XML 54 R32.htm IDEA: XBRL DOCUMENT
v3.6.0.2

SCHEDULE II | 12 Months Ended
--- | ---
Dec. 31, 2016
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Schedule II | AXIS CAPITAL HOLDINGS LIMITED CONDENSED BALANCE SHEETS – PARENT COMPANY DECEMBER 31, 2016 AND 2015
| 2016 |  | 2015
| (in thousands)
Assets |  |  |
Investments in subsidiaries on equity basis | $ | 6,033,564 |  |  | $ | 5,943,182 |
Promissory note receivable from subsidiary | 368,252 |  |  | — |
Cash and cash equivalents | 99 |  |  | 8,098 |
Other assets | 9,913 |  |  | 9,381 |
Total assets | $ | 6,411,828 |  |  | $ | 5,960,661 |
Liabilities |  |  |
Intercompany payable | $ | 66,123 |  |  | $ | 32,837 |
Dividends payable | 58,791 |  |  | 52,237 |
Other liabilities | 14,544 |  |  | 8,705 |
Total liabilities | 139,458 |  |  | 93,779 |
Shareholders’ equity |  |  |
Preferred shares | 1,126,074 |  |  | 627,843 |
Common shares (2016: 176,580; 2015: 176,240 shares issued and 2016: 86,441; 2015: 96,066 shares outstanding) | 2,206 |  |  | 2,202 |
Additional paid-in capital | 2,299,857 |  |  | 2,241,388 |
Accumulated other comprehensive loss | (121,841 | ) |  | (188,465 | )
Retained earnings | 6,527,627 |  |  | 6,194,353 |
Treasury shares, at cost (2016: 90,139; 2015: 80,174 shares) | (3,561,553 | ) |  | (3,010,439 | )
Total shareholders’ equity | 6,272,370 |  |  | 5,866,882 |
Total liabilities and shareholders’ equity | $ | 6,411,828 |  |  | $ | 5,960,661 |
(1) | AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance LLC, a 100% owned finance 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.
(2) | AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance PLC, a 100% owned finance subsidiary, related to the issuance of $250 million aggregate principal amount of 2.65% and $250 million aggregate principal amount of 5.15% 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.
(3) | AXIS Capital has fully and unconditionally guaranteed the obligations of AXIS Specialty Finance LLC, AXIS Specialty Holdings Bermuda Limited, AXIS Specialty Finance PLC, and operating subsidiaries i.e. the borrowing entities related to the $250 million credit facility issued by a syndication of lenders. At December 31, 2016 and 2015, debt outstanding under the credit facility was $nil.
(4) | AXIS Capital has fully and unconditionally guaranteed the derivative instrument obligations of certain of its 100% owned operating subsidiaries. At December 31, 2016, the notional value of guaranteed obligations utilized aggregated to $64 million (2015: $70 million).
(5) | On November 7, 2016, AXIS Capital advanced an amount of $368 million to AXIS Specialty Limited, bearing interest at an annual rate of 1.132% and a maturity date of April 15, 2017. Interest income on the promissory note is recorded in net investment income.
SCHEDULE II AXIS CAPITAL HOLDINGS LIMITED CONDENSED STATEMENTS OF OPERATIONS – PARENT COMPANY YEARS ENDED DECEMBER 31, 2016, 2015 AND 2014
| 2016 |  | 2015 |  | 2014
| (in thousands)
Revenues |  |  |  |  |
Net investment income | $ | 656 |  |  | $ | 1 |  |  | $ | 3 |
Termination fee received | — |  |  | 280,000 |  |  | — |
Total revenues | 656 |  |  | 280,001 |  |  | 3 |
Expenses |  |  |  |  |
General and administrative expenses | 39,909 |  |  | 8,012 |  |  | 57,998 |
Interest expense and financing costs | — |  |  | — |  |  | 26,749 |
Total expenses | 39,909 |  |  | 8,012 |  |  | 84,747 |
Income (loss) before equity in net earnings of subsidiaries | (39,253 | ) |  | 271,989 |  |  | (84,744 | )
Equity in net earnings of subsidiaries | 552,621 |  |  | 369,642 |  |  | 895,489 |
Net income | 513,368 |  |  | 641,631 |  |  | 810,745 |
Preferred share dividends | 46,597 |  |  | 40,069 |  |  | 40,088 |
Loss on repurchase of preferred shares | 1,309 |  |  | — |  |  | — |
Net income available to common shareholders | $ | 465,462 |  |  | $ | 601,562 |  |  | $ | 770,657 |
Comprehensive income | $ | 579,992 |  |  | $ | 498,740 |  |  | $ | 641,165 |
SCHEDULE II AXIS CAPITAL HOLDINGS LIMITED CONDENSED STATEMENTS OF CASH FLOWS – PARENT COMPANY YEARS ENDED DECEMBER 31, 2016, 2015 AND 2014
| 2016 |  | 2015 |  | 2014
| (in thousands)
Cash flows from operating activities: |  |  |  |  |
Net income | $ | 513,368 |  |  | $ | 641,631 |  |  | $ | 810,745 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |
Equity in net earnings of subsidiaries | (552,621 | ) |  | (369,642 | ) |  | (895,489 | )
Change in intercompany payable | 33,286 |  |  | (180,312 | ) |  | 8,272 |
Dividends received from subsidiaries | 550,000 |  |  | 420,000 |  |  | 724,000 |
Other items | 17,807 |  |  | (23,614 | ) |  | 53,865 |
Net cash provided by operating activities | 561,840 |  |  | 488,063 |  |  | 701,393 |
Cash flows from investing activities: |  |  |  |  |
Promissory note receivable from subsidiary | (368,252 | ) |  | — |  |  | — |
Capital repaid from subsidiary | — |  |  | — |  |  | 496,593 |
Net cash provided by (used in) investing activities | (368,252 | ) |  | — |  |  | 496,593 |
Cash flows from financing activities: |  |  |  |  |
Net proceeds from issuance of preferred shares | 531,945 |  |  | — |  |  | — |
Repurchase of common shares | (509,755 | ) |  | (332,252 | ) |  | (543,202 | )
Dividends paid - common shares | (132,323 | ) |  | (118,652 | ) |  | (117,619 | )
Repurchase of preferred shares | (51,769 | ) |  | — |  |  | — |
Dividends paid - preferred shares | (39,909 | ) |  | (40,088 | ) |  | (40,088 | )
Proceeds from issuance of common shares | 224 |  |  | 3,986 |  |  | 5,550 |
Redemption of senior notes | — |  |  | — |  |  | (500,000 | )
Net cash used in financing activities | (201,587 | ) |  | (487,006 | ) |  | (1,195,359 | )
Increase (decrease) in cash and cash equivalents | (7,999 | ) |  | 1,057 |  |  | 2,627 |
Cash and cash equivalents - beginning of year | 8,098 |  |  | 7,041 |  |  | 4,414 |
Cash and cash equivalents - end of year | $ | 99 |  |  | $ | 8,098 |  |  | $ | 7,041 |
Supplemental disclosures of cash flow information: |  |  |  |  |
Interest paid | $ | — |  |  | $ | — |  |  | $ | 28,750 |

X
- References No definition available. + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 FASB -Name Accounting Standards Codification -Topic 944 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.7-05(c)(Schedule II)) -URI http://asc.fasb.org/extlink&oid=6879921&loc=d3e569147-122900 Reference 2: 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=68079674&loc=d3e5283-111683 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 235 -Section S99 -Paragraph 2 -Subparagraph (SX 210.9-06) -URI http://asc.fasb.org/extlink&oid=6882215&loc=d3e537971-122884 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(c)(Schedule I)) -URI http://asc.fasb.org/extlink&oid=27047687&loc=d3e5864-122674 Reference 5: 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=26873400&loc=d3e24072-122690 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration