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SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY | 12 Months Ended
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Dec. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY | AXIS CAPITAL HOLDINGS LIMITED CONDENSED BALANCE SHEETS – PARENT COMPANY DECEMBER 31, 2017 AND 2016
| 2017 |  | 2016
| (in thousands)
Assets |  |  |
Investments in subsidiaries | $ | 5,532,396 |  |  | $ | 6,033,564 |
Promissory note receivable from subsidiary | — |  |  | 368,252 |
Cash and cash equivalents | 10,541 |  |  | 99 |
Other assets | 9,480 |  |  | 9,913 |
Total assets | $ | 5,552,417 |  |  | $ | 6,411,828 |
Liabilities |  |  |
Intercompany payable | $ | 160,950 |  |  | $ | 66,123 |
Dividends payable | 49,907 |  |  | 58,791 |
Other liabilities | 296 |  |  | 14,544 |
Total liabilities | 211,153 |  |  | 139,458 |
Shareholders’ equity |  |  |
Preferred shares | 775,000 |  |  | 1,126,074 |
Common shares (shares issued 2017: 176,580; 2016: 176,580 shares outstanding 2017: 83,161; 2016: 86,441) | 2,206 |  |  | 2,206 |
Additional paid-in capital | 2,299,166 |  |  | 2,299,857 |
Accumulated other comprehensive (income) loss | 92,382 |  |  | (121,841 | )
Retained earnings | 5,979,666 |  |  | 6,527,627 |
Treasury shares, at cost (2017: 93,419; 2016: 90,139) | (3,807,156 | ) |  | (3,561,553 | )
Total shareholders’ equity | 5,341,264 |  |  | 6,272,370 |
Total liabilities and shareholders’ equity | $ | 5,552,417 |  |  | $ | 6,411,828 |
(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 all obligations of AXIS Specialty Finance PLC, a 100% owned finance subsidiary, related to the issuance of $350 million aggregate principal amount of 4.0% 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.
(4) | AXIS Capital has fully and unconditionally guaranteed the derivative instrument obligations of certain of its 100% owned operating subsidiaries. At December 31, 2017, the notional value of guaranteed obligations utilized aggregated to $nil (2016: $64 million).
(5) | On April 15, 2017 the promissory note of $368 million advanced by AXIS Capital to AXIS Specialty Limited on November 7, 2016, matured. For the year ended December 31, 2017, interest earned at an annual rate of 1.132% and was recorded in net investment income.
SCHEDULE II AXIS CAPITAL HOLDINGS LIMITED CONDENSED STATEMENTS OF OPERATIONS – PARENT COMPANY YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015
| 2017 |  | 2016 |  | 2015
| (in thousands)
Revenues |  |  |  |  |
Net investment income | $ | 2,116 |  |  | $ | 656 |  |  | $ | 1 |
Termination fee received | — |  |  | — |  |  | 280,000 |
Total revenues | 2,116 |  |  | 656 |  |  | 280,001 |
Expenses |  |  |  |  |
General and administrative expenses | 34,933 |  |  | 39,909 |  |  | 8,012 |
Total expenses | 34,933 |  |  | 39,909 |  |  | 8,012 |
Income (loss) before equity in net income (loss) of subsidiaries | (32,817 | ) |  | (39,253 | ) |  | 271,989 |
Equity in net income (loss) of subsidiaries | (336,152 | ) |  | 552,621 |  |  | 369,642 |
Net income (loss) | (368,969 | ) |  | 513,368 |  |  | 641,631 |
Preferred share dividends | 46,810 |  |  | 46,597 |  |  | 40,069 |
Loss on repurchase of preferred shares | — |  |  | 1,309 |  |  | — |
Net income (loss) available to common shareholders | $ | (415,779 | ) |  | $ | 465,462 |  |  | $ | 601,562 |
Comprehensive income (loss) | $ | (154,746 | ) |  | $ | 579,992 |  |  | $ | 498,740 |
SCHEDULE II AXIS CAPITAL HOLDINGS LIMITED CONDENSED STATEMENTS OF CASH FLOWS – PARENT COMPANY YEARS ENDED DECEMBER 31, 2017, 2016 AND 2015
| 2017 |  | 2016 |  | 2015
| (in thousands)
Cash flows from operating activities: |  |  |  |  |
Net income (loss) | $ | (368,969 | ) |  | $ | 513,368 |  |  | $ | 641,631 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |
Equity in net income (loss) of subsidiaries | 336,152 |  |  | (552,621 | ) |  | (369,642 | )
Change in intercompany payable | 94,827 |  |  | 33,286 |  |  | (180,312 | )
Dividends received from subsidiaries | 400,000 |  |  | 550,000 |  |  | 420,000 |
Other items | 4,988 |  |  | 17,807 |  |  | (23,614 | )
Net cash provided by operating activities | 466,998 |  |  | 561,840 |  |  | 488,063 |
Cash flows from investing activities: |  |  |  |  |
Promissory note receivable from subsidiary | — |  |  | (368,252 | ) |  | — |
Capital returned by subsidiary | 368,252 |  |  | — |  |  | — |
Net cash provided by (used in) investing activities | 368,252 |  |  | (368,252 | ) |  | — |
Cash flows from financing activities: |  |  |  |  |
Net proceeds from issuance of preferred shares | — |  |  | 531,945 |  |  | — |
Repurchase of common shares - open market | (261,180 | ) |  | (495,426 | ) |  | (314,204 | )
Taxes paid on withholding shares | (24,678 | ) |  | (14,329 | ) |  | (18,048 | )
Dividends paid - common shares | (135,032 | ) |  | (132,323 | ) |  | (118,652 | )
Repurchase of preferred shares | (351,074 | ) |  | (51,769 | ) |  | — |
Dividends paid - preferred shares | (52,844 | ) |  | (39,909 | ) |  | (40,088 | )
Proceeds from issuance of common shares | — |  |  | 224 |  |  | 3,986 |
Net cash used in financing activities | (824,808 | ) |  | (201,587 | ) |  | (487,006 | )
Increase (decrease) in cash and cash equivalents | 10,442 |  |  | (7,999 | ) |  | 1,057 |
Cash and cash equivalents - beginning of year | 99 |  |  | 8,098 |  |  | 7,041 |
Cash and cash equivalents - end of year | $ | 10,541 |  |  | $ | 99 |  |  | $ | 8,098 |

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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 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=96868048&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
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