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SCHEDULE II - CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY ONLY | 12 Months Ended
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Dec. 31, 2019
Condensed Financial Information Disclosure [Abstract] |
SCHEDULE II - FOOTNOTES | AXIS CAPITAL HOLDINGS LIMITED CONDENSED BALANCE SHEETS – PARENT COMPANY DECEMBER 31, 2019 AND 2018
| 2019 |  | 2018
| (in thousands)
Assets |  |  |
Investments in subsidiaries | $ | 5,807,851 |  |  | $ | 5,320,828 |
Cash and cash equivalents | 3,103 |  |  | 3,099 |
Other assets | 5,540 |  |  | 9,647 |
Total assets | $ | 5,816,494 |  |  | $ | 5,333,574 |
Liabilities |  |  |
Intercompany payable | $ | 215,911 |  |  | $ | 247,992 |
Dividends payable | 50,927 |  |  | 51,157 |
Other liabilities | 5,648 |  |  | 4,354 |
Total liabilities | 272,486 |  |  | 303,503 |
Shareholders’ equity |  |  |
Preferred shares | 775,000 |  |  | 775,000 |
Common shares (shares issued 2019: 176,580; 2018: 176,580 shares outstanding 2019: 83,959; 2018: 83,586) | 2,206 |  |  | 2,206 |
Additional paid-in capital | 2,317,212 |  |  | 2,308,583 |
Accumulated other comprehensive income (loss) | 171,710 |  |  | (177,110 | )
Retained earnings | 6,056,686 |  |  | 5,912,812 |
Treasury shares, at cost (2019: 92,621; 2018: 92,994) | (3,778,806 | ) |  | (3,791,420 | )
Total shareholders’ equity | 5,544,008 |  |  | 5,030,071 |
Total liabilities and shareholders’ equity | $ | 5,816,494 |  |  | $ | 5,333,574 |
(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 senior obligations 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 5.15% senior unsecured notes. AXIS Capital's obligations under this guarantee are unsecured senior obligations 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 senior obligations and rank equally with all other senior obligations of AXIS Capital.
(4) | On February 15, 2018, AXIS Capital contributed $105 million to AXIS Specialty Global Holdings Limited to support the capital requirements of its U.S. subsidiaries.
(5) | AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance LLC, a 100% owned finance subsidiary, related to the issuance of $300 million aggregate principal amount of 3.9% senior unsecured notes. AXIS Capital's obligations under this guarantee are unsecured senior obligations and rank equally with all other senior obligations of AXIS Capital.
(6) | AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance LLC, a 100% owned finance subsidiary, related to the issuance of $425 million aggregate principal amount of 4.9% fixed-rate reset junior unsecured notes. AXIS Capital's obligation under this guarantee is an unsecured junior subordinated obligation and ranks equally with all future unsecured and junior subordinated obligations of AXIS Capital, and junior in right of payment to all outstanding and future senior obligations of AXIS Capital.
SCHEDULE II AXIS CAPITAL HOLDINGS LIMITED CONDENSED STATEMENTS OF OPERATIONS – PARENT COMPANY YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017
| 2019 |  | 2018 |  | 2017
| (in thousands)
Revenues |  |  |  |  |
Net investment income (1) | $ | 1,800 |  |  | $ | 900 |  |  | $ | 2,116 |
Total revenues | 1,800 |  |  | 900 |  |  | 2,116 |
Expenses |  |  |  |  |
General and administrative expenses | 53,335 |  |  | 29,250 |  |  | 34,933 |
Total expenses | 53,335 |  |  | 29,250 |  |  | 34,933 |
Income (loss) before equity in net income (loss) of subsidiaries | (51,535 | ) |  | (28,350 | ) |  | (32,817 | )
Equity in net income (loss) of subsidiaries | 375,008 |  |  | 71,371 |  |  | (336,152 | )
Net income (loss) | 323,473 |  |  | 43,021 |  |  | (368,969 | )
Preferred share dividends | 41,112 |  |  | 42,625 |  |  | 46,810 |
Net income (loss) available (attributable) to common shareholders | $ | 282,361 |  |  | $ | 396 |  |  | $ | (415,779 | )
Comprehensive income (loss) | $ | 672,293 |  |  | $ | (158,973 | ) |  | $ | (154,746 | )
(1) | On April 15, 2017 a promissory note of $368 million advanced by AXIS Capital Holdings Limited 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 CASH FLOWS – PARENT COMPANY YEARS ENDED DECEMBER 31, 2019, 2018 AND 2017
| 2019 |  | 2018 |  | 2017
| (in thousands)
Cash flows from operating activities: |  |  |  |  |
Net income (loss) | $ | 323,473 |  |  | $ | 43,021 |  |  | $ | (368,969 | )
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |  |  |
Equity in net income (loss) of subsidiaries | (375,008 | ) |  | (71,371 | ) |  | 336,152 |
Change in intercompany payable | (32,081 | ) |  | 87,042 |  |  | 94,827 |
Dividends received from subsidiaries | 250,000 |  |  | 200,000 |  |  | 400,000 |
Other items | 23,619 |  |  | (79,927 | ) |  | 4,988 |
Net cash provided by operating activities | 190,003 |  |  | 178,765 |  |  | 466,998 |
Cash flows from investing activities: |  |  |  |  |
Capital returned by subsidiary | — |  |  | — |  |  | 368,252 |
Net cash provided by investing activities | — |  |  | — |  |  | 368,252 |
Cash flows from financing activities: |  |  |  |  |
Repurchase of common shares - open market | — |  |  | — |  |  | (261,180 | )
Taxes paid on withholding shares | (10,165 | ) |  | (10,080 | ) |  | (24,678 | )
Dividends paid - common shares | (137,209 | ) |  | (133,502 | ) |  | (135,032 | )
Repurchase of preferred shares | — |  |  | — |  |  | (351,074 | )
Dividends paid - preferred shares | (42,625 | ) |  | (42,625 | ) |  | (52,844 | )
Net cash used in financing activities | (189,999 | ) |  | (186,207 | ) |  | (824,808 | )
Increase (decrease) in cash, cash equivalents and restricted cash | 4 |  |  | (7,442 | ) |  | 10,442 |
Cash, cash equivalents and restricted cash - beginning of year | 3,099 |  |  | 10,541 |  |  | 99 |
Cash, cash equivalents and restricted cash - end of year | $ | 3,103 |  |  | $ | 3,099 |  |  | $ | 10,541 |

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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/disclosureRef -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 Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=108774443&loc=d3e5283-111683 + Details
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