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SCHEDULE II - CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY ONLY
 12 Months Ended
Dec. 31, 2020
Condensed Financial Information Disclosure [Abstract]  
SCHEDULE II - FOOTNOTES
AXIS CAPITAL HOLDINGS LIMITED
CONDENSED BALANCE SHEETS – PARENT COMPANY
DECEMBER 31, 2020 AND 2019
 
20202019
 (in thousands)
Assets
Investments in subsidiaries$5,633,176 $5,807,851 
Cash and cash equivalents1,711 3,103 
Other assets5,832 5,540 
Total assets$5,640,719 $5,816,494 
Liabilities
Intercompany payable$289,486 $215,911 
Dividends payable50,153 50,927 
Other liabilities5,386 5,648 
Total liabilities345,025 272,486 
Shareholders’ equity
Preferred shares550,000 775,000 
Common shares (shares issued 2020: 176,580; 2019: 176,580
     shares outstanding 2020: 84,353; 2019: 83,959)
2,206 2,206 
Additional paid-in capital2,330,054 2,317,212 
Accumulated other comprehensive income414,395 171,710 
Retained earnings5,763,607 6,056,686 
Treasury shares, at cost (2020: 92,227; 2019: 92,621)
(3,764,568)(3,778,806)
Total shareholders’ equity5,295,694 5,544,008 
Total liabilities and shareholders’ equity$5,640,719 $5,816,494 

(1)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.

(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 $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.

(3)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.

(4)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, 2020, 2019 AND 2018
 

202020192018
 (in thousands)
Revenues
Net investment income
$750 $1,800 $900 
Total revenues750 1,800 900 
Expenses
General and administrative expenses37,629 53,335 29,250 
Total expenses37,629 53,335 29,250 
Income (loss) before equity in net income (loss) of subsidiaries(36,879)(51,535)(28,350)
Equity in net income (loss) of subsidiaries(83,545)375,008 71,371 
Net income (loss)(120,424)323,473 43,021 
Preferred share dividends30,250 41,112 42,625 
Net income (loss) available (attributable) to common shareholders$(150,674)$282,361 $396 
Comprehensive income (loss)$122,261 $672,293 $(158,973)
SCHEDULE II
AXIS CAPITAL HOLDINGS LIMITED
CONDENSED STATEMENTS OF CASH FLOWS – PARENT COMPANY
YEARS ENDED DECEMBER 31, 2020, 2019 AND 2018
 
202020192018
 (in thousands)
Cash flows from operating activities:
Net income (loss)$(120,424)$323,473 $43,021 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in net (income) loss of subsidiaries83,545 (375,008)(71,371)
Change in intercompany payable73,575 (32,081)87,042 
Dividends received from subsidiaries350,000 250,000 200,000 
Other items20,715 23,619 (79,927)
Net cash provided by operating activities407,411 190,003 178,765 
Cash flows from financing activities:
Taxes paid on withholding shares(10,382)(10,165)(10,080)
Dividends paid - common shares(141,590)(137,209)(133,502)
Repurchase of preferred shares(225,000)— — 
Dividends paid - preferred shares(31,831)(42,625)(42,625)
Net cash used in financing activities(408,803)(189,999)(186,207)
Increase (decrease) in cash, cash equivalents and restricted cash(1,392)4 (7,442)
Cash, cash equivalents and restricted cash - beginning of year3,103 3,099 10,541 
Cash, cash equivalents and restricted cash - end of year$1,711 $3,103 $3,099