| 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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