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SHARE-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2020
Share-based Payment Arrangement [Abstract]  
SHARE-BASED COMPENSATION
In May 2017, shareholders approved the establishment of the AXIS Capital Holdings Limited 2017 Long-Term Equity Compensation Plan (the "2017 Plan"). The 2017 Plan provides for, among other things, the issuance of restricted shares, restricted stock units (share-settled awards and cash-settled awards), performance units (share-settled awards and cash-settled
awards), stock options, stock appreciation rights and other equity-based awards to the Company's employees and directors. The 2017 Plan authorizes the issuance of a total of 3,400,000 common shares. The Company's 2017 Plan replaced its 2007 Long-Term Equity Compensation Plan ("2007 Plan") when it expired in May 2017. All remaining shares available for grant pursuant to the 2007 Plan have been canceled. Awards made pursuant to the 2007 Plan prior to its expiration remain in effect in accordance with the terms of the 2007 Plan. At December 31, 2020, 1,912,055 equity-based awards remained available for grant pursuant to the 2017 Plan. The grant date fair value of each award is established at the fair market value of the Company's common shares at the date of grant.

Restricted Stock Units - Share-Settled

Share-settled restricted stock units granted pursuant to the 2017 Plan or the 2007 Plan either cliff vest at the end of a three year period, vest in accordance with a three year graded vesting schedule in three annual installments beginning on the grant date, or vest in accordance with a four year graded vesting schedule in four annual installments beginning on the grant date.

Restricted Stock Units - Cash-Settled

Cash-settled restricted stock units granted pursuant to the 2017 Plan or the 2007 Plan are liability awards and generally cliff vest at the end of a three year period, or vest in accordance with a four year graded vesting schedule in four annual installments beginning on the grant date.

Performance Restricted Stock Units - Share-Settled and Cash-Settled

Performance restricted stock units granted pursuant to the 2017 Plan or the 2007 Plan represent the right to receive a specified number of common shares in the future, based on the achievement of established performance criteria and continued service during the applicable performance period. Awards granted pursuant to these plans generally cliff vest at the
end of a three year period. Compensation expense is recognized on a straight-line basis over the applicable requisite service period and is subject to periodic adjustment based on the achievement of established performance criteria during the applicable performance period. Performance restricted stock units granted are either share-settled awards or cash-settled liability awards.
Acceleration Provisions

Grants provided under the 2017 Plan and the 2007 Plan generally allow for accelerated vesting provisions on the employee’s
death, permanent disability, or certain terminations following a change in control of the Company occurring within two years
of the change in control event. Notwithstanding these vesting provisions, the Compensation Committee of the Company's Board of Directors has broad authority to accelerate vesting at its discretion.

Retirement Plan

In 2016, the Company established the AXIS Executive Restricted Stock Unit Retirement Plan (the "Plan") to reward certain eligible long-term employees of the Company for their dedicated service. The Plan was implemented in 2017. Subject to certain conditions being met, eligible employees do not forfeit all of their outstanding share-settled restricted stock units or cash-settled restricted stock units on or following their retirement. Absent the Plan, outstanding restricted stock units are generally forfeited on termination of employment.

a)    Share-Settled Awards
The following table provides an activity summary of the Company's share-settled restricted stock units:
Share-Settled Performance
Restricted Stock Units		Share-Settled Service
Restricted Stock Units
Number of
restricted
stock units
Weighted average grant date
fair value(1)
Number of
restricted
stock units
Weighted average
grant date
fair value(1)
Nonvested restricted stock units - December 31, 2018232 $54.54 1,411 $54.12 
Granted127 54.70 523 54.88 
Vested(61)53.82 (487)54.29 
Forfeited(40)64.01 (174)54.49 
Nonvested restricted stock units - December 31, 2019258 53.31 1,273 54.32 
Granted97 62.26 894 58.98 
Vested(27)64.01 (561)55.29 
Forfeited(39)48.89 (105)57.54 
Nonvested restricted stock units - December 31, 2020289 $55.92 1,501 $56.50 
(1)    Fair value is based on the closing price of the Company's common shares on the grant date.
b)    Cash-Settled Awards
The following table provides an activity summary of the Company's cash-settled restricted stock units:
 Cash-Settled Performance Restricted Stock UnitsCash-Settled Service Restricted Stock Units
Number of
restricted stock units		Number of
restricted stock units
Nonvested restricted stock units - December 31, 201827 932 
Granted— 364 
Vested(12)(333)
Forfeited(9)(110)
Nonvested restricted stock units - December 31, 20196 853 
Granted— 1 
Vested(6)(332)
Forfeited— (51)
Nonvested restricted stock units - December 31, 2020— 471 
The following table provides additional information related to share-based compensation:
Year ended December 31,202020192018
Share-based compensation expense (1)
$47,789 $52,218 $54,011 
Tax benefits associated with share-based compensation expense$8,061 $8,913 $7,772 
Liability for cash-settled restricted stock units (2)
$13,273 $21,731 $20,648 
Fair value of restricted stock units vested (3)
$50,757 $51,206 $50,750 
Unrecognized share-based compensation expense$74,014 $75,770 $87,341 
Expected weighted average period associated with the recognition of unrecognized share-based compensation expense2.4 years2.3 years2.4 years
(1)    Related to share-settled stock units and cash settled restricted stock units.
(2)    Included in other liabilities in the consolidated balance sheets.
(3)     Fair value is based on the closing price of the Company's common shares on the vest date.