Change in
unrealized
gains/(losses)(3)
Three months ended September 30, 2024
Fixed maturities, available for sale
Corporate debt$125,009 $— $— $— $2,525 $6,965 $— $(848)$133,651 $— 
ABS— — — — — — — — — — 
125,009 — — — 2,525 6,965 — (848)133,651 — 
Other investments
CLO-Equities4,498 — — — — — — (365)4,133 — 
 Other privately held investments85,288 — — (891)— — — — 84,397 (891)
89,786 — — (891)— — — (365)88,530 (891)
Total assets$214,795 $— $— $(891)$2,525 $6,965 $— $(1,213)$222,181 $(891)
Nine months ended September 30, 2024
Fixed maturities, available for sale
Corporate debt$135,753 $— $— $(1,347)$3,547 $19,436 $(165)$(23,573)$133,651 $— 
ABS— — — — — — — — — — 
135,753 — — (1,347)3,547 19,436 (165)(23,573)133,651 — 
Other investments
CLO-Equities5,300 — — — — — — (1,167)4,133 — 
 Other privately held investments87,289 — (6,899)1,191 — 7,238 — (4,422)84,397 1,191 
92,589 — (6,899)1,191 — 7,238 — (5,589)88,530 1,191 
Total assets$228,342 $— $(6,899)$(156)$3,547 $26,674 $(165)$(29,162)$222,181 $1,191 
(1) Realized gains (losses) on fixed maturities and realized and unrealized gains (losses) on other assets and other liabilities included in net income are included in net investment gains (losses). Realized and unrealized gains (losses) on other investments included in net income are included in net investment income.
(2) Unrealized gains (losses) on fixed maturities are included in other comprehensive income ("OCI").
(3) Change in unrealized gains (losses) relating to assets and liabilities held at the reporting date.

Transfers into Level 3 from Level 2

There were no transfers into Level 3 from Level 2 during the three and nine months ended September 30, 2025 and 2024.

Transfers out of Level 3 into Level 2

There were no transfers out of Level 3 into Level 2 during the three and nine months ended September 30, 2025 and 2024.

Other Transfers out of Level 3

During the nine months ended September 30, 2024, one private company investment fund included in other privately held investments in the consolidated balance sheets was transferred from Level 3 to the NAV practical expedient.

Measuring the Fair Value of Other Investments Using Net Asset Valuations

The fair values of multi-strategy funds, direct lending funds, private equity funds, real estate funds and private company investment funds are estimated using NAVs as advised by external fund managers or third-party administrators. For these funds, NAVs are based on the manager's or administrator's valuation of the underlying holdings in accordance with the fund's governing documents and in accordance with U.S. GAAP.

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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

4.    FAIR VALUE MEASUREMENTS (CONTINUED)
For multi-strategy funds, direct lending funds, private equity funds, real estate funds and private company investment funds, valuation statements are typically released on a reporting lag. Therefore, the Company estimates the fair value of these funds by starting with the most recent fund valuations and adjusting for capital calls, redemptions, drawdowns and distributions. Return estimates are not available from the relevant fund managers for these funds, therefore the Company typically has a reporting lag in its fair value measurements of these funds. At September 30, 2025 and December 31, 2024 all funds measured at fair value using NAVs are reported generally on a one quarter lag.

The Company often does not have access to financial information relating to the underlying securities held within the funds, therefore, management is unable to corroborate the fair values placed on the securities underlying the asset valuations provided by fund managers or fund administrators. In order to assess the reasonableness of the NAVs, the Company performs a number of monitoring procedures on a quarterly basis, to assess the quality of the information provided by fund managers and fund administrators. These procedures include, but are not limited to, regular review and discussion of each fund's performance with its manager, regular evaluation of fund performance against applicable benchmarks and the backtesting of the Company's fair value estimates against subsequently received NAVs. Backtesting involves comparing the Company's previously reported fair values for each fund against NAVs per audited financial statements (for year-end values) and final NAVs from fund managers and fund administrators (for interim values).

The fair values of multi-strategy funds, direct lending funds, private equity funds, real estate funds and private company investment funds, are measured using the NAV practical expedient, therefore the fair values of these funds have not been categorized within the fair value hierarchy.

Financial Instruments Disclosed, But Not Carried, at Fair Value

The fair value of financial instruments accounting guidance also applies to financial instruments disclosed, but not carried, at fair value, except for certain financial instruments, including insurance contracts.
At September 30, 2025, the carrying values of cash and cash equivalents including restricted amounts, accrued investment income, receivable for investments sold, certain other assets, payable for investments purchased and certain other liabilities approximated fair values due to their short maturities. As these financial instruments are not actively traded, their fair values are classified as Level 2.

At September 30, 2025, the Company's fixed maturities, held to maturity, were recorded at amortized cost with a carrying value of $407 million (2024: $443 million) and a fair value of $404 million (2024: $437 million). The fair values of these securities are determined using a model which uses prepayment speeds and spreads sourced primarily from the new issue market. As the significant inputs used to price these securities are observable market inputs, their fair values are classified as Level 2.

At September 30, 2025, the carrying value of mortgage loans, held for investment, approximated fair value. The fair values of mortgage loans are primarily determined by estimating expected future cash flows and discounting them using current interest rates for similar mortgage loans with similar credit risk or are determined from pricing for similar loans. As mortgage loans are not actively traded, their fair values are classified as Level 3.

At September 30, 2025, the Company's debt was recorded at amortized cost with a carrying value of $1,316 million (2024: $1,315 million) and a fair value of $1,295 million (2024: $1,247 million). The fair value of the Company's debt is based on prices obtained from a third-party pricing service and is determined using the spread above the risk-free yield curve. These spreads are generally obtained from the new issue market, secondary trading and broker-dealer quotes. As the yields for the risk-free yield curve and the spreads are observable market inputs, the fair value of this debt is classified as Level 2.

At September 30, 2025, Federal Home Loan Bank advances were recorded at amortized cost with a carrying value of $66 million (2024: $66 million) and a fair value of $66 million (2024: $66 million). As these advances are not actively traded, their fair values are classified as Level 2.





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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

5.    DERIVATIVE INSTRUMENTS


The following table provides the balance sheet classifications of derivatives recorded at fair value:
  September 30, 2025December 31, 2024
  
Derivative
notional
amount
Derivative
asset
fair
value(1)
Derivative
liability
fair
value(1)
Derivative
notional
amount
Derivative
asset
fair
value(1)
Derivative
liability
fair
value(1)
Relating to investment portfolio:
Foreign exchange forward contracts$33,293 $23 $47 $17,655 $323 $— 
Relating to underwriting portfolio:
Foreign exchange forward contracts1,691,229 3,074 1,498 1,323,714 9,116 3,100 
Total derivatives$3,097 $1,545 $9,439 $3,100 
(1)Derivative assets and derivative liabilities are classified within other assets and other liabilities in the consolidated balance sheets.

The notional amounts of derivative contracts represent the basis on which amounts paid or received are calculated and are presented in the above table to quantify the volume of the Company's derivative activities. Notional amounts are not reflective of credit risk.

None of the Company's derivative instruments are designated as hedges.

Offsetting Assets and Liabilities

The Company's derivative instruments are generally traded under International Swaps and Derivatives Association master netting agreements which establish terms that apply to all transactions. In the event of a bankruptcy or other stipulated event, master netting agreements provide that individual positions be replaced with a new amount, usually referred to as the termination amount, determined by taking into account market prices and converting into a single currency. Effectively, this contractual close-out netting reduces credit exposure from gross to net exposure.

The following table provides a reconciliation of gross derivative assets and liabilities to the net amounts presented in the consolidated balance sheets, with the difference being attributable to the impact of master netting agreements:
September 30, 2025December 31, 2024
Gross amountsGross amounts offset
Net
amounts(1)
Gross amountsGross amounts offset
Net
amounts(1)
Derivative assets$5,670 $(2,573)$3,097 $20,067 $(10,628)$9,439 
Derivative liabilities$4,118 $(2,573)$1,545 $13,728 $(10,628)$3,100 
(1)Net asset and liability derivatives are classified within other assets and other liabilities in the consolidated balance sheets.

Refer to Note 3 'Investments' for information on reverse repurchase agreements.

a) Relating to Investment Portfolio

Foreign Currency Risk

The Company's investment portfolio is exposed to foreign currency risk. Therefore, the fair values of its investments are partially influenced by changes in foreign currency exchange rates. The Company may enter into foreign exchange forward contracts to manage the effect of this foreign currency risk. These foreign currency hedging activities are not designated as specific hedges for financial reporting purposes.


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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

5.    DERIVATIVE INSTRUMENTS (CONTINUED)
b) Relating to Underwriting Portfolio

Foreign Currency Risk

The Company's insurance and reinsurance subsidiaries and branches operate in various countries. Some of its business is written in currencies other than the U.S. dollar, therefore the underwriting portfolio is exposed to significant foreign currency risk. The Company manages foreign currency risk by seeking to match its foreign-denominated net liabilities under insurance and reinsurance contracts with cash and investments that are denominated in the same currencies. The Company uses derivative instruments, specifically, forward contracts to economically hedge foreign currency exposures.

The following table provides the total unrealized and realized gains (losses) recognized in net income (loss) for derivatives not designated as hedges:
  Consolidated statement of operations line item that includes gain (loss) recognized in net income (loss)Three months ended September 30,Nine months ended September 30,
  2025202420252024
Relating to investment portfolio:
Foreign exchange forward contractsNet investment gains (losses)$169 $(870)$(1,282)$153 
Relating to underwriting portfolio:
Foreign exchange forward contractsForeign exchange (losses) gains14,099 6,906 414 7,987 
Total$14,268 $6,036 $(868)$8,140 
























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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

6.    RESERVE FOR LOSSES AND LOSS EXPENSES
Reserve Roll-Forward

The following table presents a reconciliation of the Company's beginning and ending gross reserve for losses and loss expenses and net reserve for unpaid losses and loss expenses:
Nine months ended September 30,
20252024
Gross reserve for losses and loss expenses, beginning of period$17,218,929 $16,434,018 
Less reinsurance recoverable on unpaid losses and loss expenses, beginning of period(6,840,897)(6,323,083)
Net reserve for unpaid losses and loss expenses, beginning of period10,378,032 10,110,935 
Net incurred losses and loss expenses related to:
Current year2,486,226 2,334,543 
Prior years(57,112)(8,011)
 2,429,114 2,326,532 
Net paid losses and loss expenses related to:
Current year(279,444)(308,581)
Prior years(2,068,518)(1,769,278)
 (2,347,962)(2,077,859)
Foreign exchange and other(1,505,957)124,792 
Net reserve for unpaid losses and loss expenses, end of period8,953,227 10,484,400 
Reinsurance recoverable on unpaid losses and loss expenses, end of period9,043,009 6,810,929 
Gross reserve for losses and loss expenses, end of period$17,996,236 $17,295,329 

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") which was deemed to have met the established criteria for retroactive reinsurance accounting (refer to Note 14 'Related Party Transactions'). At September 30, 2025, foreign exchange and other included an increase in reinsurance recoverable on unpaid losses of $1.9 billion related to this transaction.

At September 30, 2025, net reserves for losses and loss expenses included estimated amounts for numerous catastrophe events. The magnitude and complexity of losses arising from certain of these events inherently increase the level of uncertainty and, therefore, the level of management judgment involved in arriving at estimated net reserves for losses and loss expenses. These events include California Wildfires in 2025, Hurricane Milton and Hurricane Helene in 2024. As a result, actual losses for these events may ultimately differ materially from current estimates. During the nine months ended September 30, 2025, the Company recognized catastrophe and weather-related losses, net of reinsurance, of $129 million (2024: $145 million).


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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

6.    RESERVE FOR LOSSES AND LOSS EXPENSES (CONTINUED)
Prior Year Reserve Development

The Company's net favorable (adverse) prior year reserve development arises from changes to estimates of losses and loss expenses related to loss events that occurred in previous calendar years. The following table presents net favorable (adverse) prior year reserve development by segment:
  Three months ended September 30,Nine months ended September 30,
2025202420252024
Favorable (Adverse)Favorable (Adverse)Favorable (Adverse)Favorable (Adverse)
Insurance$14,843 $4,009 $44,036 $4,008 
Reinsurance4,103 4,003 13,076 4,003 
Total$18,946 $8,012 $57,112 $8,011 

The following sections provide further details on net favorable (adverse) prior year reserve development by segment, reserve class and accident year:

Insurance Segment:

The following table maps the Company's lines of business to reserve classes:
Insurance segment
Reserve class
Property
Casualty
Specialty other
Reported lines of business
PropertyX
Professional linesX
LiabilityX
CyberX
Marine and aviationX
Accident and healthX
Credit and political riskX

Prior year reserve development by reserve class was as follows:
Three months ended September 30,Nine months ended September 30,
2025202420252024
Favorable (Adverse)Favorable (Adverse)Favorable (Adverse)Favorable (Adverse)
Property
$6,908 $2,043 $23,883 $10,053 
Casualty
— — — — 
Specialty other
7,935 1,966 20,153 (6,045)
Total$14,843 $4,009 $44,036 $4,008 

2025
For the three months ended September 30, 2025, net favorable prior year reserve development of $15 million was recognized, the principal components of which were: 
•$7 million of net favorable prior year reserve development on property business.
•$8 million of net favorable prior year reserve development on the specialty other reserve class primarily due to better than expected loss emergence attributable to the credit and political risk line of business.


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AXIS CAPITAL HOLDINGS LIMITED
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6.    RESERVE FOR LOSSES AND LOSS EXPENSES (CONTINUED)
2025
For the nine months ended September 30, 2025, net favorable prior year reserve development of $44 million was recognized, the principal components of which were: 
•$24 million of net favorable prior year reserve development on property business.
•$20 million of net favorable prior year reserve development on the specialty other reserve class primarily due to better than expected loss emergence attributable to the credit and political risk line of business and the accident and health line of business.
2024
For the nine months ended September 30, 2024, net prior year reserve development of $4 million was recognized, the principal components of which were: 
•$10 million of net favorable prior year reserve development on property business primarily due to better than expected loss emergence mainly related to the 2021 and 2022 accident years.
•$6 million of net adverse prior year reserve development on the specialty other reserve class attributable to the marine and aviation line of business due to an increase in the loss estimate attributable to a specific large claim related to the 2019 accident year.
Reinsurance Segment:
The following table maps the Company's lines of business to reserve classes:
Reinsurance segment
Reserve class
Casualty
Specialty
Run-off
Reported lines of business
Liability
X
Professional lines
X
Motor
X
Accident and health
X
Credit and surety
X
Agriculture
X
Marine and aviation
X
Catastrophe
X
Property
X
Engineering
X

Prior year reserve development by reserve class was as follows:
  Three months ended September 30,Nine months ended September 30,
  2025202420252024
Favorable
(Adverse)		Favorable
(Adverse)		Favorable
(Adverse)		Favorable
(Adverse)
Casualty
$— $— $— $— 
Specialty
4,103 4,003 12,951 4,003 
Run-off
— — 125 — 
Total$4,103 $4,003 $13,076 $4,003 

2025
For the nine months ended September 30, 2025, net favorable prior year reserve development of $13 million was recognized.
•$13 million of net favorable prior year reserve development on the specialty reserve class primarily due to better than expected loss emergence attributable to the agriculture line of business.


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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

7.    EARNINGS PER COMMON SHARE
The following table presents a comparison of earnings per common share and earnings per diluted common share:
Three months ended September 30,Nine months ended September 30,
  2025202420252024
Earnings per common share
Net income$301,864 $180,728 $719,289 $788,153 
Less: Preferred share dividends7,563 7,563 22,688 22,688 
Net income available to common shareholders$294,301 $173,165 $696,601 $765,465 
Weighted average common shares outstanding77,619 83,936 79,037 84,428 
Earnings per common share$3.79 $2.06 $8.81 $9.07 
Earnings per diluted common share
Net income available to common shareholders$294,301 $173,165 $696,601 $765,465 
Weighted average common shares outstanding 77,619 83,936 79,037 84,428 
    Share-based compensation plans982 1,064 1,053 910 
Weighted average diluted common shares outstanding78,601 85,000 80,090 85,338 
Earnings per diluted common share$3.74 $2.04 $8.70 $8.97 
Weighted average anti-dilutive shares excluded from the dilutive computation42 6 16 253 






























    

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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

8.    SHARE-BASED COMPENSATION
Performance Restricted Stock Units

Performance Restricted Stock Units granted in 2025 with a market condition

Certain share-settled performance restricted stock units granted in 2025 include a market condition which is the Company’s total shareholder return relative to its peer group ("Relative TSR") over the performance period. Relative TSR is calculated in accordance with the terms of the applicable award agreement. If performance goals are achieved, these awards will cliff vest at the end of a three-year performance period within a range of 0% to 200% of target.

Performance Restricted Stock Units granted in 2025 with a performance condition

Certain share-settled performance restricted stock units granted in 2025 include a performance condition which is the Company’s average annual growth in book value per diluted common share, plus accumulated dividends over the performance period, adjusted to exclude unrealized investment gains (losses) recognized in accumulated other comprehensive income (loss), and share repurchases during the performance period ("Adjusted DBVPS"). Adjusted DBVPS is calculated in accordance with the terms of the applicable award agreement. If performance goals are achieved, these awards will cliff vest at the end of a three-year performance period within a range of 0% to 200% of target.

Valuation assumptions

Performance Restricted Stock Units granted in 2025 and 2024 with a market condition

The fair value of these performance restricted stock units was measured on the grant date using a Monte Carlo simulation model.

The following table provides details of the significant inputs used in the Monte Carlo simulation model:
Nine months ended September 30,20252024
Expected volatility 25.30%26.00%
Expected term (in years)3.03.0
Expected dividend yieldn/an/a
Risk-free interest rate4.16%4.06%
n/a - not applicable

Beginning share price: The beginning share price for awards was based on the average closing share price over the 30 trading days preceding and including the start of the performance period.

Ending share price: The ending share price was based on the average projected closing share price over the 30 trading days preceding and including the end of the performance period.

Expected volatility: The expected volatility is estimated based on the Company's historical share price volatility.

Expected term: Performance for awards granted in 2025 is measured from January 1, 2025 to December 31, 2027, and performance for awards granted in 2024 is measured from January 1, 2024 to December 31, 2026.

Expected dividend yield: The expected dividend yield is not applicable to the performance restricted stock units as dividends are paid at the end of the vesting period and do not affect the value of the performance restricted stock units.

Risk-free interest rate: The risk-free rate is estimated based on the yield on a U.S. treasury zero-coupon bond issued with a remaining term equal to the vesting period of the performance restricted stock units.


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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

8.    SHARE-BASED COMPENSATION (CONTINUED)
Compensation expense associated with performance restricted stock units granted in 2025 and 2024 is determined on the grant date based on the fair value calculated by the Monte Carlo simulation model, and is recognized on a straight-line basis over the requisite service period.

Performance Restricted Stock Units granted in 2025 and 2024 with a performance condition

The fair value of these performance restricted stock units was determined based on the closing price of the Company's common shares on the grant date. Compensation expense is recognized on a straight-line basis over the requisite service period and is subject to periodic adjustment based on the achievement of established performance criteria during the performance period.

The following table provides an activity summary of the Company's share-settled restricted stock units for the nine months ended September 30, 2025:
Share-Settled Performance
Restricted Stock Units		Share-Settled Service
Restricted Stock Units
Number of
restricted
stock units
Weighted 
average
grant date
fair value
Number of
restricted
stock units
Weighted  average
grant date
fair value
Non-vested restricted stock units - beginning of period247 $65.73 1,642 $57.73 
     Granted89 98.22 603 90.76 
Performance adjustment (1)
55 68.63 — — 
     Vested(115)68.63 (633)56.78 
     Forfeited(5)86.55 (120)66.14 
Non-vested restricted stock units - end of period271 $75.43 1,492 $70.82 
(1) The performance adjustment represents the difference between the number of performance restricted stock units granted and earned following the three-year performance period that ended in 2024. The performance restricted stock units were granted at the target level of achievement.

The following table provides additional information related to share-based compensation:
Nine months ended September 30,20252024
Share-based compensation expense
$34,134 $33,441 
Tax benefits associated with share-based compensation expense
$10,182 $6,274 
Fair value of restricted stock units vested(1)
$72,309 $44,710 
Unrecognized share-based compensation expense$81,190 $70,073 
Expected weighted average period associated with the recognition of unrecognized share-based compensation expense2.5 years2.5 years
(1) Fair value is based on the closing price of the Company's common shares on the vest date.
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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

9.    SHAREHOLDERS' EQUITY
The following table presents changes in common shares issued and outstanding:
  Three months ended September 30,Nine months ended September 30,
  2025202420252024
Shares issued, balance at beginning of period176,580 176,580 176,580 176,580 
Shares issued— — — — 
Total shares issued at end of period176,580 176,580 176,580 176,580 
Treasury shares, balance at beginning of period(98,407)(92,401)(93,596)(91,294)
Shares repurchased(1,140)(542)(6,696)(2,368)
Shares reissued 2 12 747 731 
Total treasury shares at end of period(99,545)(92,931)(99,545)(92,931)
Total shares outstanding77,035 83,649 77,035 83,649 
Treasury Shares
On February 6, 2025, authorization under the Company's Board-authorized share repurchase program for common share repurchases approved in May 2024 was exhausted.
On February 19, 2025, the Company's Board of Directors approved a new share repurchase program for up to $400 million of the Company's common shares. The new share repurchase program is open-ended, allowing the Company to repurchase its shares from time to time in the open market or privately negotiated transactions, depending on market conditions. On September 3, 2025, authorization under this plan was exhausted.
On September 17, 2025, the Company's Board of Directors approved a new share repurchase program for up to $400 million of the Company's common shares. The new share repurchase program is open-ended, allowing the Company to repurchase its shares from time to time in the open market or privately negotiated transactions, depending on market conditions.
The following table presents common shares repurchased from shares held in Treasury:
  Three months ended September 30,Nine months ended September 30,
  2025202420252024
Publicly announced programs:(1)
Total shares1,139 537 6,431 2,125 
Total cost$109,977 $39,918 $599,959 $139,886 
Average price per share(2)
$96.51 $74.26 $93.29 $65.82 
From employees:(3)
Total shares1 5 265 243 
Total cost$61 $387 $25,674 $14,943 
Average price per share(2)
$101.28 $77.65 $96.80 $61.49 
Total shares repurchased:
Total shares1,140 542 6,696 2,368 
Total cost$110,038 $40,305 $625,633 $154,829 
Average price per share(2)
$96.52 $74.29 $93.43 $65.38 
(1) Shares are repurchased pursuant to the Company's Board-authorized share repurchase programs.
(2) Calculated using whole numbers.
(3)  Shares are repurchased from employees to satisfy personal withholding tax liabilities that arise on the vesting of share-settled restricted stock units.



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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

9.    SHAREHOLDERS' EQUITY (CONTINUED)
Dividends
The following table presents dividends declared and paid related to the Company's common and preferred shares:
Per share data
Dividends declaredDividends paid in period of declarationDividends paid in period following declaration
Three months ended September 30, 2025
   Common shares$0.44 $— $0.44 
   Series E preferred shares$34.38 $— $34.38 
Three months ended September 30, 2024
   Common shares$0.44 $— $0.44 
   Series E preferred shares$34.38 $— $34.38 
Nine months ended September 30, 2025
   Common shares$1.32 $0.88 $0.44 
   Series E preferred shares
$103.13 $68.75 $34.38 
Nine months ended September 30, 2024
   Common shares$1.32 $0.88 $0.44 
   Series E preferred shares$103.13 $68.75 $34.38 






















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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
10.    DEBT AND FINANCING ARRANGEMENTS
Letter of Credit Facility

On August 26, 2025, AXIS Corporate Capital UK II Limited (the "Borrower"), acting through AXIS Managing Agency Limited, as managing agent of AXIS Syndicate 1686 and AXIS Syndicate 2050 (collectively, the "Syndicates"), entered into a facility letter and master agreement (collectively, the "Agreements") with Citibank Europe Plc (the "Lender"), providing for an uncommitted unsecured letter of credit facility up to a maximum aggregate amount of $90 million (the "$90 million Facility") with tenors of issuable letters of credit to August 31, 2030. The facility is supported by a guarantee issued by AXIS Specialty Limited.

The letter of credit facility is intended to support the Borrower's obligations in connection with the Syndicates’ participation in the Lloyd’s insurance market, specifically its Funds at Lloyd’s requirements. The facility contains customary representations, warranties, covenants, and events of default for transactions of this nature.

On March 23, 2025, the $300 million Facility was amended to extend the tenors of issuable letters of credit to March 31, 2027.

On March 26, 2024, the $500 million Facility was amended to reduce the committed utilization capacity available under the Facility to $300 million (the "$300 million Facility"), enter into an uncommitted secured letter of credit facility with Citibank Europe plc, extend the tenors of issuable letters of credit to March 31, 2026 and make certain updates to the facility's collateral and fee arrangements.
11.     FEDERAL HOME LOAN BANK ADVANCES

The Company's subsidiaries, AXIS Insurance Company and AXIS Surplus Insurance Company, are members of the Federal Home Loan Bank of Chicago ("FHLB").

At September 30, 2025, the companies had admitted assets of approximately $3.4 billion (2024: $3.2 billion) which provides borrowing capacity of up to approximately $848 million (2024: $798 million).

At September 30, 2025, the Company had borrowings under the FHLB program of $66 million (2024: $66 million). On September 11, 2024, the Company repaid borrowings under the FHLB program of $10 million, at their stated maturity. On October 31, 2024, the Company repaid borrowings under the FHLB program of $9 million, at their stated maturity.

At September 30, 2025, the FHLB advances have maturities in 2026 (2024: 2025) and interest payable at interest rates between 4.2% and 4.6% (2024: interest rates between 4.5% and 5.5%). The Company incurred interest expense of $1 million (2024: $1 million) for the three months ended September 30, 2025 and $2 million (2024: $3 million) for the nine months ended September 30, 2025. The borrowings under the FHLB program are secured by cash and investments with a fair value of $73 million (2024: $72 million).

12.    COMMITMENT AND CONTINGENCIES
Legal Proceedings

From time to time, the Company is subject to routine legal proceedings, including arbitrations, arising in the ordinary course of business. These legal proceedings generally relate to claims asserted by or against the Company in the ordinary course of its insurance or reinsurance operations. Estimated amounts payable related to these proceedings are included in the reserve for losses and loss expenses in the Company's consolidated balance sheets.

The Company is not party to any material legal proceedings arising outside the ordinary course of business.

Investments

Refer to Note 3 - 'Investments' for information on the Company's unfunded investment commitments related to the Company's other investment portfolio.


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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
13.    OTHER COMPREHENSIVE INCOME (LOSS)

The following table presents the tax effects allocated to each component of other comprehensive income (loss):
20252024
Before tax amountIncome tax (expense) benefitNet of tax amountBefore tax amountIncome tax (expense) benefitNet of tax amount
Three months ended September 30,
Available for sale investments:
Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has not been recognized $51,129 $(12,050)$39,079 $379,332 $(68,820)$310,512 
Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has been recognized 325 (56)269 768 (41)727 
Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income (loss)
(5,052)1,029 (4,023)5,109 (688)4,421 
Unrealized gains (losses) arising during the period, net of reclassification adjustment
46,402 (11,077)35,325 385,209 (69,549)315,660 
Foreign currency translation adjustment(3,446)— (3,446)2,570 — 2,570 
Total other comprehensive income (loss), net of tax
$42,956 $(11,077)$31,879 $387,779 $(69,549)$318,230 
Nine months ended September 30,
Available for sale investments:
Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has not been recognized$283,996 $(52,284)$231,712 $264,873 $(49,918)$214,955 
Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has been recognized(41)(4)(45)122 (2)120 
Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income (loss)
40,264 (6,626)33,638 89,483 (7,276)82,207 
Unrealized gains (losses) arising during the period, net of reclassification adjustment
324,219 (58,914)265,305 354,478 (57,196)297,282 
Foreign currency translation adjustment12,421 — 12,421 (8,184)— (8,184)
Total other comprehensive income (loss), net of tax
$336,640 $(58,914)$277,726 $346,294 $(57,196)$289,098 

The following table presents details of amounts reclassified from accumulated other comprehensive income (loss) ("AOCI") to net income (loss):
Amount reclassified from AOCI(1)
AOCI ComponentsConsolidated statement of operations line item that includes reclassification adjustmentThree months ended September 30,Nine months ended September 30,
2025202420252024
Unrealized gains (losses) on available for sale investments
Other realized and unrealized investment gains (losses)
$5,115 $(5,095)$(37,875)$(89,305)
Impairment losses(63)(14)(2,389)(178)
Total before tax5,052 (5,109)(40,264)(89,483)
Income tax (expense) benefit(1,029)688 6,626 7,276 
Net of tax$4,023 $(4,421)$(33,638)$(82,207)
(1)     Amounts in parentheses are charges to net income (loss).



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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

14.    RELATED PARTY TRANSACTIONS

Related Party Transactions with Stone Point Capital, LLC ("Stone Point")

At September 30, 2025, the Company had invested $397 million in separately managed accounts ("SMAs") that are managed by Eagle Point which is majority-owned by Trident IX.
At September 30, 2025, the Company had invested $6 million in a SMA managed by Stone Point Credit LLC.

Stock Repurchase Agreement with Stone Point

On February 3, 2025, the Company entered into a stock repurchase agreement with T-VIII PubOpps LP ("T8"), an investment vehicle managed by Stone Point, pursuant to which T8 agreed to sell 2,234,636 shares to the Company for an aggregate price of approximately $200 million.

On March 5, 2025, the Company entered into a stock repurchase agreement with T8, pursuant to which T8 agreed to sell 2,139,037 shares to the Company for an aggregate price of approximately $200 million.

Loss Portfolio Transfer Reinsurance Agreement with Enstar

On April 24, 2025, the Company completed a loss portfolio transfer reinsurance agreement with Enstar (refer to Note 6 'Reserves for Losses and Loss Expenses') to retrocede a portfolio of reinsurance business predominantly related to 2021 and prior underwriting years.

Investment in Monarch Point Re

During 2025, the Company invested an additional $9 million in Monarch Point Re (refer to Note 3 'Investments'), a collateralized reinsurer which is jointly sponsored by the Company and Stone Point.

Loans to Monarch Point Re
During 2025, the Company advanced $192 million (2024: $253 million) to Monarch Point Re. These loans will be repaid in a manner consistent with the timing of amounts due to Monarch Point Re under retrocession agreements. At September 30, 2025, an amount of $188 million (2024: $236 million) was repaid and was treated as a non-cash activity in the consolidated statement of cash flows. These loans are expected to be repaid in full by November 15, 2026. The loan balance receivable at September 30, 2025 of $247 million (2024: $243 million) is included in loan advances made in the consolidated balance sheets. At September 30, 2025, the Company had committed to advance a further $36 million (2024: $nil) to Monarch Point Re.

Interest on this loan is payable for this period at interest rates between 4.6% and 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.

15.    INCOME TAXES
The change in the effective rate for the three months ended September 30, 2025 to 18.9% from 21.0% for three months ended September 30, 2024 is attributable to the distribution of net income (loss) among tax jurisdictions.
The change in the effective rate for the nine months ended September 30, 2025 to 19.2% from (4.8%) for the nine months ended September 30, 2024 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 and nine months ended September 30, 2025 and 2024 and our financial condition at September 30, 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  
Third Quarter 2025 Financial Highlights
Overview
Consolidated Results of Operations
Results by Segment:
i) Insurance Segment
ii) Reinsurance Segment
Net Investment Income and Net Investment Gains (Losses)
Other Expenses (Revenues), Net
Financial Measures
Non-GAAP Financial Measures Reconciliation
Cash and Investments
Liquidity and Capital Resources
Critical Accounting Estimates
Recent Accounting Pronouncements


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THIRD QUARTER 2025 FINANCIAL HIGHLIGHTS

Third Quarter 2025 Consolidated Results of Operations
 
•Net income available to common shareholders of $294 million, or $3.79 per common share, and $3.74 per diluted common share
•Operating income(1) of $255 million, or $3.25 per diluted common share(1)
•Gross premiums written of $2.1 billion
•Net premiums written of $1.4 billion
•Net premiums earned of $1.5 billion
•Pre-tax, catastrophe and weather-related losses, net of reinsurance, of $44 million ($34 million, after-tax), (Insurance: $43 million; Reinsurance: $1m), or 3.0 points, including $20 million or 1.4 points attributable to the Middle East Conflict
•Net favorable prior year reserve development of $19 million (Insurance: $15 million; Reinsurance: $4 million)
•Underwriting income(2) of $188 million and combined ratio of 89.4%
•Net investment income of $185 million
•Net investment gains of $31 million
•Foreign exchange gains of $13 million
•Income tax expense of $70 million

Third Quarter 2025 Consolidated Financial Condition 
•Total cash and invested assets of $16.8 billion; fixed maturities, short-term investments, and cash and cash equivalents comprise 87% of total cash and investments and have an average credit rating of AA-
•Total assets of $34.3 billion
•Reserve for losses and loss expenses of $18.0 billion and reinsurance recoverable on unpaid and paid losses and loss expenses of $9.7 billion
•Debt of $1.3 billion and debt to total capital ratio(3) of 17.1%
•Total common shares repurchased were 1.1 million shares for a total of $110 million
•Common shareholders’ equity of $5.8 billion; book value per diluted common share of $73.82










(1)Operating income (loss) and operating income (loss) per diluted common share are non-GAAP financial measures as defined in Item 10(e) of SEC Regulation S-K. The reconciliations to the most comparable GAAP financial measures, net income (loss) available (attributable) to common shareholders and earnings (loss) per diluted common share, respectively, 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)Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to the most comparable GAAP financial measure, net income (loss), is presented in 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Consolidated Results of Operations', and a discussion of the rationale for its presentation is provided in 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation'.    
(3)The debt to total capital ratio is calculated by dividing debt by total capital. Total capital represents the sum of total shareholders’ equity and debt.
(4)Total cash and invested assets represents the total cash and cash equivalents, fixed maturities, equity securities, mortgage loans, other investments, equity method investments, short-term investments, accrued interest receivable and net receivable (payable) for investments sold (purchased)

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OVERVIEW

Business Overview

AXIS Capital, through its operating subsidiaries, is a global specialty underwriter and provider of insurance and reinsurance solutions with locations in Bermuda, the U.S., Europe, Singapore and Canada. Our underwriting operations are organized around our global underwriting platforms, AXIS Insurance and AXIS Re.

We provide our clients and distribution partners with a broad range of risk transfer products and services, and strong capacity, backed by excellent financial strength. We manage our portfolio holistically, aiming to construct the optimum portfolio of risks, consistent with our risk appetite and the development of our franchise. We nurture an ethical, entrepreneurial, disciplined and diverse culture that promotes outstanding client service, intelligent risk taking, operating efficiency, sustainability and the achievement of superior risk-adjusted returns for our shareholders. We believe that the achievement of our objectives will position us as a global specialty underwriting leader. The execution of our business strategy for the first nine months of 2025 included the following:

•growing in a number of attractive specialty lines insurance and treaty reinsurance markets including U.S. excess and surplus lines and Lloyd's specialty insurance business;
•re-balancing our portfolio towards less volatile lines of business, that carry attractive returns while deploying capital within risk limit tolerance, diversification criteria and risk management strategy;
•investing in attractive growth markets and advancing capabilities to address more transactional specialist business targeting the lower middle market with our key distribution partners;
•leveraging our global platform to introduce our products and services to new regions including the continued expansion of our North America product capabilities;
•continuing the implementation of a more focused distribution strategy while building mutually beneficial relationships with clients and partners;
•improving the effectiveness and efficiency of our operating platforms and processes through our "How We Work" program;
•investing in data and technology as well as AI capabilities and tools to empower our underwriters and enhance the service that we provide to our customers;
•utilizing reinsurance markets and third-party capital relationships;
•fostering a positive workplace environment that enables us to attract, retain and develop top talent; and
•growing our sustainability program to support our communities and to make a positive impact.

Outlook

We are executing on our commitment to advance AXIS as a specialty underwriting leader that delivers consistent, profitable growth. Our market positioning, diversified book of business, specialty underwriting acumen, global platform, claims management capabilities, and deep distribution relationships, supported by a conservative and well performing investment portfolio, provide the foundation for additional profitable growth in our targeted specialty markets.

The current trade and geopolitical environment introduce uncertainty across several dimensions including potential impacts on economic growth and loss costs. At AXIS, we assess all forms of uncertainty presented, and through our normal underwriting practices we take steps and measures that guard against adverse outcomes. Looking at the trends impacting our business:

•Following multiple years of rate increases outpacing loss cost trends across the specialty sector, overall pricing has moderated and in some sectors is softening. Casualty lines continue to see positive rate achievement while property rates are deteriorating due to the influx of capital being deployed in the space. We continue to lean into sectors where premium adequacy metrics are strong, where market dislocations arise and where organic profitable growth opportunities exist.
•The wholesale channel continues to experience substantial submission growth in North America due to dislocations in the standard lines markets. This dynamic broadly enables specialty carriers to deploy a disciplined underwriting strategy to market opportunities.

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•Pricing momentum in non-proportional reinsurance continues while our proportional reinsurance business is benefiting from rate increases in the underlying business. While we expect these market conditions to persist, we are seeing nuances by line of business. We continue to focus on underwriting discipline and targeted profitable growth.

Across the business, we will continue to pursue attractive opportunities by employing a focused underwriting strategy and selective appetite. Where price continues to deliver adequate profitability, we will look to grow within our risk and volatility guidelines. With a strengthened book of business, and an expanding footprint in our chosen specialty markets, we believe AXIS remains positioned to drive profitable growth in 2026.

Recent Developments

Loss Portfolio Transfer Reinsurance Agreement with Enstar

On April 24, 2025, we completed a loss portfolio transfer reinsurance agreement ("LPT") 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 (refer to Item 1, Note 14 to the Consolidated Financial Statements 'Related Party Transactions').

The transaction is structured as a 75% ground-up quota share retrocession representing net reserves for losses and loss expenses of approximately $2 billion and provides cover up to a policy limit of approximately $940 million. The transaction is deemed to have met the established criteria for retroactive reinsurance accounting (refer to Item 1, Note 6 to the Consolidated Financial Statements 'Reserve for Losses and Loss Expenses' for further details).

Under the terms of the LPT we will retain responsibility for the management of claims.

In subsequent periods, we will reassess the reserves for losses and loss expenses subject to the LPT. Any adverse prior year reserve development associated with the subject business will increase the cumulative amounts ceded to the reinsurer compared to the consideration paid and will increase the gain determined in accordance with retroactive reinsurance accounting. Consistent with our accounting policy, (refer to Item 7, Note 2 to the Consolidated Financial Statements 'Basis of Presentation and Significant Accounting Policies' included in our Annual Report on Form 10-K for the year ended December 31, 2024), gains are deferred and amortized into net income over the claims settlement period.

Although retroactive reinsurance accounting may result in volatility to our results in the short-term, the loss portfolio transfer reinsurance agreement will provide significant protection from prior year reserve development on the subject business over the contract term, provided this remains within the limit of the agreement.

Bermuda Corporate Income Tax

The effective tax rates of 18.9% and 19.2%, for the three and nine months ended September 30, 2025 were attributable to the distribution of net income (loss) among tax jurisdictions. Corporate income tax of 15% applied to Bermuda pre-tax income effective January 1, 2025.

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CONSOLIDATED RESULTS OF OPERATIONS

  Three months ended September 30,Nine months ended September 30,
  2025% Change20242025% Change2024
Underwriting revenues:
Gross premiums written$2,124,184 10%$1,935,902 $7,434,807 6%$7,030,564 
Net premiums written1,352,989 9%1,235,985 4,738,463 5%4,531,802 
Net premiums earned1,451,883 6%1,366,701 4,186,133 7%3,929,221 
Other insurance related income6,593 (4%)6,838 18,835 (21%)23,704 
Underwriting expenses:
Net losses and loss expenses(841,435)1%(831,872)(2,429,114)4%(2,326,532)
Acquisition costs(285,618)4%(274,935)(826,094)4%(794,280)
Underwriting-related general and administrative expenses(1)
(143,111)9%(131,582)(408,790)5%(390,143)
Underwriting income (2)
188,312 135,150 540,970 441,970 
Net investment income184,903 (10%)205,100 579,911 3%563,458 
Net investment gains (losses)30,905 (4%)32,182 44,365 nm(30,503)
Corporate expenses(1)
(28,526)(15%)(33,621)(83,088)(4%)(86,873)
Foreign exchange (losses) gains
13,492 nm(92,204)(138,428)nm(61,268)
Interest expense and financing costs(16,657)(1%)(16,849)(49,816)(2%)(51,005)
Reorganization expenses— nm— — nm(26,312)
Amortization of intangible assets(2,396)(12%)(2,729)(7,521)(8%)(8,188)
Income before income taxes and interest in income of equity method investments
370,033 227,029 886,393 741,279 
Income tax (expense) benefit(70,252)47%(47,922)(170,773)nm36,185 
Interest in income of equity method investments2,083 29%1,621 3,669 (66%)10,689 
Net income301,864 180,728 719,289 788,153 
Preferred share dividends(7,563)—%(7,563)(22,688)—%(22,688)
Net income available to common shareholders$294,301 $173,165 $696,601 $765,465 
nm – not meaningful is defined as a variance greater than +/-100%
(1)Underwriting-related general and administrative expenses is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to general and administrative expenses, the most comparable GAAP financial measure, also included corporate expenses of $29 million and $34 million for the three months ended September 30, 2025 and 2024, respectively, and $83 million and $87 million for the nine months ended September 30, 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 on corporate expenses. Refer also to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation' for further details.
(2)Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to net income (loss), the most comparable GAAP financial measure, is presented in the table above. Refer also to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation' for further details.





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Underwriting Revenues

Underwriting revenues by segment were as follows:
  Three months ended September 30,Nine months ended September 30,
  2025% Change20242025% Change2024
Gross premiums written:
Insurance$1,691,88211%$1,526,676$5,280,2207%$4,915,247
Reinsurance432,3026%409,2262,154,5872%2,115,317
Total gross premiums written$2,124,18410%$1,935,902$7,434,8076%$7,030,564
Percent of gross premiums written ceded
Insurance36 %— pts36 %35 %— pts35 %
Reinsurance38 %2 pts36 %39 %2 pts37 %
Total percent of gross premiums written ceded36 %— pts36 %36 %— pts36 %
Net premiums written:
Insurance$1,084,94711%$975,911$3,420,0387%$3,192,462
Reinsurance268,0423%260,0741,318,425(2%)1,339,340
Total net premiums written$1,352,9899%$1,235,985$4,738,4635%$4,531,802
Net premiums earned:
Insurance$1,085,6126%$1,023,851$3,128,6588%$2,900,011
Reinsurance366,2717%342,8501,057,4753%1,029,210
Total net premiums earned$1,451,8836%$1,366,701$4,186,1337%$3,929,221
Refer to 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Results by Segment' for further details on underwriting revenues.

Combined Ratio

The components of the combined ratio were as follows:
  Three months ended September 30,Nine months ended September 30,
  2025
% Point
Change
20242025
% Point
Change
2024
Current accident year loss ratio, excluding catastrophe and weather-related losses(1)
56.3 %0.655.7 %56.3 %0.655.7 %
Catastrophe and weather-related losses ratio(1)
3.0 %(2.8)5.8 %3.1 %(0.6)3.7 %
Current accident year loss ratio(1)
59.3 %(2.2)61.5 %59.4 %—59.4 %
Prior year reserve development ratio(1.3%)(0.7)(0.6%)(1.4%)(1.2)(0.2%)
Net losses and loss expenses ratio58.0 %(2.9)60.9 %58.0 %(1.2)59.2 %
Acquisition cost ratio19.7 %(0.4)20.1 %19.7 %(0.5)20.2 %
General and administrative expense ratio(2)
11.7 %(0.4)12.1 %11.8 %(0.4)12.2 %
Combined ratio89.4 %(3.7)93.1 %89.5 %(2.1)91.6 %
(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 2.0% and 2.5% for the three months ended September 30, 2025 and 2024, respectively, and 2.0% and 2.2% for the nine months ended September 30, 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 September 30,Nine months ended September 30,
  2025% Change20242025% Change2024
Revenues:
Gross premiums written$1,691,88211%$1,526,676$5,280,2207%$4,915,247
Net premiums written1,084,94711%975,9113,420,0387%3,192,462
Net premiums earned1,085,6126%1,023,8513,128,6588%2,900,011
Other insurance related income
261nm93424nm53
Expenses:
Current accident year net losses and loss expenses(610,650)(606,663)(1,763,702)(1,646,118)
Prior year reserve development14,8434,00944,0364,008 
Acquisition costs(205,440)(203,255)(594,372)(567,310)
Underwriting-related general and administrative expenses(131,326)(119,249)(375,564)(353,230)
Underwriting income$153,300$98,786$439,480$337,414 
Ratios:
% Point
Change
% Point
Change
Current accident year loss ratio, excluding catastrophe and weather-related losses52.3 %—52.3 %52.3 %0.252.1 %
Catastrophe and weather-related losses ratio3.9 %(3.1)7.0 %4.1 %(0.6)4.7 %
Current accident year loss ratio56.2 %(3.1)59.3 %56.4 %(0.4)56.8 %
Prior year reserve development ratio(1.3%)(0.9)(0.4%)(1.4%)(1.2)(0.2%)
Net losses and loss expenses ratio54.9 %(4.0)58.9 %55.0 %(1.6)56.6 %
Acquisition cost ratio18.9 %(1.0)19.9 %19.0 %(0.6)19.6 %
Underwriting-related general and administrative expense ratio12.1 %0.511.6 %12.0 %(0.2)12.2 %
Combined ratio85.9 %(4.5)90.4 %86.0 %(2.4)88.4 %
nm – not meaningful

Gross Premiums Written

Gross premiums written by line of business were as follows:
  Three months ended September 30,Nine months ended September 30,
  20252024% Change20252024%
Change
Property$468,098 28 %$433,843 28 %8%$1,608,992 30 %$1,553,825 31 %4%
Professional lines337,888 20 %286,108 19 %18%938,417 18 %821,859 17 %14%
Liability345,455 20 %321,205 21 %8%1,014,756 19 %920,473 19 %10%
Cyber103,404 6 %129,543 8 %(20%)353,911 7 %426,998 9 %(17%)
Marine and aviation190,321 11 %163,838 11 %16%681,865 13 %645,698 13 %6%
Accident and health161,470 10 %119,686 8 %35%413,296 8 %325,534 7 %27%
Credit and political risk85,246 5 %72,453 5 %18%268,983 5 %220,860 4 %22%
Total$1,691,882 100 %$1,526,676 100 %11%$5,280,220 100 %$4,915,247 100 %7%

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Gross premiums written for the three months ended September 30, 2025 increased by $165 million, or 11% ($154 million, or 10%, on a constant currency basis(1)), compared to the three months ended September 30, 2024. The increase was primarily attributable to professional lines, accident and health, property, marine and aviation, liability, and credit and political risk lines, partially offset by a decrease in cyber lines.

The increase in professional lines was due to positive premium adjustments related to transactional liability business, higher renewals of financial lines and program business, together with new financial lines, U.S. design professional, Allied Health and program business. The increase in accident and health lines was attributable to a higher level of premiums and increased rate associated with renewed pet insurance business, together with new pet insurance business. The increase in property lines was due to new excess and surplus lines market business including lower middle market business, and new program business, together with positive premium adjustments related to program business. The increase in marine and aviation lines was attributable to higher renewals of marine war business and ocean marine business, the timing of renewals and positive premium adjustments related to marine offshore renewable energy business, together with new marine energy business. The increase in liability lines was driven by new U.S. excess casualty business, increased rate associated with renewed U.S. excess casualty business, and a higher level of premiums associated with renewals of program business, partially offset by a decrease in U.S. primary casualty business. The increase in credit and political risk lines was driven by new business and higher renewals of surety program business.

The decrease in cyber lines was attributable to the cancellation of two programs in 2024.

Gross premiums written for the nine months ended September 30, 2025 increased by $365 million, or 7%, compared to the nine months ended September 30, 2024. The increase was primarily attributable to professional lines, liability, accident and health, property, credit and political risk, and marine and aviation lines, partially offset by a decrease in cyber lines.

The increases in professional lines, liability, accident and health, property, credit and political risk, and marine and aviation lines were driven by new business.

The increase in professional lines was also driven by increased rate associated with renewed environmental business, higher renewals of program business, together with premium adjustments related to transactional liability business. The increase in liability lines was also driven by increased rate associated with renewed U.S. excess casualty business including lower middle market business, the timing of a renewal of a significant contract and higher renewals of program business, partially offset by a decrease in U.S. primary casualty business. The increase in accident and health lines was also attributable to a higher level of premiums and increased rate associated with renewed pet insurance business. The increase in property lines was also due to higher renewals of program business and onshore renewable energy business, together with increased rate associated with program business, partially offset by reduced opportunities in the excess and surplus lines market associated with competitive market conditions.

The increase in credit and political risk lines was also due to higher renewals of surety program business. The increase in marine and aviation lines was also attributable to premium adjustments principally related to aviation business written on a line slip basis, partially offset by a lower level of premiums associated with aviation war business and marine war business.

The decrease in cyber lines was related to the cancellation of two programs in 2024, partially offset by premium adjustments related to business written on a line slip basis.

Ceded Premiums Written

Ceded premiums written for the three months ended September 30, 2025 was $607 million, or 36%, of gross premiums written, compared to $551 million, or 36%, of gross premiums written for the three months ended September 30, 2024. The increase in ceded premiums written of $56 million, or 10%, was primarily driven by increases in accident and health, professional lines, marine and aviation, credit and political risk, and property lines, partially offset by decreases in cyber and liability lines. The increases in accident and health, professional lines, marine and aviation, credit and political risk, and property lines reflected the increase in gross premiums written for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The increase in accident and health lines was also attributable to a new quota share treaty.


(1) Amounts presented on a constant currency basis are non-GAAP financial measures as defined in Item 10 (e) of SEC Regulation S-K. The constant currency basis is calculated by applying the average foreign exchange rate from the current year to the prior year balance. Variances that are unchanged on a constant currency basis are omitted from the narrative

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The decrease in cyber lines reflected the decrease in gross premiums written for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The decrease in liability lines was due to the restructuring of an existing quota share treaty, partially offset by the increase in gross premiums written for the three months ended September 30, 2025, compared to the three months ended September 30, 2024.

Ceded premiums written for the nine months ended September 30, 2025 was $1,860 million, or 35%, of gross premiums written, compared to $1,723 million, or 35%, of gross premiums written for the nine months ended September 30, 2024. The increase in ceded premiums written of $137 million, or 8%, was primarily driven by increases in accident and health, professional lines and credit and political risk lines, partially offset by a decrease in property lines. The increase in accident and health lines was attributable to a new quota share treaty and the increase in gross premiums written for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. The increases in professional lines and credit and political risk lines reflected the increase in gross premiums written for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.

The decrease in property lines was due to the restructuring of an existing quota share treaty, partially offset by the increase in gross premiums written for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.

Net Premiums Earned

Net premiums earned by line of business were as follows:
  Three months ended September 30,Nine months ended September 30,
  20252024
%
Change
20252024
%
Change
Property$343,557 31 %$301,546 30 %14%$994,471 33 %$829,209 28 %20%
Professional lines224,869 21 %218,087 21 %3%639,348 20 %614,560 21 %4%
Liability142,198 13 %127,285 12 %12%388,405 12 %372,062 13 %4%
Cyber74,802 7 %88,292 9 %(15%)233,174 7 %257,440 9 %(9%)
Marine and aviation169,397 16 %151,001 15 %12%478,986 15 %450,375 16 %6%
Accident and health80,246 7 %95,670 9 %(16%)249,749 8 %267,628 9 %(7%)
Credit and political risk50,543 5 %41,970 4 %20%144,525 5 %108,737 4 %33%
Total$1,085,612 100 %$1,023,851 100%6%$3,128,658 100 %$2,900,011 100 %8%

Net premiums earned for the three months ended September 30, 2025 increased by $62 million, or 6% ($52 million, or 5%, on a constant currency basis), compared to the three months ended September 30, 2024. The increase was primarily driven by increases in gross premiums earned in property, accident and health, marine and aviation, and liability lines, together with decreases in ceded premiums earned in cyber and property lines. These amounts were partially offset by increases in ceded premiums earned in accident and health, and marine and aviation lines, and a decrease in gross premiums earned in cyber lines.

Net premiums earned for the nine months ended September 30, 2025 increased by $229 million, or 8%, compared to the nine months ended September 30, 2024. The increase was primarily driven by increases in gross premiums earned in property, accident and health, credit and political risk, professional lines, liability, and marine and aviation lines, together with decreases in ceded premiums earned in cyber and property lines. These amounts were partially offset by increases in ceded premiums earned in accident and health, and credit and political risk lines, and a decrease in gross premiums earned in cyber lines.

Loss Ratio

The components of the loss ratio were as follows:
  Three months ended September 30,Nine months ended September 30,
2025% Point
Change		20242025% Point
Change		2024
Current accident year loss ratio56.2 %(3.1)59.3 %56.4 %(0.4)56.8 %
Prior year reserve development ratio(1.3%)(0.9)(0.4%)(1.4%)(1.2)(0.2%)
Loss ratio54.9 %(4.0)58.9 %55.0 %(1.6)56.6 %

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Current Accident Year Loss Ratio

The current accident year loss ratio decreased to 56.2% for the three months ended September 30, 2025, from 59.3% for the three months ended September 30, 2024.

The decrease in the current accident year loss ratio for the three months ended September 30, 2025, compared to the same period in 2024, was impacted by a lower level of catastrophe and weather-related losses. During the three months ended September 30, 2025, catastrophe and weather-related losses, net of reinsurance, were $43 million, or 3.9 points, including $20 million, or 1.8 points attributable to the Middle East Conflict. The remaining losses were primarily attributable to weather-related events. Comparatively, during the three months ended September 30, 2024, catastrophe and weather-related losses, were $71 million, or 7.0 points, attributable to Hurricane Helene, Hurricane Beryl, other weather-related events, and the Red Sea Conflict.

Adjusting for the impact of the catastrophe and weather-related losses, the current accident year loss ratio of 52.3% for the three months ended September 30, 2025, is consistent with the ratio of 52.3% for the three months ended September 30, 2024, principally due to the impact of changes in business mix, rate and trend.

The current accident year loss ratio decreased to 56.4% for the nine months ended September 30, 2025, from 56.8% for the nine months ended September 30, 2024.

The decrease in the current accident year loss ratio for the nine months ended September 30, 2025, compared to the same period in 2024, was impacted by a lower level of catastrophe and weather-related losses. During the nine months ended September 30, 2025, catastrophe and weather-related losses, net of reinsurance, were $127 million, or 4.1 points, including $31 million, or 1.0 point attributable to California Wildfires and $20 million or 0.7 points attributable to the Middle East Conflict. The remaining losses were attributable to other weather-related events. Comparatively, during the nine months ended September 30, 2024, catastrophe and weather-related losses, were $136 million, or 4.7 points, attributable to Hurricane Helene, Hurricane Beryl, other weather-related events, and the Red Sea Conflict.

Adjusting for the impact of the catastrophe and weather-related losses, the current accident year loss ratio increased to 52.3% for the nine months ended September 30, 2025, from 52.1% for the nine months ended September 30, 2024, principally due to the impact of changes in business mix, rate and trend.

Prior Year Reserve Development

Refer to Item 1, Note 6 to the Consolidated Financial Statements 'Reserve for losses and loss expenses' for details on prior year reserve development by segment, reserve class and accident year.

Acquisition Cost Ratio

The acquisition cost ratio decreased to 18.9% for the three months ended September 30, 2025, from 19.9% for the three months ended September 30, 2024, primarily related to an increase in ceding commission in accident and health lines, partially offset by a decrease in ceding commissions in liability and property lines.

The acquisition cost ratio decreased to 19.0% for the nine months ended September 30, 2025, from 19.6% for the nine months ended September 30, 2024, primarily related to increases in ceding commission in accident and health lines.

Underwriting-Related General and Administrative Expense Ratio

The underwriting-related general and administrative expense ratio increased to 12.1% for the three months ended September 30, 2025, from 11.6% for the three months ended September 30, 2024, mainly driven by investments in underwriting teams and information technology, partially offset by an increase in net premiums earned.

The underwriting-related general and administrative expense ratio of 12.0% for the nine months ended September 30, 2025, was comparable to 12.2% for the nine months ended September 30, 2024, with an increase in net premiums earned, largely offset by investments in underwriting teams and information technology.

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Reinsurance Segment

Results from the reinsurance segment were as follows:
  Three months ended September 30,Nine months ended September 30,
  2025% Change20242025% Change2024
Revenues:
Gross premiums written$432,3026%$409,226$2,154,5872%$2,115,317
Net premiums written268,0423%260,0741,318,425(2%)1,339,340
Net premiums earned366,2717%342,8501,057,4753%1,029,210
Other insurance related income6,332(6%)6,74518,411(22%)23,651
Expenses:
Current accident year net losses and loss expenses(249,731)(233,221)(722,524)(688,425)
Prior year reserve development4,1034,00313,0764,003 
Acquisition costs(80,178)(71,680)(231,722)(226,970)
Underwriting-related general and administrative expenses(11,785)(12,333)(33,226)(36,913)
Underwriting income
$35,012$36,364$101,490$104,556 
Ratios:
% Point
Change
% Point
Change
Current accident year loss ratio, excluding catastrophe and weather-related losses67.9%1.966.0 %68.1 %2.166.0 %
Catastrophe and weather-related losses ratio0.3%(1.7)2.0 %0.2 %(0.7)0.9 %
Current accident year loss ratio68.2%0.268.0 %68.3 %1.466.9 %
Prior year reserve development ratio(1.1%)—(1.1%)(1.2%)(0.8)(0.4%)
Net losses and loss expenses ratio67.1%0.266.9 %67.1 %0.666.5 %
Acquisition cost ratio21.9%1.020.9 %21.9 %(0.2)22.1 %
Underwriting-related general and administrative expense ratio3.2%(0.4)3.6 %3.1 %(0.4)3.5 %
Combined ratio92.2%0.891.4 %92.1 %—92.1 %



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Gross Premiums Written

Gross premiums written by line of business were as follows:
  Three months ended September 30,Nine months ended September 30,
  20252024
% 
Change
20252024
% 
Change
Liability$154,460 36 %$132,245 32 %17%$576,096 27 %$520,353 25 %11%
Professional lines38,567 9 %44,013 11 %(12%)398,863 19 %393,846 19 %1%
Motor47,303 11 %35,295 9 %34%197,749 9 %213,479 10 %(7%)
Accident and health18,192 4 %47,452 12 %(62%)321,884 15 %390,621 18 %(18%)
Credit and surety108,505 25 %100,352 25 %8%429,460 20 %352,676 17 %22%
Agriculture55,704 13 %33,265 8 %67%159,860 7 %147,056 7 %9%
Marine and aviation8,602 2 %11,059 3 %(22%)60,968 3 %80,073 4 %(24%)
Total431,333 100%403,681 100 %7%2,144,880 100 %2,098,104 100 %2%
Run-off lines
Catastrophe(510)—%1,564 (1%)nm706 — %7,477 — %(91%)
Property577 — %1,800 — %(68%)3,071 — %3,657 — %(16%)
Engineering902 — %2,181 1 %(59%)5,930 — %6,079 — %(2%)
Total run-off lines969 — %5,545 — %(83%)9,707 — %17,213 — %(44%)
Total$432,302 100 %$409,226 100 %6%$2,154,587 100 %$2,115,317 100 %2%

Gross premiums written for the three months ended September 30, 2025, increased by $23 million, or 6% ($19 million, or 5%, on a constant currency basis), compared to the three months ended September 30, 2024. The increase was primarily attributable to agriculture, liability, motor, and credit and surety lines, partially offset by a decrease in accident and health, and professional lines.

The increase in agriculture lines was primarily due to new business. The increase in liability lines was due to positive premium adjustments in the three months ended September 30, 2025, compared to negative premium adjustments in the three months ended September 30, 2024, and a higher level of premiums related to several contracts associated with favorable market conditions, partially offset by non-renewals attributable to underwriting actions, together with client retentions. The increase in motor lines was attributable to a higher level of premiums related to one proportional contract and a higher level of positive premium adjustments related to non-proportional business associated with favorable market conditions, partially offset by the timing of renewals of several contracts. The increase in credit and surety lines was driven by new credit and political risk business and new surety business, a higher level of positive premium adjustments, together with the timing of renewals of both credit contracts and surety contracts, partially offset by a lower level of positive premium adjustments related to mortgage business.

The decrease in accident and health lines was driven by non-renewals mainly related to employer stop loss business largely attributable to client retentions and a lower level of premiums associated with a short-term medical program. The decrease in professional lines was attributable to a higher level of negative premium adjustments related to cyber business associated with challenging market conditions, partially offset by the timing of the renewal of a significant contract.

Gross premiums written for the nine months ended September 30, 2025, increased by $39 million, or 2% ($59 million, or 3%, on a constant currency basis), compared to the nine months ended September 30, 2024. The increase was primarily attributable to credit and surety, liability, agriculture and professional lines, partially offset by decreases in accident and health, marine and aviation, and motor lines.

The increase in credit and surety lines was driven by new credit and political risk business and new surety business, a higher level of positive premium adjustments attributable to credit business, partially offset by a lower level of positive premium adjustments related to mortgage business. The increase in liability lines was due to a higher level of positive premium adjustments, new general liability business at Lloyd's together with new workers compensation business, the restructuring of a contract at Lloyds, the timing of renewals, a higher level of premiums related to several contracts associated with favorable market conditions and increased line sizes, partially offset by non-renewals. The increase in agriculture lines was due to new business, partially offset by the non-renewal of a significant contract. The increase in professional lines was primarily attributable to new cyber business and the timing of the renewal of a

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significant contract, partially offset by a higher level of negative premium adjustments related to cyber business associated with challenging market conditions, decreased line sizes mainly on cyber contracts and non-renewals.

The decrease in accident and health lines was driven by decreased line sizes and non-renewals attributable to increased competition and client retentions, a lower level of premiums associated with a short-term medical program, and negative premium adjustments in the nine months ended September 30, 2025, compared to positive premium adjustments in the nine months ended September 30, 2024 associated with a short-term medical program, partially offset by the timing of renewals of several contracts. 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 motor lines was attributable to decreased line sizes and non-renewals due to increased competition for non-proportional U.K. business, partially offset by a higher level of positive premium adjustments primarily related to non-proportional business associated with favorable market conditions.

Ceded Premiums Written

Ceded premiums written for the three months ended September 30, 2025, was $164 million, or 38%, of gross premiums written, compared to $149 million, or 36%, of gross premiums written for the three months ended September 30, 2024. The increase in ceded premiums written of $15 million, or 10%, was primarily driven by increases in liability and agriculture lines, partially offset by a decrease in accident and health lines.

The increases in liability and agriculture reflected the increase in gross premiums written in the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The increase in liability lines was also driven by the restructuring of a significant quota share retrocession treaty with a strategic capital partner. The increase in agriculture lines was also due to the restructuring of a quota share retrocession treaty.

The decrease in accident and health lines reflected the decrease in gross premiums written in the three months ended September 30, 2025, compared to the three months ended September 30, 2024.

Ceded premiums written for the nine months ended September 30, 2025, was $836 million, or 39%, of gross premiums written, compared to $776 million, or 37%, of gross premiums written for the nine months ended September 30, 2024. The increase in ceded premiums written of $60 million, or 8%, was primarily driven by increases in liability, credit and surety, agriculture and professional lines, partially offset by decreases in accident and health, and motor lines.

The increases in liability, credit and surety, and agriculture lines reflected the increase in gross premiums written in the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. The increases in liability, and credit and surety also reflected the restructuring of quota share retrocession treaties with strategic capital partners. The increases in credit and surety, and agriculture lines were also due to the restructuring of quota share retrocession treaties. The increase in professional lines reflected the restructuring of quota share retrocession treaties with strategic capital partners.

The decrease in accident and health, and motor lines reflected the decrease in gross premiums written in the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. The decrease in motor lines was also driven by the restructuring of two quota share retrocession treaties with strategic capital partners.


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Net Premiums Earned

Net premiums earned by line of business were as follows:
  Three months ended September 30,Nine months ended September 30,
  2025  2024  % Change2025  2024  % Change
Liability$81,399 22 %$72,796 21 %12%$236,222 22 %$237,946 23 %(1%)
Professional lines50,040 14 %43,686 13 %15%145,045 14 %123,308 12 %18%
Motor36,720 10 %28,628 8 %28%98,253 9 %91,749 9 %7%
Accident and health73,497 20 %77,460 23 %(5%)223,593 21 %240,288 23 %(7%)
Credit and surety64,502 18 %56,459 16 %14%203,522 19 %173,558 17 %17%
Agriculture44,490 12 %40,134 12 %11%98,435 9 %91,101 9 %8%
Marine and aviation14,335 4 %16,461 5 %(13%)42,604 4 %48,783 5 %(13%)
Total364,983 100 %335,624 98 %9%1,047,674 98 %1,006,733 98 %4%
Run-off lines
Catastrophe(290)(1)%2,167 — %nm689 1 %9,595 — %(93%)
Property651 — %1,981 1 %(67%)3,116 — %6,612 1 %(53%)
Engineering927 1 %3,078 1 %(70%)5,996 1 %6,270 1 %(4%)
Total run-off lines1,288 — %7,226 2 %(82%)9,801 2%22,477 2 %(56%)
Total$366,271 100 %$342,850 100 %7%$1,057,475 100 %$1,029,210 100 %3%

Net premiums earned for the three months ended September 30, 2025, increased by $23 million, or 7% ($19 million, or 6%, on a constant currency basis), compared to the three months ended September 30, 2024. The increase was primarily driven by increases in gross premiums earned in liability, and credit and surety lines, partially offset by an increase in ceded premiums earned in liability lines.

Net premiums earned for the nine months ended September 30, 2025, increased by $28 million, or 3%, compared to the nine months ended September 30, 2024. The increase was primarily driven by increases in gross premiums earned in credit and surety, professional lines, agriculture lines, together with decreases in ceded premiums earned in motor, and accident and health lines. These amounts were partially offset by decreases in gross premiums earned in accident and health, catastrophe, marine and aviation, and motor lines, together with increases in ceded premiums earned in credit and surety, and professional lines.

Other Insurance Related Income (Loss)

Other insurance related income for the three and nine months ended September 30, 2025 of $6 million and $18 million, respectively, compared to other insurance related income for the three and nine months ended September 30, 2024 of $7 million and $24 million, respectively, was primarily associated with fees related to arrangements with strategic capital partners.

Loss Ratio

The components of the loss ratio were as follows:
  Three months ended September 30,Nine months ended September 30,
  2025% Point
Change		20242025% Point
Change		2024
Current accident year loss ratio68.2 %0.268.0 %68.3 %1.466.9 %
Prior year reserve development ratio(1.1%)—(1.1%)(1.2%)(0.8)(0.4%)
Loss ratio67.1 %0.266.9 %67.1 %0.666.5 %

Current Accident Year Loss Ratio

The current accident year loss ratio of 68.2% for the three months ended September 30, 2025, was comparable to 68.0% for the three months ended September 30, 2024.


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During the three months ended September 30, 2025, catastrophe and weather-related losses, net of reinsurance, were $1.0 million. Comparatively, during the three months ended September 30, 2024, catastrophe and weather-related losses, were $7 million, or 2.0 points, attributable to weather-related events.

Adjusting for the impact of the catastrophe and weather-related losses, the current accident year loss ratio increased to 67.9% for the three months ended September 30, 2025, from 66.0% for the three months ended September 30, 2024, principally due to the impact of changes in business mix, rate and trend.

The current accident year loss ratio increased to 68.3% for the nine months ended September 30, 2025, from 66.9% for the nine months ended September 30, 2024.

During the nine months ended September 30, 2025, catastrophe and weather-related losses, net of reinsurance, were $3 million, or 0.2 points, primarily attributable to California Wildfires. Comparatively, during the nine months ended September 30, 2024, catastrophe and weather-related losses, were $9 million, or 0.9 points, attributable to weather-related events.

Adjusting for the impact of the catastrophe and weather-related losses, the current accident year loss ratio increased to 68.1% for the nine months ended September 30, 2025, from 66.0% for the nine months ended September 30, 2024, principally due to the impact of rate and trend, partially offset by changes in business mix.

Prior Year Reserve Development

Refer to Item 1, Note 6 to the Consolidated Financial Statements 'Reserve for losses and loss expenses' for details on prior year reserve development by segment, reserve class and accident year.

Acquisition Cost Ratio

The acquisition cost ratio increased to 21.9% for the three months ended September 30, 2025, from 20.9% for the three months ended September 30, 2024, primarily related to gross acquisition costs driven by higher adjustments attributable to loss-sensitive features driven by improved loss performance mainly in accident and health lines together with changes in business mix due to increases in credit and surety, and liability lines business written in the recent periods which is associated with relatively higher acquisition cost ratios, partially offset by ceding commissions from retrocessional contracts attributable to liability lines.

The acquisition cost ratio of 21.9% for the nine months ended September 30, 2025, was comparable to 22.1% for the nine months ended September 30, 2024, primarily related to the benefit of changes in business mix on retrocessional contracts driven by increases in credit and surety, and liability lines business ceded in recent periods and lower adjustments attributable to loss-sensitive features in liability, and credit and surety lines including mortgage business, largely offset by an increase in gross acquisition costs driven by changes in business mix due to increases in credit and surety, and professional lines business written in the recent periods which is associated with relatively higher acquisition cost ratios.

Underwriting-Related General and Administrative Expense Ratio

The underwriting-related general and administrative expense ratio decreased to 3.2% and 3.1% for the three and nine months ended September 30, 2025, respectively from 3.6% and 3.5% for the three and nine months ended September 30, 2024, respectively mainly driven by a decrease in personnel costs and an increase in net premiums earned.


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NET INVESTMENT INCOME AND NET INVESTMENT GAINS (LOSSES)

Net Investment Income

Net investment income from our cash and investment portfolio by major asset class was as follows:
  Three months ended September 30,Nine months ended September 30,
  2025% Change20242025% Change2024
Fixed maturities$155,796(4%)$163,002$452,368(1%)$456,421
Other investments15,019(23%)19,59455,90741%39,569
Equity securities3,046(14%)3,5299,4081%9,348
Mortgage loans5,890(28%)8,17518,714(29%)26,412
Cash and cash equivalents12,597(13%)14,40262,62650%41,796
Short-term investments355(91%)3,9192,882(74%)11,148
Gross investment income192,703(9%)212,621601,9053%584,694
Investment expense(7,800)4%(7,521)(21,994)4%(21,236)
Net investment income$184,903(10%)$205,100$579,9113%$563,458
Pre-tax yield:(1)
Fixed maturities4.8 %4.6 %4.7 %4.5 %
(1) Pre-tax yield is calculated by dividing annualized net investment income by the average month-end amortized cost balances.

Fixed Maturities

Net investment income attributable to fixed maturities for the three and nine months ended September 30, 2025 was $156 million and $452 million, respectively, compared to net investment income attributable to fixed maturities of $163 million and $456 million, respectively, for the three and nine months ended September 30, 2024. The decrease for the three and nine months ended September 30, 2025, compared to same period in 2024, was due to the decrease in fixed maturity assets associated with the LPT transaction with Enstar.

Other Investments
Net investment income from other investments was as follows:
  Three months ended September 30,Nine months ended September 30,
  2025202420252024
Multi-strategy, direct lending, private equity and real estate funds
$11,694$19,523$39,294$37,004
Other privately held investments3,3254216,0292,527
CLO-Equities—2958438
Total net investment income from other investments
$15,019$19,594$55,907$39,569
Pre-tax return on other investments(1)
1.6%2.1%5.9%4.2%
(1)Pre-tax return on other investments is calculated by dividing total net investment income from other investments by the average month-end fair value balances held for the periods indicated.

Net investment income attributable to other investments for the three and nine months ended September 30, 2025 was $15 million and $56 million, respectively, compared to net investment income attributable to other investments of $20 million and $40 million, respectively, for the three and nine months ended September 30, 2024. The decrease for the three months ended September 30, 2025, compared to the same period in 2024, was primarily related to lower returns on real estate funds. The increase for the nine months ended September 30, 2025, compared to the same period in 2024, was primarily related to higher returns on other privately held investments and direct lending funds.


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Net Investment Gains (Losses)

Net investment gains (losses) were as follows:
  Three months ended September 30,Nine months ended September 30,
  2025202420252024
On sale of investments:
Fixed maturities, short-term investments, and cash and cash equivalents
$10,602 $60 $(27,279)$(75,876)
Equity securities— (5,872)28,510 17,041 
Mortgage loans
— (4,275)— (4,275)
 10,602 (10,087)1,231 (63,110)
(Increase) decrease in allowance for expected credit losses, fixed maturities, available for sale
347 209 (757)6,338 
(Increase) decrease in allowance for expected credit losses, mortgage loans
(5,822)(1,343)(9,781)(15,771)
Impairment losses (1)
(63)(14)(2,389)(178)
Change in fair value of investment derivatives
169 (870)(1,282)153 
Net unrealized gains (losses) on equity securities25,672 44,287 57,343 42,065 
Net investment gains (losses)
$30,905 $32,182 $44,365 $(30,503)
(1)Related to instances where we intend to sell securities, or it is more likely than not that we will be required to sell securities before their anticipated recovery.

On Sale of Investments and Net Unrealized Gains (Losses) on Equity Securities

Generally, sales of individual securities occur when there are changes in the relative value, credit quality, or duration of a particular issue. We may also sell securities to re-balance our investment portfolio in order to change exposure to particular asset classes or sectors.

Net investment gains for the three and nine months ended September 30, 2025 were $31 million and $44 million, respectively, compared to net investment gains of $32 million and net investment losses of $31 million, respectively, for the three and nine months ended September 30, 2024.

For the three months ended September 30, 2025, the net investment gains were primarily due to net unrealized gains on equity securities and net realized gains on sales of Non-U.S. government and corporate debt securities. For the three months ended September 30, 2024, the net investment gains were primarily due to net unrealized gains on equity securities, partially offset by net realized losses on sales of bond mutual funds and mortgage loans.

For the nine months ended September 30, 2025, the net investment gains were primarily due to net unrealized gains on equity securities and net realized gains on sales of equity securities, partially offset by net realized losses on sales of corporate debt, Agency RMBS and U.S. government securities. For the nine months ended September 30, 2024, the net investment losses were primarily due to net realized losses on sales of Agency RMBS, U.S. government and corporate debt securities, partially offset by net unrealized gains on equity securities and realized gains on sales of equity securities.

(Increase) decrease in allowance for expected credit losses, fixed maturities, available for sale

For the nine months ended September 30, 2024, the allowance for expected credit losses decreased by $6 million primarily related to sales of securities. Refer to Note 3(i) to the Consolidated Financial Statements 'Investments'.

(Increase) decrease in allowance for expected credit losses, mortgage loans

For the three and nine months ended September 30, 2025, the allowance for expected credit losses increased by $6 million and $10 million, respectively, primarily related to commercial properties exposed to the office sector. For the three and nine months ended September 30, 2024, the allowance for expected credit losses increased by $1 million and $16 million, respectively, primarily related to commercial properties exposed to the office sector. Refer to Note 3(d) to the Consolidated Financial Statements 'Investments'.

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Total Return
Total return on cash and investments was as follows:
  Three months ended September 30,Nine months ended September 30,
  2025202420252024
Net investment income$184,903$205,100$579,911$563,458
Net investment gains (losses)
30,90532,18244,365(30,503)
Change in net unrealized gains (losses) on fixed maturities (1)
46,402385,209324,219354,478
Interest in income of equity method investments
2,0831,6213,66910,689
Total$264,293$624,112$952,164$898,122
Average cash and investments(2)
$16,581,947$17,768,254$17,039,182$17,207,139
Pre-tax, total return on average cash and investments:
Including investment related foreign exchange movements1.6%3.5%5.6%5.2%
Excluding investment related foreign exchange movements(3)
1.7%3.1%4.8%5.0%
(1)Change in net unrealized gains (losses) on fixed maturities is calculated by taking net unrealized gains (losses) at period end less net unrealized gains (losses) at the prior period end.
(2)The average cash and investments balance is the average of the monthly fair value balances.
(3)Pre-tax, total return on average cash and investments excluding foreign exchange movements is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to pre-tax, total return on average cash and investments, the most comparable GAAP financial measure, included foreign exchange (losses) gains of $(15) million and $70 million for the three months ended September 30, 2025 and 2024, respectively, and foreign exchange (losses) gains of $129 million and $40 million for the nine months ended September 30, 2025 and 2024, respectively.



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OTHER EXPENSES (REVENUES), NET

The following table provides a summary of other expenses (revenues), net:
  Three months ended September 30,Nine months ended September 30,
  2025% Change20242025% Change2024
Corporate expenses$28,526 (15%)$33,621 $83,088 (4%)$86,873 
Foreign exchange losses (gains)(13,492)nm92,204 138,428 nm61,268 
Interest expense and financing costs16,657 (1%)16,849 49,816 (2%)51,005 
Income tax expense (benefit)70,252 47%47,922 170,773 nm(36,185)
Total$101,943 $190,596 $442,105 $162,961 
nm – not meaningful

Corporate Expenses

Corporate expenses include holding company costs necessary to support our worldwide insurance and reinsurance operations and costs associated with operating as a publicly-traded company.

As a percentage of net premiums earned, corporate expenses decreased to 2.0% for the three and nine months ended September 30, 2025, from 2.5% for the three months ended September 30, 2024, and from 2.2% for the nine months ended September 30, 2024, respectively mainly driven by decreases in personnel costs and professional fees together with an increase in net premiums earned.

Foreign Exchange Losses (Gains)

Foreign exchange gains of $13 million for the three months ended September 30, 2025 reflected the impact of the strengthening of the U.S. dollar on the remeasurement of net insurance-related liabilities denominated in pound sterling and Canadian dollar, partially offset by the weakening of the U.S. dollar on the remeasurement of net insurance-related liabilities denominated in euro. Foreign exchange losses of $138 million for the nine months ended September 30, 2025 reflected the impact of the weakening of the U.S. dollar on the remeasurement of net insurance-related liabilities denominated in euro, pound sterling and Canadian dollar, partially offset by the strengthening of the U.S. dollar on the remeasurement of net insurance-related liabilities denominated in Australian dollar.

Foreign exchange losses of $92 million for the three months ended September 30, 2024 reflected the impact of the weakening of the U.S. dollar on the remeasurement of net insurance-related liabilities denominated in pound sterling and euro. Foreign exchange losses of $61 million for the nine months ended September 30, 2024 reflected the impact of the weakening of the U.S. dollar on the remeasurement of net insurance-related liabilities denominated in pound sterling and euro.

Interest Expense and Financing Costs

Interest expense and financing costs are related to interest due on senior unsecured notes, junior subordinated notes and the Federal Home Loan advances ("FHLB advances") received in 2024 and 2023.



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Income Tax Expense (Benefit)

Income tax expense (benefit) primarily results from income (loss) in our global operations. Our effective tax rate which is calculated as income tax expense (benefit) divided by income (loss) before tax including interest in income (loss) of equity method investments was 18.9% and 19.2%, for the three and nine months ended September 30, 2025, and 21.0% and (4.8%) for the three and nine months ended September 30, 2024, respectively. This effective rate can vary between periods depending on the distribution of net income (loss) among tax jurisdictions, as well as other factors.

The income tax expense of $70 million and $171 million for the three and nine months ended September 30, 2025, respectively was principally due to pre-tax income in our Bermuda, U.K., U.S., and European operations.

The income tax expense of $48 million for the three months ended September 30, 2024 was principally due to pre-tax income in our U.S., U.K, operations. The income tax benefit of $36 million for the nine months ended September 30, 2024 was due to the recognition of an income tax benefit of $163 million related to the future Bermuda corporate income tax rate of 15%, pursuant to the Corporate Income Tax Act 2023, partially offset by income tax expense associated with pre-tax income in our U.S., U.K. and European operations.



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FINANCIAL MEASURES

We believe the following financial indicators are important in evaluating performance and measuring the overall growth in value generated for common shareholders:
  Three months ended September 30,Nine months ended September 30,
  2025202420252024
Annualized return on average common equity(1)
20.6%13.0%16.4%19.9%
Annualized operating return on average common equity(2)
17.8%17.3%18.2%18.2%
Book value per diluted common share(3)
$73.82$64.65$73.82$64.65
Cash dividends declared per common share$0.44$0.44$1.32$1.32
Increase in book value per diluted common share adjusted for dividends
$3.92$5.80$9.87$11.91
(1)Annualized return on average common equity ("ROACE") is calculated by dividing annualized net income (loss) available (attributable) to common shareholders for the period by the average common shareholders' equity determined using the common shareholders' equity balances at the beginning and end of the period.
(2)Annualized operating return on average common equity ("operating ROACE") is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to the most comparable GAAP financial measure, annualized ROACE, and a discussion of the rationale for its presentation is provided in 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation'.
(3)Book value per diluted common share represents total common shareholders’ equity divided by the number of diluted common share outstanding, determined using the treasury stock method.

Return on Average Common Equity and Operating Return on Average Common Equity

Our objective is to generate superior returns on capital that appropriately reward common shareholders for the risks we assume and to grow revenue only when we expect the returns will meet or exceed our requirements. We recognize that the nature of underwriting cycles and the frequency or severity of large loss events in any one year may challenge the ability to achieve a profitability target in any specific period.

ROACE reflects the impact of net income (loss) available (attributable) to common shareholders, including net investment gains (losses), foreign exchange losses (gains), reorganization expenses, interest in income (loss) of equity method investments and Bermuda net deferred tax asset.

The increase in ROACE for the three months ended September 30, 2025, compared to the three months ended September 30, 2024, was primarily driven by foreign exchange gains, an increase in underwriting income and a decrease in corporate expenses, partially offset by increases in income tax expense and average common shareholders' equity and a decrease in net investment income.

The decrease in ROACE for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, was primarily driven by income tax expense, increases in foreign exchange losses and average common shareholders' equity, and a decrease in interest in income of equity method investments, partially offset by increases in underwriting income and net investment income and net investment gains together with a decrease in reorganization expenses.

Operating ROACE excludes the impact of net investment gains (losses), foreign exchange losses (gains), reorganization expenses, interest in income (loss) of equity method investments and Bermuda net deferred tax asset.

The increase in operating ROACE for the three months ended September 30, 2025, compared to the three months ended September 30, 2024, was primarily driven by an increase in underwriting income and a decrease in corporate expenses, partially offset by increases in income tax expense and average common shareholders' equity and a decrease in net investment income.

ROACE for the nine months ended September 30, 2025 and 2024 was 18.2%, primarily driven by increases in underwriting income and net investments income, offset by income tax expense and an increase in average common shareholders' equity.



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Book Value per Diluted Common Share

We consider book value per diluted common share to be an appropriate measure of returns to common shareholders, as we believe growth in book value on a diluted basis will ultimately translate into appreciation of our stock price.

During the three and nine months ended September 30, 2025, book value per diluted common share increased by 4.9% and 13.1%, respectively due to net income for the period, and net unrealized investment gains recognized in accumulated other comprehensive income (loss), partially offset by common share repurchases and common share dividends declared.

Cash Dividends Declared per Common Share and Common Share Repurchases

We believe in returning excess capital to shareholders by way of dividends. Accordingly, dividend policy is an integral part of the value we create for shareholders. Our Board of Directors has approved quarterly common share dividends for twenty-two consecutive years.

Book Value per Diluted Common Share Adjusted for Dividends

Taken together, we believe that growth in book value per diluted common share and common share dividends declared represent the total value created for common shareholders. As companies in the insurance industry have differing dividend payout policies, we believe that investors use the book value per diluted common share adjusted for dividends metric to measure comparable performance across the industry.

During the three and nine months ended September 30, 2025, total value created for common shareholders increased by $3.92, or 5.6% and $9.87, or 15.1%, respectively.


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NON-GAAP FINANCIAL MEASURES RECONCILIATION

Three months ended September 30,Nine months ended September 30,
2025202420252024
Net income available to common shareholders$294,301$173,165$696,601$765,465
Net investment (gains) losses
(30,905)(32,182)(44,365)30,503
Foreign exchange losses (gains)
(13,492)92,204138,42861,268
Reorganization expenses
———26,312
Interest in income of equity method investments
(2,083)(1,621)(3,669)(10,689)
 Bermuda net deferred tax asset(1)
———(162,705)
Income tax expense (benefit)(2)
7,454(1,503)(12,330)(9,938)
Operating income$255,275$230,063$774,665$700,216
Earnings per diluted common share$3.74$2.04$8.70$8.97
Net investment (gains) losses
(0.39)(0.38)(0.55)0.36
Foreign exchange losses (gains)
(0.17)1.081.730.72
Reorganization expenses———0.31
Interest in income of equity method investments
(0.03)(0.02)(0.05)(0.13)
Bermuda net deferred tax asset
———(1.91)
Income tax expense (benefit)
0.10(0.01)(0.16)(0.11)
Operating income per diluted common share$3.25$2.71$9.67$8.21
Weighted average diluted common shares outstanding(3)
78,60185,00080,09085,338
Average common shareholders' equity$5,720,704$5,321,349$5,678,194$5,123,212
Annualized return on average common equity20.6%13.0%16.4%19.9%
Annualized operating return on average common equity
17.8%17.3%18.2%18.2%
(1)Net deferred tax benefit is due to the recognition of deferred tax assets net of deferred tax liabilities related to Bermuda corporate income tax that is effective for fiscal years beginning on or after January 1, 2025.
(2)Tax expense (benefit) associated with the adjustments to net income (loss) available (attributable) to common shareholders. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.
(3)Refer to Item 1, Note 7 to our Consolidated Financial Statements 'Earnings per Common Share' for further details.


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Rationale for the Use of Non-GAAP Financial Measures

We present our results of operations in a way we believe will be meaningful and useful to investors, analysts, rating agencies and others who use our financial information to evaluate our performance. Some of the measurements we use are considered non-GAAP financial measures under SEC rules and regulations. In this Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A"), we present underwriting-related general and administrative expenses, consolidated underwriting income (loss), current accident year loss ratio, catastrophe and weather-related losses ratio, current accident year loss ratio, excluding catastrophe and weather-related losses, operating income (loss) (in total and on a per share basis), annualized operating return on average common equity ("operating ROACE"), amounts presented on a constant currency basis and pre-tax total return on cash and investments excluding foreign exchange movements, which are non-GAAP financial measures as defined in Item 10(e) of SEC Regulation S-K. We believe that these non-GAAP financial measures, which may be defined and calculated differently by other companies, help explain and enhance the understanding of our results of operations. However, these measures should not be viewed as a substitute for those determined in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

Underwriting-Related General and Administrative Expenses
Underwriting-related general and administrative expenses include those general and administrative expenses that are incremental and/or directly attributable to our underwriting operations. While this measure is presented in Item 1, Note 2 to the Consolidated Financial Statements 'Segment Information', it is considered a non-GAAP financial measure when presented elsewhere on a consolidated basis.

Corporate expenses include holding company costs necessary to support our worldwide insurance and reinsurance operations and costs associated with operating as a publicly-traded company. As these costs are not incremental and/or directly attributable to our underwriting operations, these costs are excluded from underwriting-related general and administrative expenses, and therefore, consolidated underwriting income (loss). General and administrative expenses, the most comparable GAAP financial measure to underwriting-related general and administrative expenses, also includes corporate expenses.

The reconciliation of underwriting-related general and administrative expenses to general and administrative expenses, the most comparable GAAP financial measure, is presented in 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Consolidated Results of Operations'.

Consolidated Underwriting Income (Loss)
Consolidated underwriting income (loss) is a pre-tax measure of underwriting profitability that takes into account net premiums earned and other insurance related income (loss) as revenues and net losses and loss expenses, acquisition costs and underwriting-related general and administrative expenses as expenses. While this measure is presented in Item 1, Note 2 to the Consolidated Financial Statements 'Segment Information', it is considered a non-GAAP financial measure when presented elsewhere on a consolidated basis.

We evaluate our underwriting results separately from the performance of our investment portfolio. As a result, we believe it is appropriate to exclude net investment income and net investment gains (losses) from our underwriting profitability measure.

Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on our net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio, including unrealized foreign exchange losses (gains) on our equity securities, and foreign exchange losses (gains) realized on the sale of our available for sale investments and equity securities recognized in net investment gains (losses), and unrealized foreign exchange losses (gains) on our available for sale investments in other comprehensive income (loss), generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio, thereby minimizing the impact of foreign exchange rate movements on total shareholders' equity. As a result, we believe that foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a meaningful contributor to our underwriting performance. Therefore, foreign exchange losses (gains) are excluded from consolidated underwriting income (loss).

Interest expense and financing costs primarily relate to interest payable on our debt and Federal Home Loan Bank advances. As these expenses are not incremental and/or directly attributable to our underwriting operations, these expenses are excluded from underwriting-related general and administrative expenses and, therefore, consolidated underwriting income (loss).

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Reorganization expenses in 2024 primarily related to severance costs attributable to our "How We Work" program which is focused on simplifying our operating structure. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from consolidated underwriting income (loss).

Amortization of intangible assets arose from business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from consolidated underwriting income (loss).

We believe that the presentation of underwriting-related general and administrative expenses and consolidated underwriting income (loss) provides investors with an enhanced understanding of our results of operations, by highlighting the underlying pre-tax profitability of our underwriting activities. The reconciliation of consolidated underwriting income (loss) to net income (loss), the most comparable GAAP financial measure, is presented in 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Consolidated Results of Operations'.

Current Accident Year Loss Ratio
Current accident year loss ratio represents net losses and loss expenses ratio exclusive of net favorable (adverse) prior year reserve development. We believe that the presentation of current accident year loss ratio provides investors with an enhanced understanding of our results of operations by highlighting net losses and loss expenses associated with our underwriting activities excluding the impact of volatile prior year reserve development. The reconciliation of current accident year loss ratio to net losses and loss expenses ratio, the most comparable GAAP financial measure, is presented in 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Consolidated Results of Operations'.

Catastrophe and Weather-Related Losses Ratio and Current Accident Year Loss Ratio, excluding Catastrophe and Weather-Related Losses
Catastrophe and weather-related losses ratio represents net losses and loss expenses ratio associated with natural disasters, man-made catastrophes, other catastrophe events and other weather-related events exclusive of net favorable (adverse) prior year reserve development.

Current accident year loss ratio, excluding catastrophe and weather-related losses represents net losses and loss expenses ratio exclusive of net favorable (adverse) prior year reserve development and net losses and loss expenses associated with natural disasters, man-made catastrophes, other catastrophe events and other weather-related events.

We believe that the presentation of these ratios that separately identify net losses and loss expenses associated with catastrophe and weather-related events provide investors with an enhanced understanding of our results of operations due to the inherently unpredictable nature of the occurrence of these events, the potential magnitude of these losses and the complexity that affects our ability to accurately estimate ultimate losses associated with these events.

The reconciliation of catastrophe and weather-related losses ratio and current accident year loss ratio, excluding catastrophe and weather-related losses to net losses and loss expenses ratio, the most comparable GAAP financial measure, is presented in 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Consolidated Results of Operations'.

Operating Income (Loss)
Operating income (loss) represents after-tax operational results exclusive of net investment gains (losses), foreign exchange losses (gains), reorganization expenses, interest in income (loss) of equity method investments and Bermuda net deferred tax asset.

Although the investment of premiums to generate income and investment gains (losses) is an integral part of our operations, the determination to realize investment gains (losses) is independent of the underwriting process and is heavily influenced by the availability of market opportunities. Furthermore, many users believe that the timing of the realization of investment gains (losses) is somewhat opportunistic for many companies.

Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio, including unrealized foreign exchange losses (gains) on our equity securities and foreign exchange losses (gains) realized on the sale of our available for sale investments and equity securities recognized in net investment gains (losses) and unrealized foreign exchange losses (gains) on our available for sale investments in other comprehensive income (loss), generally offset a large portion of the foreign exchange losses (gains) arising from our

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underwriting portfolio, thereby minimizing the impact of foreign exchange rate movements on total shareholders' equity. As a result, we believe that foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a meaningful contributor to the performance of our business. Therefore, foreign exchange losses (gains) are excluded from operating income (loss).

Reorganization expenses in 2024 primarily related to severance costs attributable to our "How We Work" program which is focused on simplifying our operating structure. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from operating income (loss).

Interest in income (loss) of equity method investments is primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, this income (loss) is excluded from operating income (loss).

Bermuda net deferred tax benefit is due to the recognition of deferred tax assets net of deferred tax liabilities related to Bermuda corporate income tax that is effective for fiscal years beginning on or after January 1, 2025. The Bermuda net deferred tax asset is not related to the underwriting process. Therefore, this income is excluded from operating income (loss).

Certain users of our financial statements evaluate performance exclusive of after-tax net investment gains (losses), foreign exchange losses (gains), reorganization expenses, interest in income (loss) of equity method investments and Bermuda net deferred tax asset in order to understand the profitability of recurring sources of income.

We believe that showing net income (loss) available (attributable) to common shareholders exclusive of after-tax net investment gains (losses), foreign exchange losses (gains), reorganization expenses, interest in income (loss) of equity method investments and Bermuda net deferred tax asset reflects the underlying fundamentals of our business. In addition, we believe that this presentation enables investors and other users of our financial information to analyze performance in a manner similar to how our management analyzes the underlying business performance. We also believe this measure follows industry practice and, therefore, facilitates comparison of our performance with our peer group. We believe that equity analysts and certain rating agencies that follow us, and the insurance industry as a whole, generally exclude these items from their analyses for the same reasons. The reconciliation of operating income (loss) to net income (loss) available (attributable) to common shareholders, the most comparable GAAP financial measure, is presented above.

We also present operating income (loss) per diluted common share and annualized operating ROACE, which are derived from the operating income (loss) measure and are reconciled above to the most comparable GAAP financial measures, earnings (loss) per diluted common share and annualized return on average common equity ("ROACE"), respectively.

Constant Currency Basis
We present gross premiums written and net premiums earned on a constant currency basis in this MD&A. The amounts presented on a constant currency basis are calculated by applying the average foreign exchange rate from the current year to the prior year amounts. We believe this presentation enables investors and other users of our financial information to analyze growth in gross premiums written and net premiums earned on a constant basis. The reconciliation to gross premiums written and net premiums earned on a GAAP basis is presented in 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Results by Segment'.

Pre-Tax, Total Return on Average Cash and Investments excluding Foreign Exchange Movements
Pre-tax, total return on average cash and investments excluding foreign exchange movements measures net investment income (loss), net investments gains (losses), interest in income (loss) of equity method investments, and change in unrealized gains (losses) generated by average cash and investment balances. We believe this presentation enables investors and other users of our financial information to analyze the performance of our investment portfolio. The reconciliation of pre-tax, total return on average cash and investments excluding foreign exchange movements to pre-tax, total return on average cash and investments, the most comparable GAAP financial measure, is presented in 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Net Investment Income and Net Investment Gains (Losses)'.

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CASH AND INVESTMENTS

Details of cash and investments are as follows:
  September 30, 2025December 31, 2024
  Fair ValueFair Value
Fixed maturities, available for sale$12,879,372 $12,152,753 
Fixed maturities, held to maturity(1)
404,106 436,751 
Equity securities649,970 579,274 
Mortgage loans409,699 505,697 
Other investments972,867 930,278 
Equity method investments220,022 206,994 
Short-term investments17,185 223,666 
Total investments$15,553,221 $15,035,413 
Cash and cash equivalents(2)
$1,358,078 $3,063,621 
(1)Presented at net carrying value of $407 million (2024: $443 million) in the consolidated balance sheets.
(2)Includes restricted cash and cash equivalents of $532 million and $920 million at September 30, 2025 and at December 31, 2024, respectively.




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Overview

The fair value of total investments increased by $518 million in the nine months ended September 30, 2025, driven by the reinvestment of interest income and cashflows from operations, and the increase in market value of fixed maturities due to the decline in yields.

An analysis of our investment portfolio by asset class is detailed below:

Fixed Maturities

Details of our fixed maturities portfolio are as follows:
  September 30, 2025December 31, 2024
  Fair Value% of TotalFair Value% of Total
Fixed maturities:
U.S. government and agency$2,537,675 19 %$2,802,986 22 %
Non-U.S. government791,850 6 %729,939 6 %
Corporate debt5,279,435 41 %4,957,807 39 %
Agency RMBS1,888,486 14 %1,184,845 9 %
CMBS831,084 6 %819,608 7 %
Non-agency RMBS197,318 1 %122,536 1 %
ABS1,697,444 13 %1,860,966 15 %
Municipals(1)
60,186 — %110,817 1 %
Total$13,283,478 100 %$12,589,504 100 %
Credit ratings:
U.S. government and agency$2,537,675 19 %$2,802,986 22 %
AAA(2)
2,600,542 20 %2,665,334 21 %
AA
3,017,708 22 %2,354,372 19 %
A2,357,613 18 %2,090,516 17 %
BBB1,289,152 10 %1,190,381 9 %
Below BBB(3)
1,480,788 11 %1,485,915 12 %
Total$13,283,478 100 %$12,589,504 100 %
(1)Includes bonds issued by states, municipalities, and political subdivisions.
(2)Includes U.S. government-sponsored agencies, residential mortgage-backed securities ("RMBS") and commercial mortgage-backed securities ("CMBS").
(3)Non-investment grade and non-rated securities.

At September 30, 2025, fixed maturities had a weighted average credit rating of A+ (2024: A+), a book yield of 4.6% (2024: 4.5%), and an average duration of 3.2 years (2024: 2.8 years). At September 30, 2025, fixed maturities together with short-term investments, cash and cash equivalents (i.e. total investments of $14.7 billion) had a weighted average credit rating of AA- (2024: AA-) and an average duration of 2.9 years (2024: 2.5 years).

At September 30, 2025, net unrealized gains on fixed maturities, available for sale were $57 million, compared to net unrealized losses of $267 million at December 31, 2024, an increase of $324 million due to the improvement in market values.

Equity Securities

At September 30, 2025, net unrealized gains on equity securities were $116 million, compared to $59 million at December 31, 2024, an increase of $57 million driven by the improvement in market values, partially offset by realized gains associated with sales in the period.

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Mortgage Loans

At September 30, 2025, investment in commercial mortgage loans was $410 million, compared to $506 million at December 31, 2024, a decrease of $96 million mainly driven by loan repayments. The commercial mortgage loans are high quality, and collateralized by a variety of commercial properties and diversified geographically throughout the U.S. and by property type to reduce the risk of concentration. At September 30, 2025, the allowance for credit losses of $33 million, was primarily related to commercial properties exposed to the office sector.

Other Investments

Details of our other investments portfolio are as follows:
September 30, 2025December 31, 2024
  Fair Value% of TotalFair Value% of Total
Multi-strategy funds$14,168 1 %$24,919 3 %
Direct lending funds175,495 18 %171,048 18 %
Private equity funds356,421 37 %320,690 35 %
Real estate funds289,087 30 %291,640 31 %
Total multi-strategy, direct lending, private equity and real estate funds
835,171 86 %808,297 87 %
Other privately held investments137,696 14 %121,981 13 %
Total other investments$972,867 100 %$930,278 100 %

Refer to Note 3(e) to the Consolidated Financial Statements 'Investments'.

Equity Method Investments

Refer to Note 3(f) to the Consolidated Financial Statements 'Investments'.




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LIQUIDITY AND CAPITAL RESOURCES

Refer to the ‘Liquidity and Capital Resources’ section included in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024 for a general discussion of liquidity and capital resources.

The following table summarizes consolidated capital:
September 30, 2025December 31, 2024
Debt$1,316,321 $1,315,179 
Preferred shares550,000 550,000 
Common equity5,817,009 5,539,379 
Shareholders’ equity6,367,009 6,089,379 
Total capital$7,683,330 $7,404,558 
Ratio of debt to total capital17.1 %17.8 %

We finance our operations with a combination of debt and equity capital. The debt to total capital ratio provides an indication of our capital structure, along with some insight into our financial strength. We believe that our financial flexibility remains strong. Adjustments are made if developments occur that are different from previous expectations.
Federal Home Loan Bank Advances

The Company's subsidiaries, AXIS Insurance Company and AXIS Surplus Insurance Company, are members of the Federal Home Loan Bank of Chicago ("FHLB").

At September 30, 2025, the companies had admitted assets of approximately $3.4 billion which provides borrowing capacity of up to approximately $848 million.

At September 30, 2025, the Company had borrowings under the FHLB program of $66 million. The FHLB advances have maturities in 2026 and interest payable at interest rates between 4.2% and 4.6%. The Company incurred interest expense of $1 million for the three months ended September 30, 2025 and $2 million for the nine months ended September 30, 2025.

The borrowings under the FHLB program are secured by cash and investments with a fair value of $73 million.

Refer to Note 11 to the Consolidated Financial Statements 'Federal Home Loan Advances'.

Letter of Credit Facility

On August 26, 2025, AXIS Corporate Capital UK II Limited (the "Borrower"), acting through AXIS Managing Agency Limited, as managing agent of AXIS Syndicate 1686 and AXIS Syndicate 2050 (collectively, the "Syndicates"), entered into a facility letter and master agreement (collectively, the "Agreements") with Citibank Europe Plc (the "Lender"), providing for an uncommitted unsecured letter of credit facility up to a maximum aggregate amount of $90 million (the "$90 million Facility") with tenors of issuable letters of credit to August 31, 2030. The facility is supported by a guarantee issued by AXIS Specialty Limited.
The letter of credit facility is intended to support the Borrower's obligations in connection with the Syndicates’ participation in the Lloyd’s insurance market, specifically its Funds at Lloyd’s requirements. The facility contains customary representations, warranties, covenants, and events of default for transactions of this nature.

On March 23, 2025, the $300 million Facility was amended to extend the tenors of issuable letters of credit to March 31, 2027.



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Common Equity
During the nine months ended September 30, 2025, common equity increased by $278 million. The following table reconciles opening and closing common equity positions:
Nine months ended September 30,2025
Common equity - opening$5,539,379 
Share-based compensation expense32,108 
Change in unrealized gains on available for sale investments, net of tax
265,305 
Foreign currency translation adjustment12,421 
Net income
719,289 
Preferred share dividends(22,688)
Common share dividends(105,201)
Treasury shares repurchased(625,633)
Treasury shares reissued2,029 
Common equity - closing$5,817,009 

During the nine months ended September 30, 2025, we repurchased 6.7 million common shares for a total of $626 million, including $600 million repurchased pursuant to our Board-authorized share repurchase programs and $26 million from employees to facilitate the satisfaction of their personal withholding tax liabilities that arise on the vesting of share-settled restricted stock units granted under our 2017 Long-Term Equity Compensation Plan.

On February 6, 2025, authorization under our Board-authorized share repurchase program for common share repurchases approved in May 2024 was exhausted.

On February 19, 2025, the Board of Directors approved a new share repurchase program for up to $400 million of the Company's common shares. The new share repurchase program is open-ended, allowing the Company to repurchase its shares from time to time in the open market or privately negotiated transactions, depending on market conditions. On September 3, 2025, authorization under this plan was exhausted.

On September 17, 2025, the Board of Directors approved a new share repurchase program for up to $400 million of the Company's common shares. The new share repurchase program is open-ended, allowing the Company to repurchase its shares from time to time in the open market or privately negotiated transactions, depending on market conditions. At September 30, 2025, we had $400 million of remaining authorization under our open-ended Board-authorized share repurchase program for common share repurchases (refer to Part II, Item 2 'Unregistered Sales of Equity Securities and Use of Proceeds' for further details).

We expect cash flows generated from operations, combined with liquidity provided by our investment portfolio, will be sufficient to cover cash outflows and other contractual commitments through the foreseeable future.




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CRITICAL ACCOUNTING ESTIMATES

The consolidated financial statements include certain amounts that are inherently uncertain and judgmental in nature. As a result, we are required to make assumptions and best estimates in order to determine the reported values. We consider an accounting estimate to be critical if: (1) it requires that significant assumptions be made in order to deal with uncertainties and (2) changes in the estimate could have a material impact on our results of operations, financial condition or liquidity.

We believe the material items requiring such subjective and complex estimates are:
•reserves for losses and loss expenses;
•reinsurance recoverable on unpaid losses and loss expenses, including the allowance for expected credit losses;
•gross premiums written and net premiums earned;
•fair value measurements of financial assets and liabilities; and
•the allowance for expected credit losses associated with fixed maturities, available for sale.
We believe that the critical accounting estimates discussion in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024, continues to describe the significant estimates and judgments included in the preparation of the consolidated financial statements.


RECENT ACCOUNTING PRONOUNCEMENTS
At September 30, 2025, there were no recently issued accounting pronouncements that we have not yet adopted that we expect could have a material impact on our results of operations, financial condition or liquidity.



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ITEM 3.     QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Refer to Item 7A included in our Annual Report on Form 10-K for the year ended December 31, 2024. There have been no material changes to this item since December 31, 2024, with the exception of the changes in exposure to foreign currency risk presented below.

Foreign Currency Risk
The table below provides a sensitivity analysis of total net foreign currency exposures:
AUDCADEURGBPJPYOtherTotal
At September 30, 2025
Net managed assets (liabilities), excluding derivatives
$115,702 $403,362 $(3,051)$66,728 $(13,859)$165,090 $733,972 
Foreign currency derivatives, net
(89,627)(416,966)(588)(149,125)1,015 (137,026)(792,317)
Net managed foreign currency exposure
26,075 (13,604)(3,639)(82,397)(12,844)28,064 (58,345)
Other net foreign currency exposure— 222 23 122 — 1 368 
Total net foreign currency exposure
$26,075 $(13,382)$(3,616)$(82,275)$(12,844)$28,065 $(57,977)
Net foreign currency exposure as a percentage of total shareholders’ equity
0.4%(0.2%)(0.1%)(1.3%)(0.2%)0.4%(0.9%)
Pre-tax impact of net foreign currency exposure on shareholders’ equity given a hypothetical 10% rate movement(1)
$2,608 $(1,338)$(362)$(8,228)$(1,284)$2,807 $(5,798)
(1)Assumes 10% appreciation in underlying currencies relative to the U.S. dollar.

Total Net Foreign Currency Exposure

At September 30, 2025, total net foreign currency liabilities were $58 million primarily driven by exposures to the pound sterling, Canadian dollar, Japanese yen and euro. During the nine months ended September 30, 2025, the change in total net foreign currency exposure was primarily due to new business written in the period.










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ITEM 4.     CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

The Company’s management has performed an evaluation, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934 (the "Exchange Act")) at September 30, 2025. Based upon that evaluation, the Company's Chief Executive Officer and Chief Financial Officer concluded that, at September 30, 2025, the Company's disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC and is accumulated and communicated to management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

The Company’s management has performed an evaluation, with the participation of the Company’s Chief Executive Officer and the Company’s Chief Financial Officer, of changes in the Company’s internal control over financial reporting that occurred during the three months ended September 30, 2025.

Based upon that evaluation, there were no changes in the Company's internal control over financial reporting that occurred during the three months ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.


PART II     OTHER INFORMATION


ITEM 1.     LEGAL PROCEEDINGS

From time to time, we are subject to routine legal proceedings, including arbitrations, arising in the ordinary course of business. These legal proceedings generally relate to claims asserted by or against us in the ordinary course of our insurance or reinsurance operations. Estimated amounts payable related to these proceedings are included in the reserve for losses and loss expenses in our consolidated balance sheets.

We are not party to any material legal proceedings arising outside the ordinary course of business.


ITEM 1A.     RISK FACTORS

There were no material changes from the risk factors disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

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ITEM 2.     UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities

The following table shows information regarding the number of common shares repurchased in the quarter ended September 30, 2025:
Period
Total number
of shares
purchased (a) (b)
Average
price paid
per share
Total number of shares purchased as part of
publicly announced
programs (a)
Maximum number (or approximate
dollar value) of shares that may yet be
purchased under the announced programs (c) (d) (e)
July 1-31, 20251 $102.44 — $110 million
August 1-31, 20251,063 $96.37 1,063 $8 million
September 1-30, 202576 $98.57 76 $400 million
Total  
1,140  1,139 $400 million
(a) In thousands.
(b) Includes shares repurchased from employees to satisfy personal withholding tax liabilities that arise on the vesting of share-settled restricted stock units under our 2017 Long-Term Equity Compensation Plans.
(c) On February 6, 2025, authorization under our Board-authorized share repurchase program for common share repurchases approved in May 2024 was exhausted.
(d) On September 3, 2025, authorization under our Board-authorized share repurchase program for common share repurchases approved in February 2025 was exhausted.
(e) On September 17, 2025, the Company's Board of Directors approved a new share repurchase program for up to $400 million of the Company's common shares. The new share repurchase program is open-ended, allowing the Company to repurchase its shares from time to time in the open market or privately negotiated transactions, depending on market conditions.



ITEM 5.     OTHER INFORMATION

Disclosure of Certain Activities Under Section 13(r) of the Securities Exchange Act of 1934

Section 13(r) of the Securities Exchange Act of 1934, as amended, requires issuers to disclose in their annual and quarterly reports whether they or any of their affiliates knowingly engaged in certain activities with Iran or with individuals or entities that are subject to certain sanctions under U.S. law. Issuers are required to provide this disclosure even where the activities, transactions or dealings are conducted outside of the U.S. in compliance with applicable law.

As and when allowed by the applicable law and regulations, certain of our non-U.S. subsidiaries provide treaty reinsurance coverage to non-U.S. insurers on a worldwide basis, including insurers of liability, marine, aviation and energy risks, and as a result, these underlying insurance and reinsurance portfolios may have some exposure to Iran. In addition, we provide insurance and facultative reinsurance on a global basis to non-U.S. insureds and insurers, including for liability, marine, aviation and energy risks. Coverage provided to non-Iranian business may indirectly cover an exposure in Iran. For example, certain of our operations underwrite global marine hull war and cargo policies that provide coverage for vessels navigating into and out of ports worldwide, including Iran. For the quarter ended September 30, 2025, there has been no material amount of premium allocated or apportioned to activities relating to Iran. We intend for our non-U.S. subsidiaries to continue to provide such coverage only to the extent permitted by applicable law.

Insider Trading Arrangements and Policies

During the three months ended September 30, 2025, no director or officer of the Company adopted, terminated or is currently party to a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

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ITEM 6.     EXHIBITS
Rule 2.7 Announcement, dated July 5, 2017 in connection with acquisition of Novae Group plc (incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K filed on July 6, 2017).
Rule 2.7 Announcement, dated August 24, 2017 in connection with acquisition of Novae Group plc (incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K filed on August 25, 2017).
Certificate of Incorporation and Memorandum of Association (incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form S-1(Amendment No. 1) (No. 333-103620) filed on April 16, 2003).
Amended and Restated Bye-Laws (incorporated by reference to Exhibit 4.2 to the Company’s Registration Statement on Form S-8 filed on May 15, 2009).
Specimen Common Share Certificate (incorporated by reference to Exhibit 4.1 to the Company’s Registration Statement on Form S-1 (Amendment No. 3) (No. 333-103620) filed on June 10, 2003).
Certificate of Designations establishing the specific rights, preferences, limitations and other terms of the Series E Preferred Shares (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on November 7, 2016).
†10.1
Directors Annual Compensation Program, effective January 1, 2026.
†31.1
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
†31.2
Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
†32.1
Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
†32.2
Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
†101The following financial information from AXIS Capital Holdings Limited’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 formatted in Inline XBRL: (i) Consolidated Balance Sheets at September 30, 2025 and December 31, 2024; (ii) Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024; (iii) Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2025 and 2024; (iv) Consolidated Statements of Changes in Shareholders' Equity for the nine months ended September 30, 2025 and 2024; (v) Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024; and (vi) Notes to Consolidated Financial Statements, tagged as blocks of text and in detail.
†104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
† Filed herewith.
* Management contract, compensatory plan or arrangement.

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Dated: October 29, 2025
 
AXIS CAPITAL HOLDINGS LIMITED
By:
/S/ VINCENT TIZZIO
Vincent Tizzio
President and Chief Executive Officer
(Principal Executive Officer)
/S/ PETER VOGT
Peter Vogt
Chief Financial Officer
(Principal Financial Officer)


































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