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SCHEDULE II - CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY ONLY
 12 Months Ended
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