SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION

12 Months Ended

Dec. 31, 2019

SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]

SCHEDULE III - SUPPLEMENTARY INSURANCE INFORMATION

AXIS CAPITAL HOLDINGS LIMITED

SUPPLEMENTARY INSURANCE INFORMATION




	At and year ended December 31, 2019
(in thousands)	Deferred acquisition costs		Reserve for losses and loss expenses		Unearned premiums		Net premiums earned		Net investment income⁽¹⁾		Net losses and loss expenses		Acquisition costs		Other operating expenses⁽²⁾		Net premiums written
Insurance	$	191,925	$	6,496,568	$	2,115,664	$	2,190,084	$	—	$	1,278,679	$	468,281	$	401,963	$	2,209,155
Reinsurance	300,194		6,255,513		1,510,582		2,397,094		—		1,766,119		556,301		103,772		2,280,460
Corporate	—		—		—		—		478,572		—		—		129,096		—
Total	$	492,119	$	12,752,081	$	3,626,246	$	4,587,178	$	478,572	$	3,044,798	$	1,024,582	$	634,831	$	4,489,615

	At and year ended December 31, 2018
(in thousands)	Deferred acquisition costs		Reserve for losses and loss expenses		Unearned premiums		Net premiums earned		Net investment income⁽¹⁾		Net losses and loss expenses		Acquisition costs		Other operating expenses⁽²⁾		Net premiums written
Insurance	$	209,622	$	6,426,309	$	2,061,123	$	2,362,606	$	—	$	1,494,323	$	399,193	$	395,252	$	2,324,747
Reinsurance	357,000		5,854,460		1,574,635		2,428,889		—		1,695,964		569,642		123,916		2,334,215
Corporate	—		—		—		—		438,507		—		—		108,221		—
Total	$	566,622	$	12,280,769	$	3,635,758	$	4,791,495	$	438,507	$	3,190,287	$	968,835	$	627,389	$	4,658,962

	At and year ended December 31, 2017
(in thousands)	Deferred acquisition costs		Reserve for losses and loss expenses		Unearned premiums		Net premiums earned		Net investment income⁽¹⁾		Net losses and loss expenses		Acquisition costs		Other operating expenses⁽²⁾		Net premiums written
Insurance	$	115,332	$	7,011,805	$	2,053,422	$	1,816,438	$	—	$	1,465,427	$	270,229	$	325,368	$	1,775,825
Reinsurance	358,729		5,985,748		1,587,977		2,332,322		—		1,822,345		553,362		124,115		2,251,318
Corporate	—		—		—		—		400,805		—		—		129,945		—
Total	$	474,061	$	12,997,553	$	3,641,399	$	4,148,760	$	400,805	$	3,287,772	$	823,591	$	579,428	$	4,027,143


(1)	The Company evaluates underwriting results of its reportable segments separately from the performance of its investment portfolio therefore, the Company believes it is appropriate to exclude net investment income from its underwriting profitability measure.

(2)

Amounts related to the Company's reportable segments reflect underwriting-related general and administrative expenses, which includes those general and administrative expenses that are incremental and/or directly attributable to the Company's underwriting operations. Underwriting-related general and administrative expenses is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to general and administrative expenses, the most comparable GAAP financial measure, presented in the table above, also included corporate expenses of $129 million, $108 million and $130 million for the years ended December 31, 2019, 2018 and 2017, respectively. Corporate expenses include holding company costs necessary to support our worldwide insurance and reinsurance operations and costs associated with operating as a publicly-traded company. As these costs are not incremental and/or directly attributable to the Company's underwriting operations, these expenses are excluded from underwriting-related general and administrative expenses.