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SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY | 12 Months Ended
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Dec. 31, 2011
CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY [Abstract] |
CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY [Text Block] | SCHEDULE II AXIS CAPITAL HOLDINGS LIMITED CONDENSED BALANCE SHEETS – PARENT COMPANY DECEMBER 31, 2011 AND 2010
|  |  |  |  | 2011 |  |  | 2010
|  |  |  |  | (in thousands)
Assets |  |  |  |  |  |  |  |
Investments in subsidiaries on equity basis | $ | 6,201,506 |  | $ | 6,505,431
Cash and cash equivalents |  | 2,363 |  |  | 8,496
Other assets |  | 3,567 |  |  | 3,716
Total assets | $ | 6,207,436 |  | $ | 6,517,643
Liabilities |  |  |  |  |  |  |  |
Intercompany payable | $ | 250,919 |  | $ | 295,422
Senior notes |  | 499,691 |  |  | 499,583
Dividends payable |  | 5,250 |  |  | 93,843
Other liabilities |  | 7,497 |  |  | 3,825
Total liabilities |  |  |  | 763,357 |  |  | 892,673
Shareholders' equity |  |  |  |  |
Preferred shares - Series A and B |  | 500,000 |  |  | 500,000
Common shares | (2011: 170,159; 2010: 154,912 shares issued |  |  |  |  |
and 2011: 125,588; 2010: 112,393 shares outstanding) |  | 2,125 |  |  | 1,934
Additional paid-in capital |  | 2,105,386 |  |  | 2,059,708
Accumulated other comprehensive income |  | 128,162 |  |  | 176,821
Retained earnings |  | 4,155,392 |  |  | 4,267,608
Treasury shares, at cost | (2011: 44,571; 2010: 42,519 shares) |  | (1,446,986) |  |  | (1,381,101)
Total shareholders' equity |  | 5,444,079 |  |  | 5,624,970
Total liabilities and shareholders' equity | $ | 6,207,436 |  | $ | 6,517,643
(1) On November 15, 2004, AXIS Capital issued $500 million aggregate principal amount of 5.75% senior unsecured debt ("Senior Notes") at an issue price of 99.785%, generating net proceeds of $496 million. Interest of the 5.75% Senior Notes is payable semi-annually in arrears on June 1 and December 1 of each year, beginning on June 1, 2005. Unless previously redeemed, the 5.75% Senior Notes will mature on December 1, 2014. (2) AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance, an indirect wholly-owned subsidiary, related to the issuance of $500 million aggregate principal amount of 5.875% senior unsecured notes. AXIS Capital’s obligations under this guarantee are unsecured and senior and rank equally with all other senior obligations of AXIS Capital.
SCHEDULE II AXIS CAPITAL HOLDINGS LIMITED CONDENSED STATEMENTS OF OPERATIONS – PARENT COMPANY YEARS ENDED DECEMBER 31, 2011, 2010 AND 2009
|  |  |  |  | 2011 |  | 2010 |  | 2009 |
|  |  |  |  |  | (in thousands) |
Revenues |  |  |  |  |  |  |  |  |  |  |  |  |
Net investment income | $ | 1 |  | $ | 74 |  | $ | 27 |
Total revenues |  | 1 |  |  | 74 |  |  | 27 |
Expenses |  |  |  |  |  |  |  |  |  |  |  |  |
General and administrative expenses |  | 36,248 |  |  | 33,785 |  |  | 42,114 |
Interest expense and financing costs |  | 29,201 |  |  | 29,201 |  |  | 29,201 |
Total expenses |  |  |  |  | 65,449 |  |  | 62,986 |  |  | 71,315 |
Loss before equity in net earnings of subsidiaries |  | (65,448) |  |  | (62,912) |  |  | (71,288) |
Equity in net earnings of subsidiaries |  | 111,753 |  |  | 919,635 |  |  | 569,174 |
Net income |  |  |  |  | 46,305 |  |  | 856,723 |  |  | 497,886 |
Preferred share dividends |  | 36,875 |  |  | 36,875 |  |  | 36,875 |
Net income available to common shareholders | $ | 9,430 |  | $ | 819,848 |  | $ | 461,011 |
SCHEDULE II AXIS CAPITAL HOLDINGS LIMITED CONDENSED STATEMENTS OF CASH FLOWS – PARENT COMPANY YEARS ENDED DECEMBER 31, 2011, 2010 AND 2009
|  |  |  |  |  |  | 2011 |  | 2010 |  | 2009
|  |  |  |  |  |  |  | (in thousands)
| Cash flows from operating activities: |  |  |
| Net income |  | $ | 46,305 |  | $ | 856,723 |  | $ | 497,886
| Adjustments to reconcile net income to net cash |  |  |  |  |  |  |  |  |
| provided by operating activities: |  |  |  |  |  |  |  |  |
| Equity in net earnings of subsidiaries |  |  | (111,753) |  |  | (919,635) |  |  | (569,174)
| Change in intercompany payable |  |  | (44,503) |  |  | 103,544 |  |  | (147,053)
| Dividends received from subsidiaries |  |  | 255,000 |  |  | 697,500 |  |  | 530,000
| Other items |  |  | 21,298 |  |  | 87,277 |  |  | 24,190
| Net cash provided by operating activities |  |  | 166,347 |  |  | 825,409 |  |  | 335,849
| Cash flows from investing activities: |  |  |  |  |  |  |  |  |
| Capital repaid from subsidiary |  |  | 130,000 |  |  | - |  |  | -
| Net cash from investing activities |  |  | 130,000 |  |  | - |  |  | -
| Cash flows from financing activities: |  |  |  |  |  |  |  |  |
| Repurchase of shares |  |  | (65,885) |  |  | (709,583) |  |  | (175,909)
| Dividends paid - common shares |  |  | (206,455) |  |  | (108,302) |  |  | (112,984)
| Dividends paid - preferred shares |  |  | (36,875) |  |  | (36,875) |  |  | (36,875)
| Proceeds from issuance of common shares |  |  | 6,735 |  |  | 8,229 |  |  | 3,844
| Net cash used in financing activities |  |  | (302,480) |  |  | (846,531) |  |  | (321,924)
| Increase (decrease) in cash and cash equivalents |  |  | (6,133) |  |  | (21,122) |  |  | 13,925
| Cash and cash equivalents - beginning of period |  |  | 8,496 |  |  | 29,618 |  |  | 15,693
| Cash and cash equivalents - end of period |  | $ | 2,363 |  | $ | 8,496 |  | $ | 29,618
| Supplemental disclosures of cash flow information: |  |  |  |  |  |  |  |  |
| Interest paid |  | $ | 28,750 |  | $ | 28,750 |  | $ | 28,750

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 9 -Section 06 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 7 -Section 05 -Paragraph c Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e24072-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 24 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 12 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6921628&loc=d3e5283-111683 + Details
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