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Table of Contents
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2025
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Commission file number 001-31721
AXIS CAPITAL HOLDINGS LIMITED
(Exact name of registrant as specified in its charter)
Bermuda
(State or other jurisdiction of incorporation or organization)
98-0395986
(I.R.S. Employer Identification No.)
92 Pitts Bay Road, Pembroke, Bermuda HM 08
(Address of principal executive offices and zip code)
(441) 496-2600
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class | Trading Symbol(s) | Name of each exchange on which registered
Common shares, par value $0.0125 per share | AXS | New York Stock Exchange
Depositary shares, each representing a 1/100th interest in a 5.50% Series E preferred share | AXS PRE | New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer", "accelerated filer", "smaller reporting company", and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer | ☒ |  | Accelerated filer | ☐
Non-accelerated filer | ☐ |  | Smaller reporting company | ☐
|  |  | Emerging growth company | ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
At April 25, 2025, there were 78,653,175 common shares outstanding, $0.0125 par value per share, of the registrant.

Table of Contents
AXIS CAPITAL HOLDINGS LIMITED
INDEX TO FORM 10-Q

|  | Page
| PART I |
| Financial Information | 3
Item 1. | Consolidated Financial Statements | 5
Item 2. | Management's Discussion and Analysis of Financial Condition and Results of Operations | 48
Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 78
Item 4. | Controls and Procedures | 79
| PART II |
| Other Information | 79
Item 1. | Legal Proceedings | 79
Item 1A. | Risk Factors | 79
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 80
Item 5. | Other Information | 80
Item 6. | Exhibits | 81
| Signatures | 82

2

Table of Contents

PART I FINANCIAL INFORMATION

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts included in this report, including statements regarding our estimates, beliefs, expectations, intentions, strategies or projections are forward-looking statements. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in the United States ("U.S.") federal securities laws. In some cases, these statements can be identified by the use of forward-looking words such as "may", "should", "could", "anticipate", "estimate", "expect", "plan", "believe", "predict", "potential", "aim", "will", "target", "intend" or similar expressions. These forward-looking statements are not historical facts, and are based on current expectations, estimates and projections, and various assumptions, many of which, by their nature, are inherently uncertain and beyond management's control.
Forward-looking statements contained in this report may include, but are not limited to, information regarding our estimates for losses and loss expenses, measurements of potential losses in the fair value of our investment portfolio and derivative contracts, our expectations regarding the performance of our business, our financial results, our liquidity and capital resources, the outcome of our strategic initiatives including the loss portfolio transfer reinsurance agreement with Cavello Bay Reinsurance Limited, a wholly-owned subsidiary of Enstar Group Limited, our expectations regarding pricing, and other market and economic conditions including the liquidity of financial markets, developments in the commercial real estate market, inflation, our growth prospects, the impact of the current trade and and geopolitical environment on our business, and valuations of the potential impact of movements in interest rates, credit spreads, equity securities' prices, and foreign currency exchange rates.
Forward-looking statements only reflect our expectations and are not guarantees of performance. These statements involve risks, uncertainties and assumptions. Accordingly, there are or will be important factors that could cause actual events or results to differ materially from those indicated in such statements.
We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
In this Form 10-Q, references to "AXIS Capital" refer to AXIS Capital Holdings Limited and references to "we", "us", "our", "AXIS", the "Group" or the "Company" refer to AXIS Capital Holdings Limited and its direct and indirect subsidiaries and branches.
Summary of Risk Factors
Investing in our common stock involves substantial risks, and our ability to successfully operate our business is subject to numerous risks, including those that are generally associated with operating in the insurance and reinsurance industry. Some of the more significant material challenges and risks include the following:
Insurance Risk
•the cyclical nature of insurance and reinsurance business leading to periods with excess underwriting capacity and unfavorable premium rates;
•the occurrence and magnitude of natural and man-made disasters, including the potential increase of our exposure to natural catastrophe losses due to climate change and the potential for inherently unpredictable losses from man-made catastrophes, such as cyber-attacks;
•the effects of emerging claims, systemic risks, and coverage and regulatory issues, including increasing litigation and uncertainty related to coverage definitions, limits, terms and conditions;
•actual claims exceeding reserves for losses and loss expenses;
•losses related to the conflict in the Middle East, the Russian invasion of Ukraine, terrorism and political unrest, or other unanticipated losses;
•the adverse impact of social and economic inflation;
•the failure of any of the loss limitation methods we employ;
•the failure of our cedants to adequately evaluate risks;
•the use of industry models and changes to these models;
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Strategic Risk
•increased competition and consolidation in the insurance and reinsurance industry;
•general economic, capital and credit market conditions, including banking and commercial real estate sector instability, financial market illiquidity and fluctuations in interest rates, credit spreads, equity securities' prices, and/or foreign currency exchange rates, and the evolving impacts from tariffs, sanctions or other trade tensions between the U.S. and other countries (including implementation of new tariffs and retaliatory measures);
•changes in the political environment of certain countries in which we operate or underwrite business;
•the loss of business provided to us by major brokers;
•a decline in our ratings with rating agencies;
•the loss of one or more of our key executives;
•increasing scrutiny and evolving expectations from investors, customers, regulators, policymakers and other stakeholders regarding environmental, social and governance matters;
•the adverse impact of contagious diseases on our business, results of operations, financial condition, and liquidity;
Credit and Market Risk
•the inability to purchase reinsurance or collect amounts due to us from reinsurance we have purchased;
•the failure of our policyholders or intermediaries to pay premiums;
•breaches by third parties in our program business of their obligations to us;
Liquidity Risk
•the inability to access sufficient cash to meet our obligations when they are due;
Operational Risk
•changes in accounting policies or practices;
•difficulties with technology and/or data security;
•the failure of the processes, people or systems that we rely on to maintain our operations and manage the operational risks inherent to our business, including those outsourced to third parties;
Regulatory Risk
•changes in governmental regulations and potential government intervention in our industry;
•inadvertent failure to comply with certain laws and regulations relating to sanctions, foreign corrupt practices, data protection and privacy; and
Risks Related to Taxation
•changes in tax laws.
Readers should carefully consider the risks noted above together with other factors including but not limited to those described under Item 1A, 'Risk Factors' in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"), as those factors may be updated from time to time in our periodic and other filings with the SEC, which are accessible on the SEC's website at www.sec.gov.
Website and Social Media Disclosure
We use our website (www.axiscapital.com) and our corporate LinkedIn (AXIS Capital) and X Corp. (@AXIS_Capital) accounts as channels of distribution of Company information. The information we post through these channels may be deemed material. Accordingly, investors should monitor these channels, in addition to following our press releases, SEC filings and public conference calls and webcasts. In addition, e-mail alerts and other information about AXIS Capital may be received by those enrolled in our "E-mail Alerts" program, which can be found in the Investor Information section of our website (www.axiscapital.com). The contents of our website and social media channels are not part of this Quarterly Report on Form 10-Q.
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ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

| Page
Consolidated Balance Sheets at March 31, 2025 (Unaudited) and December 31, 2024 | 6
Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024 (Unaudited) | 7
Consolidated Statements of Comprehensive Income for the three months ended March 31, 2025 and 2024 (Unaudited) | 8
Consolidated Statements of Changes in Shareholders' Equity for the three months ended March 31, 2025 and 2024 (Unaudited) | 9
Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024 (Unaudited) | 10
Notes to Consolidated Financial Statements (Unaudited) | 12
Note 1 - Basis of Presentation and Significant Accounting Policies | 12
Note 2 - Segment Information | 13
Note 3 - Investments | 15
Note 4 - Fair Value Measurements | 25
Note 5 - Derivative Instruments | 35
Note 6 - Reserve for Losses and Loss Expenses | 37
Note 7 - Earnings Per Common Share | 40
Note 8 - Share-Based Compensation | 40
Note 9 - Shareholders' Equity | 43
Note 10 - Debt and Financing Arrangements | 44
Note 11 - Federal Home Loan Bank Advances | 44
Note 12 - Commitments and Contingencies | 45
Note 13 - Other Comprehensive Income (Loss) | 46
Note 14 - Related Party Transactions | 47
Note 15 - Reorganization Expenses | 47
Note 16 - Income Taxes | 47

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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED BALANCE SHEETS
MARCH 31, 2025 (UNAUDITED) AND DECEMBER 31, 2024

| 2025 |  | 2024 |
| (in thousands) |
Assets |  |  |  |
Investments: |  |  |  |
Fixed maturities, available for sale, at fair value (Amortized cost 2025: $11,997,330; 2024: $12,419,905 Allowance for expected credit losses 2025: $4,183; 2024: $3,938) | $ | 11,865,480 |  |  | $ | 12,152,753 |  |
Fixed maturities, held to maturity, at amortized cost (Fair value 2025: $383,827; 2024: $436,751 Allowance for expected credit losses 2025: $nil; 2024: $nil) | 389,571 |  |  | 443,400 |  |
Equity securities, at fair value (Cost 2025: $538,378; 2024: $520,743) | 574,379 |  |  | 579,274 |  |
Mortgage loans, held for investment, at fair value (Allowance for expected credit losses 2025: $25,862; 2024: $23,378) | 457,907 |  |  | 505,697 |  |
Other investments, at fair value | 938,562 |  |  | 930,278 |  |
Equity method investments | 214,240 |  |  | 206,994 |  |
Short-term investments, at fair value | 91,330 |  |  | 223,666 |  |
Total investments | 14,531,469 |  |  | 15,042,062 |  |
Cash and cash equivalents | 2,757,213 |  |  | 2,143,471 |  |
Restricted cash and cash equivalents | 575,554 |  |  | 920,150 |  |
Accrued interest receivable | 108,392 |  |  | 114,012 |  |
Insurance and reinsurance premium balances receivable (Allowance for expected credit losses 2025: $17,825; 2024: $17,339) | 3,725,518 |  |  | 3,169,355 |  |
Reinsurance recoverable on unpaid losses and loss expenses (Allowance for expected credit losses 2025: $43,267; 2024: $43,445) | 6,944,518 |  |  | 6,840,897 |  |
Reinsurance recoverable on paid losses and loss expenses | 531,105 |  |  | 546,287 |  |
Deferred acquisition costs | 626,104 |  |  | 524,837 |  |
Prepaid reinsurance premiums | 2,175,425 |  |  | 1,936,979 |  |
Receivable for investments sold | 39,498 |  |  | 3,693 |  |
Goodwill | 66,498 |  |  | 66,498 |  |
Intangible assets | 173,238 |  |  | 175,967 |  |
Operating lease right-of-use assets | 92,299 |  |  | 92,516 |  |
Loan advances made | 272,499 |  |  | 247,775 |  |
Other assets | 629,844 |  |  | 695,794 |  |
Total assets | $ | 33,249,174 |  |  | $ | 32,520,293 |  |
Liabilities |  |  |  |
Reserve for losses and loss expenses | $ | 17,489,459 |  |  | $ | 17,218,929 |  |
Unearned premiums | 5,859,606 |  |  | 5,211,865 |  |
Insurance and reinsurance balances payable | 1,883,746 |  |  | 1,713,798 |  |
Debt | 1,315,555 |  |  | 1,315,179 |  |
Federal Home Loan Bank advances | 66,380 |  |  | 66,380 |  |
Payable for investments purchased | 193,752 |  |  | 269,728 |  |
Operating lease liabilities | 107,289 |  |  | 106,614 |  |
Other liabilities | 430,588 |  |  | 528,421 |  |
Total liabilities | 27,346,375 |  |  | 26,430,914 |  |
Shareholders’ equity |  |  |  |
Preferred shares | 550,000 |  |  | 550,000 |  |
Common shares (shares issued 2025: 176,580; 2024: 176,580 shares outstanding 2025: 78,651; 2024: 82,984) | 2,206 |  |  | 2,206 |  |
Additional paid-in capital | 2,374,804 |  |  | 2,394,063 |  |
Accumulated other comprehensive income (loss) | (152,376) |  |  | (267,557) |  |
Retained earnings | 7,492,484 |  |  | 7,341,569 |  |
Treasury shares, at cost (2025: 97,929; 2024: 93,596) | (4,364,319) |  |  | (3,930,902) |  |
Total shareholders’ equity | 5,902,799 |  |  | 6,089,379 |  |
Total liabilities and shareholders’ equity | $ | 33,249,174 |  |  | $ | 32,520,293 |  |

See accompanying notes to Consolidated Financial Statements.
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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024

|  | Three months ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |
|  | (in thousands, except per share amounts)
| Revenues |  |  |  |  |  |  |
| Net premiums earned | $ | 1,340,820 |  |  | $ | 1,258,041 |  |  |  |  |
| Net investment income | 207,713 |  |  | 167,383 |  |  |  |  |
| Other insurance related income | 3,578 |  |  | 8,340 |  |  |  |  |
| Net investment gains (losses): |  |  |  |  |  |  |
| (Increase) decrease in allowance for expected credit losses | (2,729) |  |  | 4,664 |  |  |  |  |
| Impairment losses | (1,926) |  |  | (8) |  |  |  |  |
| Other realized and unrealized investment gains (losses) | (25,350) |  |  | (13,863) |  |  |  |  |
| Total net investment gains (losses) | (30,005) |  |  | (9,207) |  |  |  |  |
| Total revenues | 1,522,106 |  |  | 1,424,557 |  |  |  |  |
| Expenses |  |  |  |  |  |  |
| Net losses and loss expenses | 785,925 |  |  | 728,671 |  |  |  |  |
| Acquisition costs | 264,581 |  |  | 254,254 |  |  |  |  |
| General and administrative expenses | 159,163 |  |  | 163,373 |  |  |  |  |
| Foreign exchange losses (gains) | 57,034 |  |  | (23,552) |  |  |  |  |
| Interest expense and financing costs | 16,572 |  |  | 17,147 |  |  |  |  |
| Reorganization expenses | — |  |  | 12,299 |  |  |  |  |
| Amortization of intangible assets | 2,729 |  |  | 2,729 |  |  |  |  |
| Total expenses | 1,286,004 |  |  | 1,154,921 |  |  |  |  |
| Income before income taxes and interest in income of equity method investments | 236,102 |  |  | 269,636 |  |  |  |  |
| Income tax (expense) benefit | (44,322) |  |  | 124,654 |  |  |  |  |
| Interest in income of equity method investments | 2,291 |  |  | 1,169 |  |  |  |  |
| Net income | 194,071 |  |  | 395,459 |  |  |  |  |
| Preferred share dividends | 7,563 |  |  | 7,563 |  |  |  |  |
| Net income available to common shareholders | $ | 186,508 |  |  | $ | 387,896 |  |  |  |  |
| Per share data |  |  |  |  |  |  |
| Earnings per common share: |  |  |  |  |  |  |
| Earnings per common share | $ | 2.30 |  |  | $ | 4.57 |  |  |  |  |
| Earnings per diluted common share | $ | 2.26 |  |  | $ | 4.53 |  |  |  |  |
| Weighted average common shares outstanding | 81,152 |  |  | 84,879 |  |  |  |  |
| Weighted average diluted common shares outstanding | 82,378 |  |  | 85,693 |  |  |  |  |

See accompanying notes to Consolidated Financial Statements.
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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024

|  | Three months ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |
|  | (in thousands)
| Net income | $ | 194,071 |  |  | $ | 395,459 |  |  |  |  |
| Other comprehensive income (loss), net of tax: |  |  |  |  |  |  |
| Available for sale investments: |  |  |  |  |  |  |
| Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has not been recognized | 87,058 |  |  | (60,059) |  |  |  |  |
| Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has been recognized | 192 |  |  | (418) |  |  |  |  |
| Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income | 28,087 |  |  | 23,415 |  |  |  |  |
| Unrealized gains (losses) arising during the period, net of reclassification adjustment | 115,337 |  |  | (37,062) |  |  |  |  |
| Foreign currency translation adjustment | (156) |  |  | (8,951) |  |  |  |  |
| Total other comprehensive income (loss), net of tax | 115,181 |  |  | (46,013) |  |  |  |  |
| Comprehensive income | $ | 309,252 |  |  | $ | 349,446 |  |  |  |  |

See accompanying notes to Consolidated Financial Statements.
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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024

| Three months ended March 31, |  |
| 2025 |  | 2024 |  |  |  |
| (in thousands)
Preferred shares |  |  |  |  |  |  |
Balance at beginning and end of period | $ | 550,000 |  |  | $ | 550,000 |  |  |  |  |
Common shares (par value) |  |  |  |  |  |  |
Balance at beginning and end of period | 2,206 |  |  | 2,206 |  |  |  |  |
Additional paid-in capital |  |  |  |  |  |  |
Balance at beginning of period | 2,394,063 |  |  | 2,383,030 |  |  |  |  |
Treasury shares reissued | (29,059) |  |  | (26,312) |  |  |  |  |
Share-based compensation expense | 9,800 |  |  | 11,426 |  |  |  |  |
Balance at end of period | 2,374,804 |  |  | 2,368,144 |  |  |  |  |
Accumulated other comprehensive income (loss) |  |  |  |  |  |  |
Balance at beginning of period | (267,557) |  |  | (365,836) |  |  |  |  |
Unrealized gains (losses) on available for sale investments, net of tax: |  |  |  |  |  |  |
Balance at beginning of period | (225,617) |  |  | (347,659) |  |  |  |  |
Unrealized gains (losses) arising during the period, net of reclassification adjustment | 115,337 |  |  | (37,062) |  |  |  |  |
Balance at end of period | (110,280) |  |  | (384,721) |  |  |  |  |
Cumulative foreign currency translation adjustments, net of tax: |  |  |  |  |  |  |
Balance at beginning of period | (41,940) |  |  | (18,177) |  |  |  |  |
Foreign currency translation adjustment | (156) |  |  | (8,951) |  |  |  |  |
Balance at end of period | (42,096) |  |  | (27,128) |  |  |  |  |
Balance at end of period | (152,376) |  |  | (411,849) |  |  |  |  |
Retained earnings |  |  |  |  |  |  |
Balance at beginning of period | 7,341,569 |  |  | 6,440,528 |  |  |  |  |
Net income | 194,071 |  |  | 395,459 |  |  |  |  |
Preferred share dividends (1) | (7,563) |  |  | (7,563) |  |  |  |  |
Common share dividends (1) | (35,593) |  |  | (37,866) |  |  |  |  |
Balance at end of period | 7,492,484 |  |  | 6,790,558 |  |  |  |  |
Treasury shares, at cost |  |  |  |  |  |  |
Balance at beginning of period | (3,930,902) |  |  | (3,746,732) |  |  |  |  |
Shares repurchased | (464,506) |  |  | (75,728) |  |  |  |  |
Shares reissued | 31,089 |  |  | 28,556 |  |  |  |  |
Balance at end of period | (4,364,319) |  |  | (3,793,904) |  |  |  |  |
Total shareholders’ equity | $ | 5,902,799 |  |  | $ | 5,505,155 |  |  |  |  |

(1) Refer to Note 9 'Shareholders' Equity' for details on dividends declared and paid related to the Company's common and preferred shares.
See accompanying notes to Consolidated Financial Statements.
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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024

| Three months ended March 31,
| 2025 |  | 2024
| (in thousands)
Cash flows from operating activities: |  |  |
Net income | $ | 194,071 |  |  | $ | 395,459 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
Net investment (gains) losses | 30,005 |  |  | 9,207 |
Net realized and unrealized gains on other investments | (22,410) |  |  | (4,973) |
Amortization of fixed maturities | (10,621) |  |  | (8,630) |
Interest in income of equity method investments | (2,291) |  |  | (1,169) |
Other amortization and depreciation | 13,792 |  |  | 14,257 |
Share-based compensation expense | 11,829 |  |  | 13,670 |
Changes in: |  |  |
Accrued interest receivable | 5,503 |  |  | (1,411) |
Reinsurance recoverable on unpaid losses and loss expenses | (106,132) |  |  | (186,791) |
Reinsurance recoverable on paid losses and loss expenses | 1,064 |  |  | 98,362 |
Deferred acquisition costs | (103,121) |  |  | (94,737) |
Prepaid reinsurance premiums | (240,695) |  |  | (144,311) |
Reserve for losses and loss expenses | 278,614 |  |  | 209,390 |
Unearned premiums | 653,052 |  |  | 611,974 |
Insurance and reinsurance balances, net | (326,816) |  |  | (267,456) |
Other items | (66,765) |  |  | (258,702) |
Net cash provided by operating activities | 309,079 |  |  | 384,139 |
Cash flows from investing activities: |  |  |
Purchases of: |  |  |
Fixed maturities, available for sale | (2,946,681) |  |  | (2,450,714) |
Fixed maturities, held to maturity | (9,950) |  |  | (46,534) |
Equity securities | (73,063) |  |  | (76,270) |
Mortgage loans | (72) |  |  | (1,552) |
Other investments | (20,729) |  |  | (18,368) |
Equity method investments | (4,955) |  |  | (6,791) |
Short-term investments | (196,153) |  |  | (82,199) |
Proceeds from the sale of: |  |  |
Fixed maturities, available for sale | 2,872,156 |  |  | 2,367,906 |
Equity securities | 82,625 |  |  | 97,434 |
Other investments | 34,855 |  |  | 38,027 |
Short-term investments | 228,673 |  |  | 19,325 |
Proceeds from redemption of fixed maturities, available for sale | 369,666 |  |  | 435,700 |
Proceeds from redemption of fixed maturities, held to maturity | 63,780 |  |  | 39,791 |
Proceeds from redemption of short-term investments | 102,524 |  |  | 4,510 |
Proceeds from the repayment of mortgage loans | 35,579 |  |  | 211 |
Proceeds from the purchase of other asset, net | (7,273) |  |  | (8,208) |
Loan advances made | (68,696) |  |  | (101,229) |
Net cash provided by investing activities | 462,286 |  |  | 211,039 |
Cash flows from financing activities: |  |  |
Repurchase of common shares - open market | (439,992) |  |  | (61,607) |
Taxes paid on withholding shares | (24,514) |  |  | (14,121) |
Dividends paid - common shares | (39,590) |  |  | (40,208) |
Dividends paid - preferred shares | (7,563) |  |  | (7,563) |
Net cash used in financing activities | (511,659) |  |  | (123,499) |
Effect of exchange rate changes on foreign currency cash, cash equivalents and restricted cash | 9,440 |  |  | (14,090) |
Increase in cash, cash equivalents and restricted cash | 269,146 |  |  | 457,589 |
Cash, cash equivalents and restricted cash - beginning of period | 3,063,621 |  |  | 1,383,985 |
Cash, cash equivalents and restricted cash - end of period | $ | 3,332,767 |  |  | $ | 1,841,574 |

See accompanying notes to Consolidated Financial Statements.
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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (CONTINUED)
FOR THE THREE MONTHS ENDED MARCH 31, 2025 AND 2024

| Three months ended March 31,
| 2025 |  | 2024
| (in thousands)
Supplemental disclosures of cash flow information: |  |  |
Income taxes paid | $ | 12,770 |  |  | $ | 6,796 |
Interest paid | $ | 17,099 |  |  | $ | 17,504 |

Supplemental disclosures of cash flow information:
2025
In 2025, $71 million related to loan advances to Monarch Point Re (ISA 2023 and ISA 2024) Ltd. ("Monarch Point Re") was repaid and was treated as a non-cash activity in the consolidated statement of cash flows. In addition, $62 million related to reinsurance balances payables due to Monarch Point Re under retrocession agreements and $14 million related to ceded losses and loss expenses due from Monarch Point Re under retrocession agreements were settled and each amount was treated as a non-cash activity in the consolidated statement of cash flows. Further, $5 million related to interest on loans advances to Monarch Point Re was received in advance and was treated as a non-cash activity in the consolidated statement of cash flows (refer to Note 14 'Related Party Transactions').
2024
In 2024, $48 million related to loan advances to Monarch Point Re (ISA 2023) Ltd. ("Monarch Point Re") was repaid and was treated as a non-cash activity in the consolidated statement of cash flows. In addition, $46 million related to reinsurance balances payables due to Monarch Point Re under the retrocession agreement and $4 million related to ceded losses and loss expenses due from Monarch Point Re under the retrocession agreement were settled and each amount was treated as a non-cash activity in the consolidated statement of cash flows. Further, $6 million related to interest on the loan advances to Monarch Point Re was received in advance and was treated as a non-cash activity in the consolidated statement of cash flows.
In 2024, $25 million related to loan advances to a third-party reinsurer was repaid and $25 million related to reinsurance balances payables due to the third-party reinsurer under the retrocession agreement was settled and each amount was treated as a non-cash activity in the consolidated statement of cash flows.
See accompanying notes to Consolidated Financial Statements.
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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
1. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
These unaudited consolidated financial statements (the "financial statements") have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the U.S. Securities and Exchange Commission's ("SEC") instructions to Form 10-Q and Article 10 of Regulation S-X and include AXIS Capital Holdings Limited ("AXIS Capital") and its subsidiaries (the "Company"). Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. This Quarterly Report on Form 10-Q should be read in conjunction with the financial statements and related notes included in AXIS Capital's Annual Report on Form 10-K for the year ended December 31, 2024, as filed with the SEC.
In the opinion of management, these financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the Company's financial position and results of operations for the periods presented.
The results of operations for any interim period are not necessarily indicative of the results for a full year. All inter-company accounts and transactions have been eliminated.
To facilitate comparison of information across periods, certain reclassifications have been made to prior year amounts to conform to the current year's presentation.
Tabular dollar and share amounts are in thousands, with the exception of per share amounts. All amounts are reported in U.S. dollars.
Significant Accounting Policies
There were no notable changes to the Company's significant accounting policies subsequent to its Annual Report on Form 10-K for the year ended December 31, 2024.
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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
2. SEGMENT INFORMATION
The Company's underwriting operations are organized around its global underwriting platforms, AXIS Insurance and AXIS Re. The Company has determined that it has two reportable segments, insurance and reinsurance.
Insurance
The Company's insurance segment offers specialty insurance products to a variety of markets on a worldwide basis. The product lines in this segment are professional lines, property, liability, cyber, marine and aviation, accident and health, and credit and political risk.
Reinsurance
The Company's reinsurance segment provides treaty reinsurance to insurance companies on a worldwide basis. The product lines in this segment are liability, accident and health, professional lines, credit and surety, motor, agriculture, marine and aviation, and run-off lines which include catastrophe and property lines of business that the Company placed into run-off in 2022 and engineering lines of business that the Company placed into run-off in 2020.
The Company does not allocate its assets by segment, with the exception of goodwill and intangible assets.
The following tables present the underwriting results of the Company's reportable segments, as well as the carrying amounts of allocated goodwill and intangible assets:
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Table of Contents
AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
2. SEGMENT INFORMATION (CONTINUED)

|  | 2025 |  | 2024 |
| Three months ended and at March 31, | Insurance |  | Reinsurance |  | Total |  | Insurance |  | Reinsurance |  | Total |
| Gross premiums written | $ | 1,655,903 |  | $ | 1,138,749 |  | $ | 2,794,652 |  | $ | 1,574,505 |  | $ | 1,079,922 |  | $ | 2,654,427 |
| Net premiums written | 1,044,580 |  | 705,459 |  | 1,750,039 |  | 1,022,354 |  | 699,719 |  | 1,722,073 |
| Net premiums earned | 1,010,086 |  | 330,734 |  | 1,340,820 |  | 917,946 |  | 340,095 |  | 1,258,041 |
| Other insurance related income | 156 |  | 3,422 |  | 3,578 |  | 21 |  | 8,319 |  | 8,340 |
| Current accident year net losses and loss expenses | (576,066) |  | (227,796) |  | (803,862) |  | (496,864) |  | (231,807) |  | (728,671) |
| Net favorable prior year reserve development | 13,978 |  | 3,959 |  | 17,937 |  | — |  | — |  | — |
| Acquisition costs | (194,021) |  | (70,560) |  | (264,581) |  | (176,029) |  | (78,225) |  | (254,254) |
| Underwriting-related general and administrative expenses | (119,592) |  | (10,846) |  | (130,438) |  | (122,087) |  | (15,706) |  | (137,793) |
| Underwriting income | $ | 134,541 |  | $ | 28,913 |  | 163,454 |  | $ | 122,987 |  | $ | 22,676 |  | 145,663 |
| Net investment income |  |  |  |  | 207,713 |  |  |  |  |  | 167,383 |
| Net investment gains (losses) |  |  |  |  | (30,005) |  |  |  |  |  | (9,207) |
| Corporate expenses |  |  |  |  | (28,725) |  |  |  |  |  | (25,580) |
| Foreign exchange (losses) gains |  |  |  |  | (57,034) |  |  |  |  |  | 23,552 |
| Interest expense and financing costs |  |  |  |  | (16,572) |  |  |  |  |  | (17,147) |
| Reorganization expenses |  |  |  |  | — |  |  |  |  |  | (12,299) |
| Amortization of intangible assets |  |  |  |  | (2,729) |  |  |  |  |  | (2,729) |
| Income before income taxes and interest in income of equity method investments |  |  |  |  | 236,102 |  |  |  |  |  | 269,636 |
| Income tax (expense) benefit |  |  |  |  | (44,322) |  |  |  |  |  | 124,654 |
| Interest in income of equity method investments |  |  |  |  | 2,291 |  |  |  |  |  | 1,169 |
| Net income |  |  |  |  | 194,071 |  |  |  |  |  | 395,459 |
| Preferred share dividends |  |  |  |  | 7,563 |  |  |  |  |  | 7,563 |
| Net income available to common shareholders |  |  |  |  | $ | 186,508 |  |  |  |  |  | $ | 387,896 |
| Current accident year loss ratio | 57.0 | % |  | 68.9 | % |  | 60.0 | % |  | 54.1 | % |  | 68.2 | % |  | 57.9 | % |
| Prior year reserve development ratio | (1.4 | %) |  | (1.2 | %) |  | (1.4 | %) |  | — | % |  | — | % |  | — | % |
| Net losses and loss expenses ratio | 55.6 | % |  | 67.7 | % |  | 58.6 | % |  | 54.1 | % |  | 68.2 | % |  | 57.9 | % |
| Acquisition cost ratio | 19.2 | % |  | 21.3 | % |  | 19.7 | % |  | 19.2 | % |  | 23.0 | % |  | 20.2 | % |
| General and administrative expense ratio | 11.9 | % |  | 3.3 | % |  | 11.9 | % |  | 13.3 | % |  | 4.6 | % |  | 13.0 | % |
| Combined ratio | 86.7 | % |  | 92.3 | % |  | 90.2 | % |  | 86.6 | % |  | 95.8 | % |  | 91.1 | % |
| Goodwill and intangible assets | $ | 239,736 |  | $ | — |  | $ | 239,736 |  | $ | 284,956 |  | $ | — |  | $ | 284,956 |

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Table of Contents
AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
3. INVESTMENTS
a) Fixed Maturities, Available for Sale
The following table provides the amortized cost and fair values of the Company's fixed maturities classified as available for sale:

|  | Amortized cost |  | Allowance for expected credit losses |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value |  |  |
| At March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |
| Available for sale |  |  |  |  |  |  |  |  |  |  |  |
| U.S. government and agency | $ | 2,550,984 |  |  | $ | — |  |  | $ | 14,930 |  |  | $ | (12,071) |  |  | $ | 2,553,843 |  |  |  |
| Non-U.S. government | 719,115 |  |  | (59) |  |  | 8,044 |  |  | (12,575) |  |  | 714,525 |  |  |  |
| Corporate debt | 4,690,383 |  |  | (3,875) |  |  | 38,761 |  |  | (97,659) |  |  | 4,627,610 |  |  |  |
| Agency RMBS(1) | 1,591,388 |  |  | — |  |  | 8,903 |  |  | (42,737) |  |  | 1,557,554 |  |  |  |
| CMBS(2) | 879,004 |  |  | — |  |  | 3,347 |  |  | (26,243) |  |  | 856,108 |  |  |  |
| Non-agency RMBS | 195,220 |  |  | (196) |  |  | 731 |  |  | (6,016) |  |  | 189,739 |  |  |  |
| ABS(3) | 1,296,928 |  |  | (53) |  |  | 5,120 |  |  | (8,121) |  |  | 1,293,874 |  |  |  |
| Municipals(4) | 74,308 |  |  | — |  |  | 261 |  |  | (2,342) |  |  | 72,227 |  |  |  |
| Total fixed maturities, available for sale | $ | 11,997,330 |  |  | $ | (4,183) |  |  | $ | 80,097 |  |  | $ | (207,764) |  |  | $ | 11,865,480 |  |  |  |
| At December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
| Available for sale |  |  |  |  |  |  |  |  |  |  |  |
| U.S. government and agency | $ | 2,830,111 |  |  | $ | — |  |  | $ | 6,011 |  |  | $ | (33,136) |  |  | $ | 2,802,986 |  |  |  |
| Non-U.S. government | 753,315 |  |  | — |  |  | 2,584 |  |  | (25,960) |  |  | 729,939 |  |  |  |
| Corporate debt | 4,941,510 |  |  | (3,690) |  |  | 30,594 |  |  | (126,224) |  |  | 4,842,190 |  |  |  |
| Agency RMBS(1) | 1,245,681 |  |  | — |  |  | 1,154 |  |  | (61,990) |  |  | 1,184,845 |  |  |  |
| CMBS(2) | 852,534 |  |  | — |  |  | 1,244 |  |  | (34,170) |  |  | 819,608 |  |  |  |
| Non-agency RMBS | 132,116 |  |  | (195) |  |  | 597 |  |  | (9,982) |  |  | 122,536 |  |  |  |
| ABS(3) | 1,547,350 |  |  | (53) |  |  | 5,812 |  |  | (13,277) |  |  | 1,539,832 |  |  |  |
| Municipals(4) | 117,288 |  |  | — |  |  | 125 |  |  | (6,596) |  |  | 110,817 |  |  |  |
| Total fixed maturities, available for sale | $ | 12,419,905 |  |  | $ | (3,938) |  |  | $ | 48,121 |  |  | $ | (311,335) |  |  | $ | 12,152,753 |  |  |  |

(1)Residential mortgage-backed securities ("RMBS") originated by U.S. government-sponsored agencies.
(2)Commercial mortgage-backed securities ("CMBS").
(3)Asset-backed securities ("ABS") include debt tranched securities collateralized primarily by auto loans, student loans, credit card receivables and collateralized loan obligations ("CLOs").
(4)Municipals include bonds issued by states, municipalities and political subdivisions.
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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
3. INVESTMENTS (CONTINUED)
Contractual Maturities
Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
The table below provides the contractual maturities of fixed maturities classified as available for sale:

|  | Amortized cost |  | Fair value |  | % of Total fair value |
| At March 31, 2025 |  |  |  |  |  |
| Maturity |  |  |  |  |  |
| Due in one year or less | $ | 799,006 |  |  | $ | 793,243 |  |  | 6.8 | % |
| Due after one year through five years | 5,222,543 |  |  | 5,199,338 |  |  | 43.8 | % |
| Due after five years through ten years | 1,835,434 |  |  | 1,803,925 |  |  | 15.2 | % |
| Due after ten years | 177,807 |  |  | 171,699 |  |  | 1.4 | % |
|  | 8,034,790 |  |  | 7,968,205 |  |  | 67.2 | % |
| Agency RMBS | 1,591,388 |  |  | 1,557,554 |  |  | 13.1 | % |
| CMBS | 879,004 |  |  | 856,108 |  |  | 7.2 | % |
| Non-agency RMBS | 195,220 |  |  | 189,739 |  |  | 1.6 | % |
| ABS | 1,296,928 |  |  | 1,293,874 |  |  | 10.9 | % |
| Total | $ | 11,997,330 |  |  | $ | 11,865,480 |  |  | 100.0 | % |
| At December 31, 2024 |  |  |  |  |  |
| Maturity |  |  |  |  |  |
| Due in one year or less | $ | 895,177 |  |  | $ | 885,866 |  |  | 7.4 | % |
| Due after one year through five years | 5,637,336 |  |  | 5,567,905 |  |  | 45.8 | % |
| Due after five years through ten years | 1,895,116 |  |  | 1,826,564 |  |  | 15.0 | % |
| Due after ten years | 214,595 |  |  | 205,597 |  |  | 1.7 | % |
|  | 8,642,224 |  |  | 8,485,932 |  |  | 69.9 | % |
| Agency RMBS | 1,245,681 |  |  | 1,184,845 |  |  | 9.7 | % |
| CMBS | 852,534 |  |  | 819,608 |  |  | 6.7 | % |
| Non-agency RMBS | 132,116 |  |  | 122,536 |  |  | 1.0 | % |
| ABS | 1,547,350 |  |  | 1,539,832 |  |  | 12.7 | % |
| Total | $ | 12,419,905 |  |  | $ | 12,152,753 |  |  | 100.0 | % |

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Table of Contents
AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
3. INVESTMENTS (CONTINUED)
Gross Unrealized Losses
The following table summarizes fixed maturities, available for sale in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position:

|  | 12 months or greater |  | Less than 12 months |  | Total |
|  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses |
| At March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |
| Fixed maturities, available for sale |  |  |  |  |  |  |  |  |  |  |  |
| U.S. government and agency | $ | 205,838 |  |  | $ | (9,688) |  |  | $ | 375,531 |  |  | $ | (2,383) |  |  | $ | 581,369 |  |  | $ | (12,071) |  |
| Non-U.S. government | 72,109 |  |  | (5,984) |  |  | 225,680 |  |  | (6,591) |  |  | 297,789 |  |  | (12,575) |  |
| Corporate debt | 738,285 |  |  | (57,868) |  |  | 1,614,646 |  |  | (39,791) |  |  | 2,352,931 |  |  | (97,659) |  |
| Agency RMBS | 255,353 |  |  | (27,160) |  |  | 573,326 |  |  | (15,577) |  |  | 828,679 |  |  | (42,737) |  |
| CMBS | 328,574 |  |  | (17,768) |  |  | 231,417 |  |  | (8,475) |  |  | 559,991 |  |  | (26,243) |  |
| Non-agency RMBS | 48,450 |  |  | (5,905) |  |  | 52,389 |  |  | (111) |  |  | 100,839 |  |  | (6,016) |  |
| ABS | 122,630 |  |  | (6,532) |  |  | 361,590 |  |  | (1,589) |  |  | 484,221 |  |  | (8,121) |  |
| Municipals | 35,134 |  |  | (2,137) |  |  | 8,760 |  |  | (205) |  |  | 43,893 |  |  | (2,342) |  |
| Total fixed maturities, available for sale | $ | 1,806,373 |  |  | $ | (133,042) |  |  | $ | 3,443,339 |  |  | $ | (74,722) |  |  | $ | 5,249,712 |  |  | $ | (207,764) |  |
| At December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
| Fixed maturities, available for sale |  |  |  |  |  |  |  |  |  |  |  |
| U.S. government and agency | $ | 262,368 |  |  | $ | (17,515) |  |  | $ | 1,026,139 |  |  | $ | (15,621) |  |  | $ | 1,288,507 |  |  | $ | (33,136) |  |
| Non-U.S. government | 98,846 |  |  | (9,179) |  |  | 457,889 |  |  | (16,781) |  |  | 556,735 |  |  | (25,960) |  |
| Corporate debt | 934,975 |  |  | (78,979) |  |  | 2,032,254 |  |  | (47,245) |  |  | 2,967,229 |  |  | (126,224) |  |
| Agency RMBS | 280,550 |  |  | (35,333) |  |  | 749,040 |  |  | (26,657) |  |  | 1,029,590 |  |  | (61,990) |  |
| CMBS | 410,213 |  |  | (22,334) |  |  | 260,411 |  |  | (11,836) |  |  | 670,624 |  |  | (34,170) |  |
| Non-agency RMBS | 69,418 |  |  | (9,900) |  |  | 8,302 |  |  | (82) |  |  | 77,720 |  |  | (9,982) |  |
| ABS | 147,281 |  |  | (8,471) |  |  | 295,897 |  |  | (4,806) |  |  | 443,178 |  |  | (13,277) |  |
| Municipals | 49,495 |  |  | (4,198) |  |  | 51,002 |  |  | (2,398) |  |  | 100,497 |  |  | (6,596) |  |
| Total fixed maturities, available for sale | $ | 2,253,146 |  |  | $ | (185,909) |  |  | $ | 4,880,934 |  |  | $ | (125,426) |  |  | $ | 7,134,080 |  |  | $ | (311,335) |  |

At March 31, 2025, 3,391 fixed maturities (2024: 3,994) were in an unrealized loss position of $208 million (2024: $311 million) of which $25 million (2024: $14 million) was related to securities below investment grade or not rated.
At March 31, 2025, 1,771 fixed maturities (2024: 2,108) had been in a continuous unrealized loss position for twelve months or greater and had a fair value of $1,806 million (2024: $2,253 million).
The unrealized loss es of $208 million (2024: $311 million) were due to non-credit factors and were expected to be recovered as the related securities approach maturity.
At March 31, 2025, the Company did not intend to sell the securities in an unrealized loss position and it is more likely than not that the Company will not be required to sell these securities before the anticipated recovery of their amortized costs.
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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
3. INVESTMENTS (CONTINUED)
b) Fixed Maturities, Held to Maturity
The following table provides the amortized cost and fair values of the Company's fixed maturities classified as held to maturity:

|  | Amortized cost |  | Allowance for expected credit losses |  | Net carrying value |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value |  |  |
| At March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Held to maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Corporate debt | $ | 128,906 |  |  | $ | — |  |  | $ | 128,906 |  |  | $ | 1,001 |  |  | $ | (6,814) |  |  | $ | 123,093 |  |  |  |
| ABS(1) | 260,665 |  |  | — |  |  | 260,665 |  |  | 269 |  |  | (200) |  |  | 260,734 |  |  |  |
| Total fixed maturities, held to maturity | $ | 389,571 |  |  | $ | — |  |  | $ | 389,571 |  |  | $ | 1,270 |  |  | $ | (7,014) |  |  | $ | 383,827 |  |  |  |
| At December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Held to maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Corporate debt | $ | 122,706 |  |  | $ | — |  |  | $ | 122,706 |  |  | $ | 675 |  |  | $ | (7,764) |  |  | $ | 115,617 |  |  |  |
| ABS(1) | 320,694 |  |  | — |  |  | 320,694 |  |  | 560 |  |  | (120) |  |  | 321,134 |  |  |  |
| Total fixed maturities, held to maturity | $ | 443,400 |  |  | $ | — |  |  | $ | 443,400 |  |  | $ | 1,235 |  |  | $ | (7,884) |  |  | $ | 436,751 |  |  |  |

(1)Asset-backed securities ("ABS") include debt tranched securities collateralized primarily by collateralized loan obligations ("CLOs").
At March 31, 2025, fixed maturities, held to maturity of $390 million (2024: $443 million) were presented net of an allowance for expected credit losse s of $nil (2024: $nil).
The Company's ABS, held to maturity consist of CLO debt tranched securities ("CLO Debt"). The Company uses a scenario-based approach to review its CLO debt portfolio and reviews subordination levels of these securities to determine their ability to absorb credit losses of the underlying collateral. If losses are forecast to be below the subordination level for a tranche held by the Company, the security is determined not to have a credit loss. At March 31, 2025, the allowance for credit losses expected to be recognized over the life of the Company's ABS, held to maturity w as $nil.
To estimate expected credit losses for corporate debt securities, held to maturity, the Company's projected cash flows are primarily driven by assumptions regarding the severity of loss, which is a function of the probability of default and projected recovery rates. The Company's default and recovery rates are based on credit ratings, credit analysis and macroeconomic forecasts. At March 31, 2025, the allowance for credit losses expected to be recognized over the life of the Company's corporate debt, held to m aturity was $nil.
Contractual Maturities
Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. ABS classified as held to maturity had a net carrying value of $261 million (2024: $321 million).
Corpo rate debt classified as held to maturity with a net carrying value of $28 million (2024: $28 million) is due between 1 year and 3 years. Corporate debt classified as held to maturity with a net carrying value of $98 million (2024: $95 million) is due between 3 years and 10 years. Corporate debt classified as held to maturity with a net carrying value of $3 million (2024: $nil) is due after 10 years.
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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
3. INVESTMENTS (CONTINUED)
c) Equity Securities
The following table provides the cost and fair values of the Company's equity securities:

|  | Cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value |
| At March 31, 2025 |  |  |  |  |  |  |  |
| Equity securities |  |  |  |  |  |  |  |
| Common stocks | $ | 3,061 |  |  | $ | 64 |  |  | $ | (509) |  |  | $ | 2,616 |  |
| Preferred stocks | 5,843 |  |  | 157 |  |  | (112) |  |  | 5,888 |  |
| Exchange-traded funds | 235,124 |  |  | 83,685 |  |  | (4,301) |  |  | 314,508 |  |
| Bond mutual funds | 294,350 |  |  | 2,469 |  |  | (45,452) |  |  | 251,367 |  |
| Total equity securities | $ | 538,378 |  |  | $ | 86,375 |  |  | $ | (50,374) |  |  | $ | 574,379 |  |
| At December 31, 2024 |  |  |  |  |  |  |  |
| Equity securities |  |  |  |  |  |  |  |
| Common stocks | $ | 3,061 |  |  | $ | 65 |  |  | $ | (488) |  |  | $ | 2,638 |  |
| Preferred stocks | 5,843 |  |  | 136 |  |  | (112) |  |  | 5,867 |  |
| Exchange-traded funds | 188,771 |  |  | 126,477 |  |  | (1,206) |  |  | 314,042 |  |
| Bond mutual funds | 323,068 |  |  | 540 |  |  | (66,881) |  |  | 256,727 |  |
| Total equity securities | $ | 520,743 |  |  | $ | 127,218 |  |  | $ | (68,687) |  |  | $ | 579,274 |  |

d) Mortgage Loans
The following table provides details of the Company's mortgage loans, held for investment:

|  | March 31, 2025 |  | December 31, 2024 |
|  | Carrying value |  | % of Total |  | Carrying value |  | % of Total |
| Mortgage loans, held for investment: |  |  |  |  |  |  |  |
| Commercial | $ | 483,769 |  |  | 106 | % |  | $ | 529,075 |  |  | 105 | % |
| Allowance for expected credit losses | (25,862) |  |  | (6 | %) |  | (23,378) |  |  | (5) | % |
| Total mortgage loans held for investment | $ | 457,907 |  |  | 100 | % |  | $ | 505,697 |  |  | 100 | % |

The primary credit quality indicators for commercial mortgage loans are the debt service coverage ratio which compares a property’s net operating income to amounts needed to service the principal and interest due under the loan, (generally, the lower the debt service coverage ratio, the higher the risk of experiencing a credit loss) and the loan-to-value ratio which compares the unpaid principal balance of the loan to the estimated fair value of the underlying collateral (generally, the higher the loan-to-value ratio, the higher the risk of experiencing a credit loss). The debt service coverage ratio and loan-to-value ratio, as well as the values utilized in calculating these ratios, are updated quarterly.
The Company has a high quality commercial mortgage loan portfolio with a weighted average debt service coverage ratio of 1.7x (2024: 1.7x) and a weighted average loan-to-value ratio of 78% (2024: 78%).
At March 31, 2025, there was one commercial mortgage loan with past due amounts where the Company is assessing exit strategies. At March 31, 2024, there were no past due amounts associated with the commercial mortgage loans held by the Company.
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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
3. INVESTMENTS (CONTINUED)
On a quarterly basis, the Company's exposure to commercial mortgage loans in the office sector, that represents 47% (2024: 43%) of the total mortgage loan portfolio, is evaluated for credit losses based on inputs unique to this sector. This assessment utilizes historical credit loss experience adjusted to reflect current conditions and management forecasts. Further, collateral dependent commercial mortgage loans (e.g., when the borrower is experiencing financial difficulty, including when foreclosure is reasonably possible or probable) are evaluated individually for credit losses. The allowance for expected credit losses for a collateral dependent loan is established as the excess of amortized cost over the estimated fair value of the loan's underlying collateral, less selling cost when foreclosure is probable.
Accordingly, any change in estimated credit losses are recognized as a change in the allowance for expected credit losses and is recorded in net investment gains (losses).
At March 31, 2025, the Company's mortgage loan portfolio had an allowance for expected credit losses of $26 million (2024: $23 million).
e) Other Investments
The following table provides a summary of the Company's other investments, together with additional information relating to the liquidity of each category:

|  | Fair value |  | Redemption frequency (if currently eligible) |  | Redemption notice period |
| At March 31, 2025 |  |  |  |  |  |  |  |
| Multi-strategy funds | $ | 16,625 |  |  | 2 | % |  | Quarterly |  | 60-90 days |
| Direct lending funds | 167,425 |  |  | 18 | % |  | Quarterly(1) |  | 90 days |
| Private equity funds | 329,542 |  |  | 35 | % |  | n/a |  | n/a |
| Real estate funds | 291,564 |  |  | 31 | % |  | Quarterly(2), Annually(3) |  | 45-90 days |
| Other privately held investments | 133,406 |  |  | 14 | % |  | n/a |  | n/a |
| Total other investments | $ | 938,562 |  |  | 100 | % |  |  |  |  |
| At December 31, 2024 |  |  |  |  |  |  |  |
| Multi-strategy funds | $ | 24,919 |  |  | 3 | % |  | Quarterly |  | 60-90 days |
| Direct lending funds | 171,048 |  |  | 18 | % |  | Quarterly(1) |  | 90 days |
| Private equity funds | 320,690 |  |  | 35 | % |  | n/a |  | n/a |
| Real estate funds | 291,640 |  |  | 31 | % |  | Quarterly(2), Annually(3) |  | 45-90 days |
| Other privately held investments | 121,981 |  |  | 13 | % |  | n/a |  | n/a |
| Total other investments | $ | 930,278 |  |  | 100 | % |  |  |  |  |

n/a - not applicable
(1) Applies to one fund with a fair va lue of $2 million (2024: $3 million).
(2) Applies to one fund with a fair value of $48 million (2024: $51 million).
(3) Applies to one fund with a fair value of $22 million (2024: $21 million).
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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
3. INVESTMENTS (CONTINUED)
Two common redemption restrictions which may impact the Company's ability to redeem multi-strategy funds are gates and lockups. A gate is a suspension of redemptions which may be implemented by the general partner or investment manager of the fund in order to defer, in whole or in part, the redemption request in the event the aggregate amount of redemption requests exceeds a predetermined percentage of the fund's net assets which may otherwise hinder the general partner or investment manager's ability to liquidate holdings in an orderly fashion in order to generate the cash necessary to fund extraordinarily large redemption payouts. A lockup period is the initial amount of time an investor is contractually required to hold the security before having the ability to redeem.
During the three months ended March 31, 2025 and 2024, neither of these restrictions impacted the Company's redemption requests. At March 31, 2025, there w ere no multi-strategy fund holdings (2024: nil) where the Company is still within the lockup period.
At March 31, 2025, the Company h ad $28 million (2024: $28 million) of unfunded commitments as a limited partner in multi-strategy funds. Once the full amount of committed capital has been called by the General Partner of each of these funds, the assets will not be fully returned until after the completion of the funds' investment term. These funds have investment terms ranging from two years to the dissolution of the underlying fund.
At March 31, 2025, the Company had $175 million (2024: $170 million) of unfunded commitments as a limited partner in direct lending funds. Once the full amount of committed capital has been called by the General Partner of each of these funds, the assets will not be fully returned until the completion of the fund's investment term. These funds have investment terms ranging from three to ten years and the General Partners of certain funds have the option to extend the term by up to three years.
At March 31, 2025, the Company had $198 million (2024: $215 million) of unfunded commitments as a limited partner in private equity funds. The life of the funds is subject to the dissolution of the underlying funds. The Company expects the overall holding period to be over six years.
At March 31, 2025, the Company had $90 million (2024: $91 million) of unfunded commitments as a limited partner in real estate funds. These funds include an open-ended fund and funds with investment terms ranging from two years to the dissolution of the underlying fund.
At March 31, 2025, the Company had $16 million (2024: $21 million) of unfunded commitments as a limited partner in three private company investment funds focusing on financial services technology companies with an emphasis on insurance technology companies ("private company investment funds"). Two of these funds have investment terms of five years and one fund has an investment term of ten years.
f) Equity Method Investments
During 2023, the Company paid $22 million to acquire 18% of the common equity of Monarch Point Re (ISAC) Ltd. and Monarch Point Re (ISA 2023) Ltd., a collateralized reinsurance company formed under the laws of Bermuda as an incorporated segregated accounts company under the Incorporated Segregated Accounts Companies Act 2019, as amended (the "ISAC Act"). During 2024, the Company paid $14 million to acquire 18% of the common equity of Monarch Point Re (ISA 2024) Ltd. During 2025, the Company paid $5 million to acquire 18% of the common equity of Monarch Point Re (ISA 2025) Ltd., (Monarch Point Re (ISAC) Ltd., Monarch Point Re (ISA 2023) Ltd., Monarch Point Re (ISA 2024) Ltd. and Monarch Point Re (ISA 2025) Ltd., individually or collectively "Monarch Point Re").
The Company retrocedes a diversified portfolio of casualty reinsurance business to Monarch Point Re and Stone Point Credit Adviser LLC, a wholly owned subsidiary of Stone Point Capital, LLC ("Stone Point" refer to Note 14 'Related Party Transactions') serves as its investment manager. As an investor, the Company expects to benefit from underwriting fees generated by Monarch Point Re and the income and capital appreciation Stone Point seeks to deliver through its investment management services.
Monarch Point Re is not a Variable Interest Entity ("VIE") that is required to be included in the Company's consolidated financial statements. The Company accounts for its ownership interest in Monarch Point Re under the equity method of accounting.
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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
3. INVESTMENTS (CONTINUED)
During 2016, the Company paid $108 million including direct transaction costs to acquire 19% of the common equity of Harrington Reinsurance Holdings Limited ("Harrington"), the parent company of Harrington Re Ltd. ("Harrington Re"), an independent reinsurance company jointly sponsored by the Company and The Blackstone Group L.P. ("Blackstone"). Following share tender offers in 2024 and 2023, the Company's ownership interest in Harrington increased to 22% and 20%, respectively.
Through long-term service agreements, the Company serves as Harrington Re's reinsurance underwriting manager and Blackstone serves as exclusive investment management service provider. As an investor, the Company expects to benefit from underwriting profit generated by Harrington Re and the income and capital appreciation Blackstone seeks to deliver through its investment management services. In addition, the Company has entered into an arrangement with Blackstone under which underwriting and investment related fees will be shared equally.
The Company accounts for its ownership interest in Harrington under the equity method of accounting. The Company's proportionate share of the underlying equity in net assets resulted in a basis difference of $5 million which represents initial transactions costs.
g) Variable Interest Entities
In the normal course of investing activities, the Company actively manages allocations to non-controlling tranches of structured securities which are variable interests issued by VIEs. These structured securities include RMBS, CMBS and ABS.
The Company also invests in limited partnerships which represent 74% of the Company's other investments. The investments in limited partnerships include multi-strategy funds, direct lending funds, private equity funds and real estate funds that are variable interests issued by VIEs (refer to Note 3(e) 'Other Investments').
The Company does not have the power to direct the activities that are most significant to the economic performance of these VIEs. Therefore, the Company is not the primary beneficiary of these VIEs. The maximum exposure to loss on these interests is limited to the amount of commitment made by the Company. The Company has not provided financial or other support to these structured securities other than the original investment.
h) Net Investment Income
Net investment income was derived from the following sources:

|  | Three months ended March 31, |  |  |  |
|  | 2025 |  | 2024 |  |  |  |  |  |
| Fixed maturities | $ | 146,711 |  |  | $ | 139,396 |  |  |  |  |  |  |
| Other investments | 22,410 |  |  | 5,673 |  |  |  |  |  |  |
| Equity securities | 3,208 |  |  | 2,762 |  |  |  |  |  |  |
| Mortgage loans | 6,868 |  |  | 9,130 |  |  |  |  |  |  |
| Cash and cash equivalents | 33,380 |  |  | 13,661 |  |  |  |  |  |  |
| Short-term investments | 1,986 |  |  | 3,463 |  |  |  |  |  |  |
| Gross investment income | 214,563 |  |  | 174,085 |  |  |  |  |  |  |
| Investment expenses | (6,850) |  |  | (6,702) |  |  |  |  |  |  |
| Net investment income | $ | 207,713 |  |  | $ | 167,383 |  |  |  |  |  |  |

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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
3. INVESTMENTS (CONTINUED)
i) Net Investment Gains (Losses)
The following table provides an analysis of net investment gains (losses):

|  |  | Three months ended March 31, |  |  |  |  |  |  |
|  |  | 2025 |  | 2024 |  |  |  |  |  |  |  |  |  |  |
|  | Gross realized investment gains |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Fixed maturities, short-term investments, and cash and cash equivalents | $ | 22,138 |  |  | $ | 14,399 |  |  |  |  |  |  |  |  |  |  |  |
|  | Equity securities | 36,068 |  |  | 30,626 |  |  |  |  |  |  |  |  |  |  |  |
|  | Gross realized investment gains | 58,206 |  |  | 45,025 |  |  |  |  |  |  |  |  |  |  |  |
|  | Gross realized investment losses |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Fixed maturities, short-term investments, and cash and cash equivalents | (51,739) |  |  | (43,932) |  |  |  |  |  |  |  |  |  |  |  |
|  | Equity securities | (8,871) |  |  | (7,712) |  |  |  |  |  |  |  |  |  |  |  |
|  | Gross realized investment losses | (60,610) |  |  | (51,644) |  |  |  |  |  |  |  |  |  |  |  |
|  | (Increase) decrease in allowance for expected credit losses, fixed maturities, available for sale | (245) |  |  | 6,522 |  |  |  |  |  |  |  |  |  |  |  |
|  | (Increase) decrease in allowance for expected credit losses, mortgage loans | (2,484) |  |  | (1,858) |  |  |  |  |  |  |  |  |  |  |  |
|  | Impairment losses(1) | (1,926) |  |  | (8) |  |  |  |  |  |  |  |  |  |  |  |
|  | Change in fair value of investment derivatives(2) | (416) |  |  | 795 |  |  |  |  |  |  |  |  |  |  |  |
|  | Net unrealized gains (losses) on equity securities | (22,530) |  |  | (8,039) |  |  |  |  |  |  |  |  |  |  |  |
|  | Net investment gains (losses) | $ | (30,005) |  |  | $ | (9,207) |  |  |  |  |  |  |  |  |  |  |  |

(1) Related to instances where the Company intends to sell securities or it is more likely than not that the Company will be required to sell securities before their anticipated recovery.
(2) Refer to Note 5 'Derivative Instruments'.
The following table provides a reconciliation of the beginning and ending balances of the allowance for expected credit losses on fixed maturities classified as available for sale:

|  |  | Three months ended March 31, |  |  |  |  |  |  |
|  |  | 2025 |  | 2024 |  |  |  |  |  |  |  |  |  |  |
|  | Balance at beginning of period | $ | 3,938 |  |  | $ | 10,759 |  |  |  |  |  |  |  |  |  |  |  |
|  | Expected credit losses on securities where credit losses were not previously recognized | 314 |  |  | 31 |  |  |  |  |  |  |  |  |  |  |  |
|  | Additions (reductions) for expected credit losses on securities where credit losses were previously recognized | 28 |  |  | (1,553) |  |  |  |  |  |  |  |  |  |  |  |
|  | Impairments of securities which the Company intends to sell or more likely than not will be required to sell | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |
|  | Securities sold/redeemed/matured | (97) |  |  | (5,000) |  |  |  |  |  |  |  |  |  |  |  |
|  | Balance at end of period | $ | 4,183 |  |  | $ | 4,237 |  |  |  |  |  |  |  |  |  |  |  |

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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
3. INVESTMENTS (CONTINUED)
The following table provides a reconciliation of the beginning and ending balances of the allowance for expected credit losses on mortgage loans:

|  |  | Three months ended March 31, |  |  |  |  |  |  |
|  |  | 2025 |  | 2024 |  |  |  |  |  |  |  |  |  |  |
|  | Balance at beginning of period | $ | 23,378 |  |  | $ | 6,220 |  |  |  |  |  |  |  |  |  |  |  |
|  | Expected credit losses on loans where credit losses were not previously recognized | — |  |  | 1,893 |  |  |  |  |  |  |  |  |  |  |  |
|  | Additions (reductions) for expected credit losses on loans where credit losses were previously recognized | 2,484 |  |  | — |  |  |  |  |  |  |  |  |  |  |  |
|  | Loans sold/redeemed/matured | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |
|  | Balance at end of period | $ | 25,862 |  |  | $ | 8,113 |  |  |  |  |  |  |  |  |  |  |  |

j) Reverse Repurchase Agreements
At March 31, 2025, the Company held $2 million (2024: $543 million) of reverse repurchase agreements. These loans are fully collateralized, are generally outstanding for a short period of time and are presented on a gross basis as part of cash and cash equivalents in the Company's consolidated balance sheets. The required collateral for these loans is either cash or U.S. Treasuries at a minimum rate of 102% of the loan principal. Upon maturity, the Company receives principal and interest income. The Company monitors the estimated fair value of the securities loaned and borrowed on a daily basis with additional collateral obtained as necessary throughout the duration of the transaction.
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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
4. FAIR VALUE MEASUREMENTS
Fair Value Hierarchy
Fair value is defined as the price to sell an asset or transfer a liability (i.e., the "exit price") in an orderly transaction between market participants. U.S. GAAP prescribes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. The level in the hierarchy within which a given fair value measurement falls is determined based on the lowest level input that is significant to the measurement. The hierarchy is broken down into three levels as follows:
•Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.
•Level 2 - Valuations based on quoted prices in active markets for similar assets or liabilities, quoted prices for identical assets or liabilities in inactive markets, or for which significant inputs are observable (e.g., interest rates, yield curves, prepayment speeds, default rates, loss severities, etc.) or can be corroborated by observable market data.
•Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The unobservable inputs reflect the Company's judgments about assumptions that market participants might use.
The availability of observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including, for example, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires significantly more judgment.
Accordingly, the degree of judgment exercised by management in determining fair value is greatest for financial instruments categorized as Level 3. In periods of market dislocation, the observability of prices and inputs may be reduced for many financial instruments. This may lead the Company to change the selection of valuation technique (from market to cash flow approach) or may cause the Company to use multiple valuation techniques to estimate the fair value of a financial instrument. This circumstance could cause an instrument to be reclassified between levels within the fair value hierarchy.
Valuation Techniques
The valuation techniques, including significant inputs and assumptions generally used to determine the fair values of the Company's financial instruments as well as the classification of the fair values of its financial instruments in the fair value hierarchy are described in detail below.
Fixed Maturities
At each valuation date, the Company uses the market approach valuation technique to estimate the fair value of its fixed maturities portfolio, where possible. The market approach includes, but is not limited to, prices obtained from third-party pricing services for identical or comparable securities and the use of "pricing matrix models" using observable market inputs such as yield curves, credit risks and spreads, measures of volatility, and prepayment speeds. Pricing from third-party pricing services is sourced from multiple vendors, where available, and the Company maintains a vendor hierarchy by asset type based on historical pricing experience and vendor expertise. Where prices are unavailable from pricing services, the Company obtains non-binding quotes from broker-dealers who are active in the corresponding markets. The valuation techniques including significant inputs and assumptions generally used to determine the fair values of the Company's fixed maturities by asset class as well as the classifications of the fair values of these securities in the fair value hierarchy are described in detail below.
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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
4. FAIR VALUE MEASUREMENTS (CONTINUED)
U.S. Government and Agency
U.S. government and agency securities consist primarily of bonds issued by the U.S. Treasury and mortgage pass-through agencies such as the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Government National Mortgage Association. As the fair values of U.S. Treasury securities are based on unadjusted quoted market prices in active markets, the fair values of these securities are classified as Level 1. The fair values of U.S. government agency securities are determined using the spread above the risk-free yield curve. As the yields for the risk-free yield curve and the spreads are observable market inputs, the fair values of U.S. government agency securities are classified as Level 2.
Non-U.S. Government
Non-U.S. government securities include bonds issued by non-U.S. governments and their agencies along with supranational organizations (collectively also known as sovereign debt securities). The fair values of these securities are based on prices obtained from international indices or valuation models that include inputs such as interest rate yield curves, cross-currency basis index spreads and country credit spreads for structures similar to the sovereign bond in terms of issuer, maturity and seniority. As the significant inputs used to price these securities are observable market inputs, the fair values of non-U.S. government securities are classified as Level 2.
Corporate Debt
Corporate debt securities consist primarily of investment grade debt of a wide variety of corporate issuers and industries. The fair values of these securities are generally determined using the spread above the risk-free yield curve. These spreads are generally obtained from the new issue market, secondary trading and broker-dealer quotes. As the yields for the risk-free yield curve and the spreads are observable market inputs, the fair values of corporate debt securities are generally classified as Level 2. Where pricing is unavailable from pricing services, the Company obtains non-binding quotes from broker-dealers to estimate fair value. This is generally the case when there is a low volume of trading activity and current transactions are not orderly. In this event, the fair values of these securities are classified as Level 3.
Agency RMBS
Agency RMBS consist of bonds issued by the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Government National Mortgage Association. The fair values of these securities are priced using a mortgage pool specific model which uses daily inputs from the active to be announced market and the spread associated with each mortgage pool based on vintage. As the significant inputs used to price these securities are observable market inputs, the fair values of Agency RMBS are classified as Level 2.
CMBS
CMBS mainly include investment grade bonds originated by non-agencies. The fair values of these securities are determined using a pricing model which uses dealer quotes and other available trade information along with security level characteristics to determine deal specific spreads. As the significant inputs used to price these securities are observable market inputs, the fair values of CMBS are generally classified as Level 2. Where pricing is unavailable from pricing services, the Company obtains non-binding quotes from broker-dealers to estimate fair value. This is generally the case when there is a low volume of trading activity and current transactions are not orderly. I n this event, the fair values of these securities are classified as Level 3.
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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
4. FAIR VALUE MEASUREMENTS (CONTINUED)
Non-agency RMBS
Non-agency RMBS mainly include investment grade bonds originated by non-agencies. The fair values of these securities are determined using an option adjusted spread model or other relevant models, which use inputs including available trade information or broker quotes, prepayment and default projections based on historical statistics of the underlying collateral and current market data. As the significant inputs used to price these securities are observable market inputs, the fair values of non-agency RMBS are generally classified as Level 2. Where pricing is unavailable from pricing services, the Company obtains non-binding quotes from broker-dealers to estimate fair value. This is generally the case when there is a low volume of trading activity and current transactions are not orderly. I n this event, the fair values of these securities are classified as Level 3.
ABS
ABS mainly include investment grade bonds backed by pools of loans with a variety of underlying collateral, including auto loans, student loans, credit card receivables and collateralized loan obligations ("CLOs"), originated by a variety of financial institutions. The fair values of these securities are determined using a model which uses prepayment speeds and spreads sourced primarily from the new issue market. As the significant inputs used to price these securities are observable market inputs, the fair values of ABS are generally classified as Level 2. Where pricing is unavailable from pricing services, the Company obtains non-binding quotes from broker-dealers t o estimate fair value. This is generally the case when there is a low volume of trading activity and current transactions are not orderly. I n this event, the fair values of these securities are classified as Level 3.
Municipals
Municipals comprise revenue bonds and general obligation bonds issued by U.S. domiciled state and municipal entities. The fair values of these securities are determined using spreads obtained from the new issue market, trade prices and broker-dealers quotes. As the significant inputs used to price these securities are observable market inputs, the fair values of municipals are classified as Level 2.
Equity Securities
Equity securities include common stocks, preferred stocks, exchange-traded funds and bond mutual funds. As the fair values of common stocks and exchange-traded funds are based on unadjusted quoted market prices in active markets, the fair values of these securities are classified as Level 1. As the significant inputs used to price preferred stocks are observable market inputs, the fair value of these securities are classified as Level 2. As bond mutual funds have daily liquidity, the fair values of these securities are classified as Level 2.
Other Investments
The fair value of an indirect investment in CLO-Equities is estimated using an income approach valuation technique, specifically an externally developed discounted cash flow model due to the lack of observable and relevant trades in secondary markets. As the significant inputs used to price this security are unobservable, the fair value of the indirect investment in CLO-Equities is classified as Level 3.
Other privately held investments include common shares, preferred shares, convertible notes, convertible preferred shares, a variable yield security and private company investment funds. These investments are initially valued at cost, which approximates fair value. In subsequent measurement periods, the fair values of these investments are generally derived from one or a combination of valuation methodologies which consider factors including recent capital raises by the investee companies, comparable precedent transaction multiples, comparable publicly traded multiples, third-party valuations, discounted cash-flow models, and other techniques that consider the industry and development stage of each investee company. The fair value of the variable yield security is determined using an externally developed discounted cash flow model. In order to assess the reasonableness of the information received from investee companies, the Company maintains an understanding of current market conditions, historical results, and emerging trends that may impact the results of operations, financial condition or liquidity of these companies. In addition, the Company engages in regular communication with management at investee companies.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
4. FAIR VALUE MEASUREMENTS (CONTINUED)
As the significant inputs used to price these investments are unobservable, the fair values of other privately held investments are classified as Level 3. The fair values of private company investment funds are estimated using net asset valuations ("NAVs") as advised by external fund managers or third-party administrators.
Short-term Investments
Short-term investments primarily comprise highly liquid securities with maturities greater than three months but less than one year from the date of purchase. These securities are typically not actively traded due to their approaching maturity, therefore their amortized cost approximates fair value. The fair values of short-term investments are classified as Level 2.
Derivative Instruments
Derivative instruments include foreign exchange forward contracts that are customized to the Company's economic hedging strategies and trade in the over-the-counter derivative market. The fair values of these derivatives are determined using a market approach valuation technique based on significant observable market inputs from third-party pricing vendors, non-binding broker-dealer quotes and/or recent trading activity. As the significant inputs used to price these derivatives are observable market inputs, the fair values of these derivatives are classified as Level 2.
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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
4. FAIR VALUE MEASUREMENTS (CONTINUED)
The tables below present the financial instruments measured at fair value on a recurring basis for the periods indicated:

|  | Quoted prices in active markets for identical assets (Level 1) |  | Significant other observable inputs (Level 2) |  | Significant unobservable inputs (Level 3) |  | Fair value based on NAV practical expedient |  | Total fair value |
| At March 31, 2025 |  |  |  |  |  |  |  |  |  |
| Assets |  |  |  |  |  |  |  |  |  |
| Fixed maturities, available for sale |  |  |  |  |  |  |  |  |  |
| U.S. government and agency | $ | 2,518,006 |  |  | $ | 35,837 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,553,843 |  |
| Non-U.S. government | — |  |  | 714,525 |  |  | — |  |  | — |  |  | 714,525 |  |
| Corporate debt | — |  |  | 4,493,868 |  |  | 133,742 |  |  | — |  |  | 4,627,610 |  |
| Agency RMBS | — |  |  | 1,557,554 |  |  | — |  |  | — |  |  | 1,557,554 |  |
| CMBS | — |  |  | 856,108 |  |  | — |  |  | — |  |  | 856,108 |  |
| Non-agency RMBS | — |  |  | 189,739 |  |  | — |  |  | — |  |  | 189,739 |  |
| ABS | — |  |  | 1,260,731 |  |  | 33,143 |  |  | — |  |  | 1,293,874 |  |
| Municipals | — |  |  | 72,227 |  |  | — |  |  | — |  |  | 72,227 |  |
|  | 2,518,006 |  |  | 9,180,589 |  |  | 166,885 |  |  | — |  |  | 11,865,480 |  |
| Equity securities |  |  |  |  |  |  |  |  |  |
| Common stocks | 2,616 |  |  | — |  |  | — |  |  | — |  |  | 2,616 |  |
| Preferred stocks | 3 |  |  | 5,885 |  |  | — |  |  | — |  |  | 5,888 |  |
| Exchange-traded funds | 314,508 |  |  | — |  |  | — |  |  | — |  |  | 314,508 |  |
| Bond mutual funds | — |  |  | 251,367 |  |  | — |  |  | — |  |  | 251,367 |  |
|  | 317,127 |  |  | 257,252 |  |  | — |  |  | — |  |  | 574,379 |  |
| Other investments |  |  |  |  |  |  |  |  |  |
| Multi-strategy funds | — |  |  | — |  |  | — |  |  | 16,625 |  |  | 16,625 |  |
| Direct lending funds | — |  |  | — |  |  | — |  |  | 167,425 |  |  | 167,425 |  |
| Private equity funds | — |  |  | — |  |  | — |  |  | 329,542 |  |  | 329,542 |  |
| Real estate funds | — |  |  | — |  |  | — |  |  | 291,564 |  |  | 291,564 |  |
| Other privately held investments | — |  |  | — |  |  | 97,020 |  |  | 36,386 |  |  | 133,406 |  |
|  | — |  |  | — |  |  | 97,020 |  |  | 841,542 |  |  | 938,562 |  |
| Short-term investments | — |  |  | 91,330 |  |  | — |  |  | — |  |  | 91,330 |  |
| Other assets |  |  |  |  |  |  |  |  |  |
| Derivative instruments (refer to Note 5) | — |  |  | 7,309 |  |  | — |  |  | — |  |  | 7,309 |  |
| Total Assets | $ | 2,835,133 |  |  | $ | 9,536,480 |  |  | $ | 263,905 |  |  | $ | 841,542 |  |  | $ | 13,477,060 |  |
| Liabilities |  |  |  |  |  |  |  |  |  |
| Derivative instruments (refer to Note 5) | $ | — |  |  | $ | 2,667 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,667 |  |
| Total Liabilities | $ | — |  |  | $ | 2,667 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,667 |  |

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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
4. FAIR VALUE MEASUREMENTS (CONTINUED)

|  | Quoted prices in active markets for identical assets (Level 1) |  | Significant other observable inputs (Level 2) |  | Significant unobservable inputs (Level 3) |  | Fair value based on NAV practical expedient |  | Total fair value |
| At December 31, 2024 |  |  |  |  |  |  |  |  |  |
| Assets |  |  |  |  |  |  |  |  |  |
| Fixed maturities, available for sale |  |  |  |  |  |  |  |  |  |
| U.S. government and agency | $ | 2,767,315 |  |  | $ | 35,671 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,802,986 |  |
| Non-U.S. government | — |  |  | 729,939 |  |  | — |  |  | — |  |  | 729,939 |  |
| Corporate debt | — |  |  | 4,715,799 |  |  | 126,391 |  |  | — |  |  | 4,842,190 |  |
| Agency RMBS | — |  |  | 1,184,845 |  |  | — |  |  | — |  |  | 1,184,845 |  |
| CMBS | — |  |  | 819,608 |  |  | — |  |  | — |  |  | 819,608 |  |
| Non-agency RMBS | — |  |  | 122,536 |  |  | — |  |  | — |  |  | 122,536 |  |
| ABS | — |  |  | 1,519,000 |  |  | 20,832 |  |  | — |  |  | 1,539,832 |  |
| Municipals | — |  |  | 110,817 |  |  | — |  |  | — |  |  | 110,817 |  |
|  | 2,767,315 |  |  | 9,238,215 |  |  | 147,223 |  |  | — |  |  | 12,152,753 |  |
| Equity securities |  |  |  |  |  |  |  |  |  |
| Common stocks | 2,638 |  |  | — |  |  | — |  |  | — |  |  | 2,638 |  |
| Preferred stocks | 3 |  |  | 5,864 |  |  | — |  |  | — |  |  | 5,867 |  |
| Exchange-traded funds | 314,042 |  |  | — |  |  | — |  |  | — |  |  | 314,042 |  |
| Bond mutual funds | — |  |  | 256,727 |  |  | — |  |  | — |  |  | 256,727 |  |
|  | 316,683 |  |  | 262,591 |  |  | — |  |  | — |  |  | 579,274 |  |
| Other investments |  |  |  |  |  |  |  |  |  |
| Multi-strategy funds | — |  |  | — |  |  | — |  |  | 24,919 |  |  | 24,919 |  |
| Direct lending funds | — |  |  | — |  |  | — |  |  | 171,048 |  |  | 171,048 |  |
| Private equity funds | — |  |  | — |  |  | — |  |  | 320,690 |  |  | 320,690 |  |
| Real estate funds | — |  |  | — |  |  | — |  |  | 291,640 |  |  | 291,640 |  |
| Other privately held investments | — |  |  | — |  |  | 92,230 |  |  | 29,751 |  |  | 121,981 |  |
|  | — |  |  | — |  |  | 92,230 |  |  | 838,048 |  |  | 930,278 |  |
| Short-term investments | — |  |  | 223,666 |  |  | — |  |  | — |  |  | 223,666 |  |
| Other assets |  |  |  |  |  |  |  |  |  |
| Derivative instruments (refer to Note 5) | — |  |  | 9,439 |  |  | — |  |  | — |  |  | 9,439 |  |
| Total Assets | $ | 3,083,998 |  |  | $ | 9,733,911 |  |  | $ | 239,453 |  |  | $ | 838,048 |  |  | $ | 13,895,410 |  |
| Liabilities |  |  |  |  |  |  |  |  |  |
| Derivative instruments (refer to Note 5) | $ | — |  |  | $ | 3,100 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,100 |  |
| Total Liabilities | $ | — |  |  | $ | 3,100 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,100 |  |

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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
4. FAIR VALUE MEASUREMENTS (CONTINUED)
The following table quantifies the significant unobservable inputs used in estimating fair values at March 31, 2025 of investments classified as Level 3 in the fair value hierarchy:

|  | Asset fair value | Valuation technique | Unobservable input | Amount / Range | Weighted average |
| Other investments - Other privately held investments | $ | 15,376 |  | Discounted cash flow | Discount rate | 5.7% | 5.7% |
|  |  | Default rate | 0.5% | 0.5% |
|  |  |  | Loss absorption yield | 1.0% | 1.0% |
|  |  |  | Estimated maturity date | 0-1 year | 1 year |

Note: Fixe d maturities of $167 million that are classified as Level 3 are excluded from the above table as these securities are priced using broker-dealer quotes. In additi on, other privately held investments of $82 million that are classified as Level 3 are excluded from the above table as these investments are priced using capital statements received from investee companies.
Other Investments - Other Privately Held Securities
Other privately held securities are initially valued at cost which approximates fair value. In subsequent measurement periods, the fair value of the variable yield security was determined using an externally developed discounted cash flow model. This model includes inputs that are specific to that investment. The inputs used in the fair value measurement include an appropriate discount rate, default rate, loss absorption rate and estimated maturity date. The selection of an appropriate discount rate is judgmental and is the most significant unobservable input used in the valuation of this investment. A significant increase (decrease) in this input in isolation could result in significantly lower (higher) fair value measurement for this investment. In order to assess the reasonableness of the inputs the Company uses in the discounted cash flow model, the Company maintains an understanding of current market conditions, historical results, as well as investee specific information that may impact future cash flows.
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
4. FAIR VALUE MEASUREMENTS (CONTINUED)
The following table presents changes in Level 3 for financial instruments measured at fair value on a recurring basis:

|  | Opening balance |  | Transfers into Level 3 |  | Transfers out of Level 3 |  | Included in net income(1) |  | Included in OCI (2) |  | Purchases |  | Sales |  | Settlements/ distributions |  | Closing balance |  | Change in unrealized gains/(losses) (3) |  |
| Three months ended March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Fixed maturities, available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Corporate debt | $ | 126,391 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 357 |  |  | $ | 7,664 |  |  | $ | (670) |  |  | $ | — |  |  | $ | 133,742 |  |  | $ | — |  |  |
| ABS | 20,832 |  |  | — |  |  | — |  |  | — |  |  | 311 |  |  | 12,000 |  |  | — |  |  | — |  |  | 33,143 |  |  | — |  |  |
|  | 147,223 |  |  | — |  |  | — |  |  | — |  |  | 668 |  |  | 19,664 |  |  | (670) |  |  | — |  |  | 166,885 |  |  | — |  |  |
| Other investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLO-Equities | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
| Other privately held investments | 92,230 |  |  | — |  |  | — |  |  | 4,790 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 97,020 |  |  | 4,790 |  |  |
|  | 92,230 |  |  | — |  |  | — |  |  | 4,790 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 97,020 |  |  | 4,790 |  |  |
| Total assets | $ | 239,453 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,790 |  |  | $ | 668 |  |  | $ | 19,664 |  |  | $ | (670) |  |  | $ | — |  |  | $ | 263,905 |  |  | $ | 4,790 |  |  |
| Three months ended March 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Fixed maturities, available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Corporate debt | $ | 135,753 |  |  | $ | — |  |  | $ | — |  |  | $ | (834) |  |  | $ | (495) |  |  | $ | 4,231 |  |  | $ | — |  |  | $ | (12,180) |  |  | $ | 126,475 |  |  | $ | — |  |  |
| ABS | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  |
|  | 135,753 |  |  | — |  |  | — |  |  | (834) |  |  | (495) |  |  | 4,231 |  |  | — |  |  | (12,180) |  |  | 126,475 |  |  | — |  |  |
| Other investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| CLO-Equities | 5,300 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (314) |  |  | 4,986 |  |  | — |  |  |
| Other privately held investments | 87,289 |  |  | — |  |  | — |  |  | 1,728 |  |  | — |  |  | 7,238 |  |  | — |  |  | — |  |  | 96,255 |  |  | 1,728 |  |  |
|  | 92,589 |  |  | — |  |  | — |  |  | 1,728 |  |  | — |  |  | 7,238 |  |  | — |  |  | (314) |  |  | 101,241 |  |  | 1,728 |  |  |
| Total assets | $ | 228,342 |  |  | $ | — |  |  | $ | — |  |  | $ | 894 |  |  | $ | (495) |  |  | $ | 11,469 |  |  | $ | — |  |  | $ | (12,494) |  |  | $ | 227,716 |  |  | $ | 1,728 |  |  |

(1) Realized gains (losses) on fixed maturities and realized and unrealized gains (losses) on other assets and other liabilities included in net income are included in net investment gains (losses). Realized and unrealized gains (losses) on other investments included in net income are included in net investment income.
(2) Unrealized gains (losses) on fixed maturities are included in other comprehensive income ("OCI").
(3) Change in unrealized gains (losses) relating to assets and liabilities held at the reporting date.
Transfers into Level 3 from Level 2
There were no transfers into Level 3 from Level 2 during the three months ended March 31, 2025 and 2024.
Transfers out of Level 3 into Level 2
There were no transfers out of Level 3 into Level 2 during the three months ended March 31, 2025 and 2024.
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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
4. FAIR VALUE MEASUREMENTS (CONTINUED)
Measuring the Fair Value of Other Investments Using Net Asset Valuations
The fair values of multi-strategy funds, direct lending funds, private equity funds, real estate funds and private company investment funds are estimated using NAVs as advised by external fund managers or third-party administrators. For these funds, NAVs are based on the manager's or administrator's valuation of the underlying holdings in accordance with the fund's governing documents and in accordance with U.S. GAAP.
For multi-strategy funds, direct lending funds, private equity funds, real estate funds and private company investment funds, valuation statements are typically released on a reporting lag. Therefore, the Company estimates the fair value of these funds by starting with the most recent fund valuations and adjusting for capital calls, redemptions, drawdowns and distributions. Return estimates are not available from the relevant fund managers for these funds, therefore the Company typically has a reporting lag in its fair value measurements of these funds. At March 31, 2025 and December 31, 2024 all funds measured at fair value using NAVs are reported generally on a one quarter lag.
The Company often does not have access to financial information relating to the underlying securities held within the funds, therefore, management is unable to corroborate the fair values placed on the securities underlying the asset valuations provided by fund managers or fund administrators. In order to assess the reasonableness of the NAVs, the Company performs a number of monitoring procedures on a quarterly basis, to assess the quality of the information provided by fund managers and fund administrators. These procedures include, but are not limited to, regular review and discussion of each fund's performance with its manager, regular evaluation of fund performance against applicable benchmarks and the backtesting of the Company's fair value estimates against subsequently received NAVs. Backtesting involves comparing the Company's previously reported fair values for each fund against NAVs per audited financial statements (for year-end values) and final NAVs from fund managers and fund administrators (for interim values).
The fair values of multi-strategy funds, direct lending funds, private equity funds, real estate funds and private company investment funds, are measured using the NAV practical expedient, therefore the fair values of these funds have not been categorized within the fair value hierarchy.
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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
4. FAIR VALUE MEASUREMENTS (CONTINUED)
Financial Instruments Disclosed, But Not Carried, at Fair Value
The fair value of financial instruments accounting guidance also applies to financial instruments disclosed, but not carried, at fair value, except for certain financial instruments, including insurance contracts.
At March 31, 2025, the carrying values of cash and cash equivalents including restricted amounts, accrued investment income, receivable for investments sold, certain other assets, payable for investments purchased and certain other liabilities approximated fair values due to their short maturities. As these financial instruments are not actively traded, their fair values are classified as Level 2.
At March 31, 2025, the Company's fixed maturities, held to maturity, were recorded at amortized cost with a carrying value of $390 million (2024: $443 million) and a fair value of $384 million (2024: $437 million). The fair values of these securities are determined using a model which uses prepayment speeds and spreads sourced primarily from the new issue market. As the significant inputs used to price these securities are observable market inputs, their fair values are classified as Level 2.
At March 31, 2025, the carrying value of mortgage loans, held for investment, approximated fair value. The fair values of mortgage loans are primarily determined by estimating expected future cash flows and discounting them using current interest rates for similar mortgage loans with similar credit risk or are determined from pricing for similar loans. As mortgage loans are not actively traded, their fair values are classified as Level 3.
At March 31, 2025, the Company's debt was recorded at amortized cost with a carrying value of $1,316 million (2024: $1,315 million) and a fair value of $1,258 million (2024: $1,247 million). The fair value of the Company's debt is based on prices obtained from a third-party pricing service and is determined using the spread above the risk-free yield curve. These spreads are generally obtained from the new issue market, secondary trading and broker-dealer quotes. As the yields for the risk-free yield curve and the spreads are observable market inputs, the fair value of this debt is classified as Level 2.
At March 31, 2025, Federal Home Loan Bank advances were recorded at amortized cost with a carrying value of $66 million (2024: $66 million) and a fair value of $66 million (2024: $66 million). As these advances are not actively traded, their fair values are classified as Level 2.
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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
5. DERIVATIVE INSTRUMENTS
The following table provides the balance sheet classifications of derivatives recorded at fair value:

|  | March 31, 2025 |  | December 31, 2024 |
|  | Derivative notional amount |  | Derivative asset fair value(1) |  | Derivative liability fair value(1) |  | Derivative notional amount |  | Derivative asset fair value(1) |  | Derivative liability fair value(1) |
| Relating to investment portfolio: |  |  |  |  |  |  |  |  |  |  |  |
| Foreign exchange forward contracts | $ | 17,811 |  |  | $ | 16 |  |  | $ | 373 |  |  | $ | 17,655 |  |  | $ | 323 |  |  | $ | — |  |
| Relating to underwriting portfolio: |  |  |  |  |  |  |  |  |  |  |  |
| Foreign exchange forward contracts | 1,615,610 |  |  | 7,293 |  |  | 2,294 |  |  | 1,323,714 |  |  | 9,116 |  |  | 3,100 |  |
| Total derivatives |  |  | $ | 7,309 |  |  | $ | 2,667 |  |  |  |  | $ | 9,439 |  |  | $ | 3,100 |  |

(1)Derivative assets and derivative liabilities are classified within other assets and other liabilities in the consolidated balance sheets.
The notional amounts of derivative contracts represent the basis on which amounts paid or received are calculated and are presented in the above table to quantify the volume of the Company's derivative activities. Notional amounts are not reflective of credit risk.
None of the Company's derivative instruments are designated as hedges.
Offsetting Assets and Liabilities
The Company's derivative instruments are generally traded under International Swaps and Derivatives Association master netting agreements which establish terms that apply to all transactions. In the event of a bankruptcy or other stipulated event, master netting agreements provide that individual positions be replaced with a new amount, usually referred to as the termination amount, determined by taking into account market prices and converting into a single currency. Effectively, this contractual close-out netting reduces credit exposure from gross to net exposure.
The following table provides a reconciliation of gross derivative assets and liabilities to the net amounts presented in the consolidated balance sheets, with the difference being attributable to the impact of master netting agreements:

|  | March 31, 2025 |  | December 31, 2024 |
|  | Gross amounts | Gross amounts offset | Net amounts(1) |  | Gross amounts | Gross amounts offset | Net amounts(1) |
| Derivative assets | $ | 11,825 |  | $ | (4,516) |  | $ | 7,309 |  |  | $ | 20,067 |  | $ | (10,628) |  | $ | 9,439 |  |
| Derivative liabilities | $ | 7,183 |  | $ | (4,516) |  | $ | 2,667 |  |  | $ | 13,728 |  | $ | (10,628) |  | $ | 3,100 |  |

(1)Net asset and liability derivatives are classified within other assets and other liabilities in the consolidated balance sheets.
Refer to Note 3 'Investments' for information on reverse repurchase agreements.
a) Relating to Investment Portfolio
Foreign Currency Risk
The Company's investment portfolio is exposed to foreign currency risk. Therefore, the fair values of its investments are partially influenced by changes in foreign currency exchange rates. The Company may enter into foreign exchange forward contracts to manage the effect of this foreign currency risk. These foreign currency hedging activities are not designated as specific hedges for financial reporting purposes.
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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
5. DERIVATIVE INSTRUMENTS (CONTINUED)
b) Relating to Underwriting Portfolio
Foreign Currency Risk
The Company's insurance and reinsurance subsidiaries and branches operate in various countries. Some of its business is written in currencies other than the U.S. dollar, therefore the underwriting portfolio is exposed to significant foreign currency risk. The Company manages foreign currency risk by seeking to match its foreign-denominated net liabilities under insurance and reinsurance contracts with cash and investments that are denominated in the same currencies. The Company uses derivative instruments, specifically, forward contracts to economically hedge foreign currency exposures.
The following table provides the total unrealized and realized gains (losses) recognized in net income (loss) for derivatives not designated as hedges:

|  |  | Consolidated statement of operations line item that includes gain (loss) recognized in net income (loss) | Three months ended March 31, |  |  |  |
|  |  | 2025 |  | 2024 |  |  |  |  |  |
|  | Relating to investment portfolio: |  |  |  |  |  |  |  |  |  |
|  | Foreign exchange forward contracts | Net investment gains (losses) | $ | (416) |  |  | $ | 795 |  |  |  |  |  |  |
|  | Relating to underwriting portfolio: |  |  |  |  |  |  |  |  |  |
|  | Foreign exchange forward contracts | Foreign exchange (losses) gains | 8,330 |  |  | (2,015) |  |  |  |  |  |  |
|  | Total |  | $ | 7,914 |  |  | $ | (1,220) |  |  |  |  |  |  |

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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
6. RESERVE FOR LOSSES AND LOSS EXPENSES
Reserve Roll-Forward
The following table presents a reconciliation of the Company's beginning and ending gross reserve for losses and loss expenses and net reserve for unpaid losses and loss expenses:

|  | Three months ended March 31, |  |
|  | 2025 |  | 2024 |  |
| Gross reserve for losses and loss expenses, beginning of period | $ | 17,218,929 |  |  | $ | 16,434,018 |  |  |
| Less reinsurance recoverable on unpaid losses and loss expenses, beginning of period | (6,840,897) |  |  | (6,323,083) |  |  |
| Net reserve for unpaid losses and loss expenses, beginning of period | 10,378,032 |  |  | 10,110,935 |  |  |
| Net incurred losses and loss expenses related to: |  |  |  |  |
| Current year | 803,862 |  |  | 728,671 |  |  |
| Prior years | (17,937) |  |  | — |  |  |
|  | 785,925 |  |  | 728,671 |  |  |
| Net paid losses and loss expenses related to: |  |  |  |  |
| Current year | (45,288) |  |  | (50,724) |  |  |
| Prior years | (723,513) |  |  | (612,571) |  |  |
|  | (768,801) |  |  | (663,295) |  |  |
| Foreign exchange and other | 149,785 |  |  | (48,602) |  |  |
| Net reserve for unpaid losses and loss expenses, end of period | 10,544,941 |  |  | 10,127,709 |  |  |
| Reinsurance recoverable on unpaid losses and loss expenses, end of period | 6,944,518 |  |  | 6,503,188 |  |  |
| Gross reserve for losses and loss expenses, end of period | $ | 17,489,459 |  |  | $ | 16,630,897 |  |  |

Estimates for Significant Catastrophe Events
At March 31, 2025, net reserves for losses and loss expenses included estimated amounts for numerous catastrophe events. The magnitude and complexity of losses arising from certain of these events inherently increase the level of uncertainty and, therefore, the level of management judgment involved in arriving at estimated net reserves for losses and loss expenses. These events include California Wildfires in 2025, Hurricane Milton and Hurricane Helene in 2024. As a result, actual losses for these events may ultimately differ materially from current estimates. During the three months ended March 31, 2025, the Company recognized catastrophe and weather-related losses, net of reinsurance, of $49 million (2024: $20 million).
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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
6. RESERVE FOR LOSSES AND LOSS EXPENSES (CONTINUED)
Prior Year Reserve Development
The Company's net favorable (adverse) prior year reserve development arises from changes to estimates of losses and loss expenses related to loss events that occurred in previous calendar years. The following table presents net favorable (adverse) prior year reserve development by segment:

|  | Three months ended March 31, |  |  |
|  | 2025 |  | 2024 |  |  |  |  |  |
|  | Favorable (Adverse) |  | Favorable (Adverse) |  |  |  |  |  |
| Insurance | $ | 13,978 |  |  | $ | — |  |  |  |  |  |  |
| Reinsurance | 3,959 |  |  | — |  |  |  |  |  |  |
| Total | $ | 17,937 |  |  | $ | — |  |  |  |  |  |  |

The following sections provide further details on net favorable (adverse) prior year reserve development by segment, reserve class and accident year:
Insurance Segment:
The following table maps the Company's lines of business to reserve classes:

Insurance segment
| Reserve class
| Property | Casualty | Specialty other
Reported lines of business |  |  |
Property | X |  |
Professional lines |  | X |
Liability |  | X |
Cyber |  | X |
Marine and aviation |  |  | X
Accident and health |  |  | X
Credit and political risk |  |  | X

Prior year reserve development by reserve class was as follows:

|  | Three months ended March 31, |  |  |  |  |  |  |
|  | 2025 |  | 2024 |  |  |  |  |  |  |  |  |  |  |
|  | Favorable (Adverse) |  | Favorable (Adverse) |  |  |  |  |  |  |  |  |  |  |
| Property | $ | 9,996 |  |  | $ | 8,011 |  |  |  |  |  |  |  |  |  |  |  |
| Casualty | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |
| Specialty other | 3,982 |  |  | (8,011) |  |  |  |  |  |  |  |  |  |  |  |
| Total | $ | 13,978 |  |  | $ | — |  |  |  |  |  |  |  |  |  |  |  |

2025
For the three months ended March 31, 2025, net favorable prior year reserve development of $14 million was recognized, the principal component of which was:
•$10 million of net favorable prior year reserve development on property business primarily due to better than expected loss emergence mainly related to the 2023 accident year.
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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
6. RESERVE FOR LOSSES AND LOSS EXPENSES (CONTINUED)
2024
For the three months ended March 31, 2024, net prior year reserve development of $nil was recognized, the principal components of which were:
•$8 million of net favorable prior year reserve development on property business primarily due to better than expected loss emergence mainly related to the 2021 and 2022 accident years.
•$8 million of net adverse prior year reserve development on the specialty other reserve class primarily associated with an increase in the loss estimate attributable to a specific large claim in the marine and aviation line of business related to the 2019 accident year.
Reinsurance Segment:
The following table maps the Company's lines of business to reserve classes:

Reinsurance segment
| Reserve class
| Casualty | Specialty | Run-off
Reported lines of business |  |  |
Liability | X |  |
Professional lines | X |  |
Motor | X |  |
Accident and health |  | X |
Credit and surety |  | X |
Agriculture |  | X |
Marine and aviation |  | X |
Catastrophe |  |  | X
Property |  |  | X
Engineering |  |  | X

Prior year reserve development by reserve class was as follows:

|  | Three months ended March 31, |  |  |  |  |  |  |
|  | 2025 |  | 2024 |  |  |  |  |  |  |  |  |  |  |
|  | Favorable (Adverse) |  | Favorable (Adverse) |  |  |  |  |  |  |  |  |  |  |
| Casualty | $ | — |  |  | $ | — |  |  |  |  |  |  |  |  |  |  |  |
| Specialty | 3,834 |  |  | — |  |  |  |  |  |  |  |  |  |  |  |
| Run-off | 125 |  |  | — |  |  |  |  |  |  |  |  |  |  |  |
| Total | $ | 3,959 |  |  | $ | — |  |  |  |  |  |  |  |  |  |  |  |

2025
For the three months ended March 31, 2025, net favorable prior year reserve development of $4 million was recognized.
2024
For the three months ended March 31, 2024, net prior year reserve development of $nil was recognized.
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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
7. EARNINGS PER COMMON SHARE
The following table presents a comparison of earnings per common share and earnings per diluted common share:

|  |  | Three months ended March 31, |  |  |  |  |  |
|  |  | 2025 |  | 2024 |  |  |  |  |  |  |  |  |  |  |
|  | Earnings per common share |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Net income | $ | 194,071 |  |  | $ | 395,459 |  |  |  |  |  |  |  |  |  |  |  |
|  | Less: Preferred share dividends | 7,563 |  |  | 7,563 |  |  |  |  |  |  |  |  |  |  |  |
|  | Net income available to common shareholders | $ | 186,508 |  |  | $ | 387,896 |  |  |  |  |  |  |  |  |  |  |  |
|  | Weighted average common shares outstanding | 81,152 |  |  | 84,879 |  |  |  |  |  |  |  |  |  |  |  |
|  | Earnings per common share | $ | 2.30 |  |  | $ | 4.57 |  |  |  |  |  |  |  |  |  |  |  |
|  | Earnings per diluted common share |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Net income available to common shareholders | $ | 186,508 |  |  | $ | 387,896 |  |  |  |  |  |  |  |  |  |  |  |
|  | Weighted average common shares outstanding | 81,152 |  |  | 84,879 |  |  |  |  |  |  |  |  |  |  |  |
|  | Share-based compensation plans | 1,226 |  |  | 814 |  |  |  |  |  |  |  |  |  |  |  |
|  | Weighted average diluted common shares outstanding | 82,378 |  |  | 85,693 |  |  |  |  |  |  |  |  |  |  |  |
|  | Earnings per diluted common share | $ | 2.26 |  |  | $ | 4.53 |  |  |  |  |  |  |  |  |  |  |  |
|  | Weighted average anti-dilutive shares excluded from the dilutive computation | — |  |  | 748 |  |  |  |  |  |  |  |  |  |  |  |

8. SHARE-BASED COMPENSATION
Performance Restricted Stock Units
Performance Restricted Stock Units granted in 2025 with a market condition
Certain share-settled performance restricted stock units granted in 2025 include a market condition which is the Company’s total shareholder return relative to its peer group ("Relative TSR") over the performance period. Relative TSR is calculated in accordance with the terms of the applicable award agreement. If performance goals are achieved, these awards will cliff vest at the end of a three-year performance period within a range of 0% to 200% of target.
Performance Restricted Stock Units granted in 2025 with a performance condition
Certain share-settled performance restricted stock units granted in 2025 include a performance condition which is the Company’s average annual growth in book value per diluted common share, plus accumulated dividends over the performance period, adjusted to exclude unrealized investment gains (losses) recognized in accumulated other comprehensive income (loss), and share repurchases during the performance period ("Adjusted DBVPS"). Adjusted DBVPS is calculated in accordance with the terms of the applicable award agreement. If performance goals are achieved, these awards will cliff vest at the end of a three-year performance period within a range of 0% to 200% of target.
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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
8. SHARE-BASED COMPENSATION (CONTINUED)
Valuation assumptions
Performance Restricted Stock Units granted in 2025 and 2024 with a market condition
The fair value of these performance restricted stock units was measured on the grant date using a Monte Carlo simulation model.
The following table provides details of the significant inputs used in the Monte Carlo simulation model:

| Three months ended March 31, | 2025 | 2024 |  |  |  |  |
| Expected volatility | 25.30% | 26.00% |  |  |  |  |
| Expected term (in years) | 3.0 | 3.0 |  |  |  |  |
| Expected dividend yield | n/a | n/a |  |  |  |  |
| Risk-free interest rate | 4.16% | 4.06% |  |  |  |  |

n/a - not applicable
Beginning share price: The beginning share price for awards was based on the average closing share price over the 30 trading days preceding and including the start of the performance period.
Ending share price: The ending share price was based on the average projected closing share price over the 30 trading days preceding and including the end of the performance period.
Expected term: Performance for awards granted in 2025 is measured from January 1, 2025 to December 31, 2027, and performance for awards granted in 2024 is measured from January 1, 2024 to December 31, 2026.
Expected volatility: The expected volatility is estimated based on the Company's historical share price volatility.
Expected dividend yield: The expected dividend yield is not applicable to the performance restricted stock units as dividends are paid at the end of the vesting period and do not affect the value of the performance restricted stock units.
Risk-free interest rate: The risk-free rate is estimated based on the yield on a U.S. treasury zero-coupon bond issued with a remaining term equal to the vesting period of the performance restricted stock units.
Compensation expense associated with performance restricted stock units granted in 2025 and 2024 is determined on the grant date based on the fair value calculated by the Monte Carlo simulation model, and is recognized on a straight-line basis over the requisite service period.
Performance Restricted Stock Units granted in 2025 and 2024 with a performance condition
The fair value of these performance restricted stock units was determined based on the closing price of the Company's common shares on the grant date. Compensation expense is recognized on a straight-line basis over the requisite service period and is subject to periodic adjustment based on the achievement of established performance criteria during the performance period.
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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
8. SHARE-BASED COMPENSATION (CONTINUED)
The following table provides an activity summary of the Company's share-settled restricted stock units for the three months ended March 31, 2025:

|  | Share-Settled Performance Restricted Stock Units |  | Share-Settled Service Restricted Stock Units |
|  | Number of restricted stock units |  | Weighted average grant date fair value |  | Number of restricted stock units |  | Weighted average grant date fair value |
| Non-vested restricted stock units - beginning of period | 247 |  |  | $ | 65.73 |  |  | 1,642 |  |  | $ | 57.73 |  |
| Granted | 89 |  |  | 98.22 |  |  | 577 |  |  | 90.42 |  |
| Performance adjustment (1) | 55 |  |  | 68.63 |  |  | — |  |  | — |  |
| Vested | (115) |  |  | 68.63 |  |  | (599) |  |  | 56.73 |  |
| Forfeited | — |  |  | — |  |  | (25) |  |  | 61.10 |  |
| Non-vested restricted stock units - end of period | 276 |  |  | $ | 75.61 |  |  | 1,595 |  |  | $ | 69.90 |  |

(1) The performance adjustment represents the difference between the number of performance restricted stock units granted and earned, that vested following the three-year performance period that ended in 2024. The performance restricted stock units were granted at the target level of achievement.
The following table provides additional information related to share-based compensation:

| Three months ended March 31, | 2025 |  | 2024 |
| Share-based compensation expense | $ | 11,829 |  |  | $ | 13,671 |  |
| Tax benefits associated with share-based compensation expense | $ | 5,351 |  |  | $ | 2,763 |  |
| Fair value of restricted stock units vested(1) | $ | 68,889 |  |  | $ | 41,156 |  |
| Unrecognized share-based compensation expense | $ | 107,782 |  |  | $ | 92,556 |  |
| Expected weighted average period associated with the recognition of unrecognized share-based compensation expense | 2.9 years |  | 2.9 years |

(1) Fair value is based on the closing price of the Company's common shares on the vest date.
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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
9. SHAREHOLDERS' EQUITY
The following table presents changes in common shares issued and outstanding:

|  | Three months ended March 31, |  |  |  |  |  |  |
|  | 2025 |  | 2024 |  |  |  |  |  |  |  |  |  |  |
| Shares issued, balance at beginning of period | 176,580 |  |  | 176,580 |  |  |  |  |  |  |  |  |  |  |  |
| Shares issued | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |
| Total shares issued at end of period | 176,580 |  |  | 176,580 |  |  |  |  |  |  |  |  |  |  |  |
| Treasury shares, balance at beginning of period | (93,596) |  |  | (91,294) |  |  |  |  |  |  |  |  |  |  |  |
| Shares repurchased | (5,047) |  |  | (1,281) |  |  |  |  |  |  |  |  |  |  |  |
| Shares reissued | 714 |  |  | 682 |  |  |  |  |  |  |  |  |  |  |  |
| Total treasury shares at end of period | (97,929) |  |  | (91,893) |  |  |  |  |  |  |  |  |  |  |  |
| Total shares outstanding | 78,651 |  |  | 84,687 |  |  |  |  |  |  |  |  |  |  |  |

Treasury Shares
On February 6, 2025, authorization under the Company's Board-authorized share repurchase program for common share repurchases approved in May 2024 was exhausted.
On February 19, 2025, the Company's Board of Directors approved a new share repurchase program for up to $400 million of the Company's common shares. The new share repurchase program is open-ended, allowing the Company to repurchase its shares from time to time in the open market or privately negotiated transactions, depending on market conditions.
The following table presents common shares repurchased from shares held in Treasury:

|  | Three months ended March 31, |  |  |  |  |  |
|  | 2025 |  | 2024 |  |  |  |  |  |  |  |  |  |
| In the open market:(1) |  |  |  |  |  |  |  |  |  |  |  |  |
| Total shares | 4,793 |  |  | 1,048 |  |  |  |  |  |  |  |  |  |  |
| Total cost | $ | 439,992 |  |  | $ | 61,607 |  |  |  |  |  |  |  |  |  |  |
| Average price per share(2) | $ | 91.79 |  |  | $ | 58.79 |  |  |  |  |  |  |  |  |  |  |
| From employees:(3) |  |  |  |  |  |  |  |  |  |  |  |  |
| Total shares | 254 |  |  | 233 |  |  |  |  |  |  |  |  |  |  |
| Total cost | $ | 24,514 |  |  | $ | 14,121 |  |  |  |  |  |  |  |  |  |  |
| Average price per share(2) | $ | 96.58 |  |  | $ | 60.70 |  |  |  |  |  |  |  |  |  |  |
| Total shares repurchased: |  |  |  |  |  |  |  |  |  |  |  |  |
| Total shares | 5,047 |  |  | 1,281 |  |  |  |  |  |  |  |  |  |  |
| Total cost | $ | 464,506 |  |  | $ | 75,728 |  |  |  |  |  |  |  |  |  |  |
| Average price per share(2) | $ | 92.03 |  |  | $ | 59.13 |  |  |  |  |  |  |  |  |  |  |

(1) Shares are repurchased pursuant to the Company's Board-authorized share repurchase programs.
(2) Calculated using whole numbers.
(3) Shares are repurchased from employees to satisfy personal withholding tax liabilities that arise on the vesting of share-settled restricted stock units.
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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
9. SHAREHOLDERS' EQUITY (CONTINUED)
Dividends
The following table presents dividends declared and paid related to the Company's common and preferred shares:

|  | Per share data |
|  | Dividends declared |  | Dividends paid in period of declaration |  | Dividends paid in period following declaration |
| Three months ended March 31, 2025 |  |  |  |  |  |
| Common shares | $ | 0.44 |  |  | $ | — |  |  | $ | 0.44 |  |
| Series E preferred shares | $ | 34.38 |  |  | $ | — |  |  | $ | 34.38 |  |
| Three months ended March 31, 2024 |  |  |  |  |  |
| Common shares | $ | 0.44 |  |  | $ | — |  |  | $ | 0.44 |  |
| Series E preferred shares | $ | 34.38 |  |  | $ | — |  |  | $ | 34.38 |  |

10. DEBT AND FINANCING ARRANGEMENTS
Letter of Credit Facility
On March 23, 2025, the $300 million Facility was amended to extend the tenors of issuable letters of credit to March 31, 2027.
On March 26, 2024, the $500 million Facility was amended to reduce the committed utilization capacity available under the Facility to $300 million (the "$300 million Facility"), enter into an uncommitted secured letter of credit facility with Citibank Europe plc, extend the tenors of issuable letters of credit to March 31, 2026 and make certain updates to the facility's collateral and fee arrangements.
11. FEDERAL HOME LOAN BANK ADVANCES
The Company's subsidiaries, AXIS Insurance Company and AXIS Surplus Insurance Company, are members of the Federal Home Loan Bank of Chicago ("FHLB").
At March 31, 2025, the companies had admitted assets of a pproximately $3.1 billion (2024: $3.2 billion) which provides borrowing capacity of up to approximately $787 million (2024: $798 million).
At March 31, 2025, the Company had borrowings under the FHLB program of $66 million (2024: 66 million). On September 11, 2024, the Company repaid borrowings under the FHLB program of $10 million, at their stated maturity. On October 31, 2024, the Company repaid borrowings under the FHLB program of $9 million, at their stated maturity.
The FHLB advances have maturities in 2025 and 2026 and interest payable at interest rates between 4.5% and 4.9% (2024: interest rates between 4.5% and 5.5%). The Company incurred interest expense of $1 million (2024: $1 million) for the three months ended March 31, 2025. The borrowings under the FHLB program are secured by cash and investments with a fair value of $71 million (2024: $72 million).
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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
12. COMMITMENTS AND CONTINGENCIES
Legal Proceedings
From time to time, the Company is subject to routine legal proceedings, including arbitrations, arising in the ordinary course of business. These legal proceedings generally relate to claims asserted by or against the Company in the ordinary course of its insurance or reinsurance operations. Estimated amounts payable related to these proceedings are included in the reserve for losses and loss expenses in the Company's consolidated balance sheets.
The Company is not party to any material legal proceedings arising outside the ordinary course of business.
Investments
Refer to Note 3 - 'Inv estments' for information on the Company's unfunded investment commitments related to the Company's other investment portfolio.
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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
13. OTHER COMPREHENSIVE INCOME (LOSS)
The following table presents the tax effects allocated to each component of other comprehensive income (loss):

|  | 2025 |  | 2024 |  |
|  | Before tax amount |  | Income tax (expense) benefit |  | Net of tax amount |  | Before tax amount |  | Income tax (expense) benefit |  | Net of tax amount |  |
| Three months ended March 31, |  |  |  |  |  |  |  |  |  |  |  |  |
| Available for sale investments: |  |  |  |  |  |  |  |  |  |  |  |  |
| Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has not been recognized | $ | 101,007 |  |  | $ | (13,949) |  |  | $ | 87,058 |  |  | $ | (76,408) |  |  | $ | 16,349 |  |  | $ | (60,059) |  |  |
| Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has been recognized | 243 |  |  | (51) |  |  | 192 |  |  | (434) |  |  | 16 |  |  | (418) |  |  |
| Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income (loss) | 34,310 |  |  | (6,223) |  |  | 28,087 |  |  | 24,879 |  |  | (1,464) |  |  | 23,415 |  |  |
| Unrealized gains (losses) arising during the period, net of reclassification adjustment | 135,560 |  |  | (20,223) |  |  | 115,337 |  |  | (51,963) |  |  | 14,901 |  |  | (37,062) |  |  |
| Foreign currency translation adjustment | (156) |  |  | — |  |  | (156) |  |  | (8,951) |  |  | — |  |  | (8,951) |  |  |
| Total other comprehensive income (loss), net of tax | $ | 135,404 |  |  | $ | (20,223) |  |  | $ | 115,181 |  |  | $ | (60,914) |  |  | $ | 14,901 |  |  | $ | (46,013) |  |  |

The following table presents details of amounts reclassified from accumulated other comprehensive income (loss) ("AOCI") to net income (loss):

|  |  | Amount reclassified from AOCI(1) |
| AOCI Components | Consolidated statement of operations line item that includes reclassification adjustment | Three months ended March 31, |  |  |
| 2025 |  | 2024 |  |  |  |  |
| Unrealized gains (losses) on available for sale investments |  |  |  |  |  |  |  |  |
|  | Other realized and unrealized investment gains (losses) | $ | (32,384) |  |  | $ | (24,871) |  |  |  |  |  |
|  | Impairment losses | (1,926) |  |  | (8) |  |  |  |  |  |
|  | Total before tax | (34,310) |  |  | (24,879) |  |  |  |  |  |
|  | Income tax (expense) benefit | 6,223 |  |  | 1,464 |  |  |  |  |  |
|  | Net of tax | $ | (28,087) |  |  | $ | (23,415) |  |  |  |  |  |

(1) Amounts in parentheses are charges to net income (loss).
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AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
14. RELATED PARTY TRANSACTIONS
Investment in Monarch Point Re
During 2025, the Company invested an additional $5 million in Monarch Point Re (refer to Note 3 'Investments'), a collateralized reinsurer which is jointly sponsored by the Company a nd Stone Point.
Loan to Monarch Point Re
During 2025, the Company advanced $96 million (2024: $253 million) to Monarch Point Re. These loans will be repaid in a manner consistent with the timing of amounts due to Monarch Point Re under retrocession agreements. At March 31, 2025, an amount of $71 million (2024: $236 million) was repaid and was treated as a non-cash activity in the consolidated statement of cash flows. These loans are expected to be repaid in full by May 15, 2026. The loan balance receivable at March 31, 2025 of $268 million (2024: $243 million) is included in loan advances made in the consolidated balance sheets. At March 31, 2025, the Company had committed to advance a further $132 million (2024: $nil) to Monarch Point Re.
Interest on this loan is payable for this period at an interest rate of 4.8% (2024: interest rates between 4.7% and 5.5%) Interest related to this loan of $9 million (2024: $7 million) was received in advance and is included in other liabilities in the consolidated balance sheets.
Loss Portfolio Transfer Reinsurance Agreement with Enstar
On April 24, 2025, the Company completed a loss portfolio transfer reinsurance agreement with Cavello Bay Reinsurance Limited, a wholly-owned subsidiary of Enstar Group Limited ("Enstar") to retrocede a portfolio of reinsurance business predominantly related to 2021 and prior underwriting years.
15. REORGANIZATION EXPENSES
For the three months ended March 31, 2025, reorganization expenses were $nil (2024: $12 million) primarily related to severance costs attributable to the Company's "How We Work" program.
16. INCOME TAXES
The effective tax rate for the three months ended March 31, 2025 and March 31, 2024 was 18.6% and (46.0%), respectively. The change in the effective rate is attributable to Bermuda corporate income tax that applies a 15% tax on Bermuda pre-tax income in 2025 compared to the benefit of the Bermuda economic transition adjustment recognized in 2024.
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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following is a discussion and analysis of our results of operations for the three months ended March 31, 2025 and 2024 and our financial condition at March 31, 2025 and December 31, 2024. This should be read in conjunction with Item 1 'Consolidated Financial Statements' of this report and our Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2024. Unless otherwise noted, tabular dollars are in thousands, except per share amounts. Amounts in tables may not reconcile due to rounding differences.

| Page
First Quarter 2025 Financial Highlights | 49
Overview | 50
Consolidated Results of Operations | 52
Results by Segment: |
i) Insurance Segment | 54
ii) Reinsurance Segment | 58
Net Investment Income and Net Investment Gains (Losses) | 62
Other Expenses (Revenues), Net | 65
Financial Measures | 66
Non-GAAP Financial Measures Reconciliation | 68
Cash and Investments | 72
Liquidity and Capital Resources | 75
Critical Accounting Estimates | 77
Recent Accounting Pronouncements | 77

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FIRST QUARTER 2025 FINANCIAL HIGHLIGHTS

First Quarter 2025 Consolidated Results of Operations
•Net income available to common shareholders of $187 million, or $2.30 per common share, and $2.26 per diluted common share
•Operating income(1) of $261 million, or $3.17 per diluted common share(1)
•Gross premiums written of $2.8 billion
•Net premiums written of $1.8 billion
•Net premiums earned of $1.3 billion
•Pre-tax, catastrophe and weather-related losses, net of reinsurance, of $49 million ($38 million, after-tax), (Insurance: $47.5 million; Reinsurance: $1.5 million), or 3.7 points, including $32 million, 2.4 points attributable to California Wildfires. The remaining losses were primarily attributable to other weather-related events.
•Net favorable prior year reserve development of $18 million (Insurance: $14 million; Reinsurance: $4 million)
•Underwriting income(2) of $163 million and combined ratio of 90.2%
•Net investment income of $208 million
•Net investment losses of $30 million
•Foreign exchange losses of $57 million
•Income tax expense of $44 million
First Quarter 2025 Consolidated Financial Condition
•Total cash and investments of $17.8 billion; fixed maturities, short-term investments, and cash and cash equivalents comprise 88% of total cash and investments and have an average credit rating of AA-
•Total assets of $33.2 billion
•Reserve for losses and loss expenses of $17.5 billion and reinsurance recoverable on unpaid and paid losses and loss expenses of $7.5 billion
•Debt of $1.3 billion and debt to total capital ratio(3) of 18.2%
•Total common shares r epurchased were 5.0 million shares for a total of $465 million, including $440 million repurchased pursuant to our Board-authorized share repurchase program, and $25 million from employees to facilitate the satisfaction of their personal withholding tax liabilities that arise on the vesting of share-settled restricted stock units
•Common shareholders’ equity of $5.4 billion; book value per diluted common s hare of $66.48
(1)Operating income (loss) and operating income (loss) per diluted common share are non-GAAP financial measures as defined in Item 10(e) of SEC Regulation S-K. The reconciliations to the most comparable GAAP financial measures, net income (loss) available (attributable) to common shareholders and earnings (loss) per diluted common share, respectively, and a discussion of the rationale for the presentation of these items are provided in 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation'.
(2)Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to the most comparable GAAP financial measure, net income (loss), is presented in 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Consolidated Results of Operations', and a discussion of the rationale for its presentation is provided in 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation'.
(3)The debt to total capital ratio is calculated by dividing debt by total capital. Total capital represents the sum of total shareholders’ equity and debt.
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OVERVIEW

Business Overview
AXIS Capital, through its operating subsidiaries, is a global specialty underwriter and provider of insurance and reinsurance solutions with operations in Bermuda, the U.S., Europe, Singapore and Canada. Our underwriting operations are organized around our global underwriting platforms, AXIS Insurance and AXIS Re.
We provide our clients and distribution partners with a broad range of risk transfer products and services, and strong capacity, backed by excellent financial strength. We manage our portfolio holistically, aiming to construct the optimum portfolio of risks, consistent with our risk appetite and the development of our franchise. We nurture an ethical, entrepreneurial, disciplined and diverse culture that promotes outstanding client service, intelligent risk taking, operating efficiency, corporate citizenship and the achievement of superior risk-adjusted returns for our shareholders. We believe that the achievement of our objectives will position us as a global specialty underwriting leader. The execution of our business strategy for the first three months of 2025 included the following:
•growing in a number of attractive specialty lines insurance and treaty reinsurance markets including U.S. excess and surplus lines and Lloyd's specialty insurance business;
•re-balancing our portfolio towards less volatile lines of business, that carry attractive returns while deploying capital within risk limit tolerance, diversification criteria and risk management strategy;
•investing in attractive growth markets and advancing capabilities to address more transactional specialist business targeting the lower middle market with our key distribution partners;
•leveraging our global platform to introduce our products and services to new regions including the continued expansion of our North America product capabilities;
•continuing the implementation of a more focused distribution strategy while building mutually beneficial relationships with clients and partners;
•improving the effectiveness and efficiency of our operating platforms and processes through our "How We Work" program;
•investing in data and technology, and exploring AI capabilities and tools, to empower our underwriters and enhance the service that we provide to our customers;
•utilizing reinsurance markets and third-party capital relationships;
•fostering a positive workplace environment that enables us to attract, retain and develop top talent; and
•growing our corporate citizenship program to support our communities and help contribute to a more sustainable future.
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Outlook
We are executing on our commitment to advance AXIS as a specialty underwriting leader that delivers consistent, profitable growth. Our market positioning, diversified book of business, specialty underwriting acumen, global platform, claims management capabilities, and deep distribution relationships, supported by a conservative and well performing investment portfolio, provide the foundation for additional profitable growth in our targeted specialty markets.
The current trade and geopolitical environment introduces uncertainty across several dimensions including potential impacts on economic growth, loss costs, and the threat of a recessionary environment. At AXIS, on an ongoing basis we assess all forms of uncertainty presented, and through our normal underwriting practices we take steps and measures that guard against adverse outcomes.
Nonetheless, the overall outlook for the property and casualty market remains favorable for specialty insurance and reinsurance carriers. Looking at the trends impacting our business:
•Following multiple years of rate increases outpacing loss cost trends across the specialty sector, overall pricing has moderated and in some sectors is softening. Casualty lines continue to see positive rate achievement while property rates are deteriorating due to the influx of capital being deployed in the space. We continue to lean into sectors, where premium adequacy metrics are strong, where market dislocations arise and where organic profitable growth opportunities exist.
•The wholesale channel continues to experience substantial submission growth due to dislocations in the standard lines markets. This dynamic enables specialty carriers to deploy a disciplined underwriting strategy to market opportunities.
•Pricing momentum in non-proportional reinsurance continues while our proportional reinsurance business is benefiting from rate increases in the underlying business. While we expect these market conditions to persist, we are seeing nuances by line of business. We continue to focus on underwriting discipline and targeted profitable growth.
Across the business, we will pursue attractive opportunities by employing a focused underwriting strategy and selective appetite. Where price continues to deliver adequate profitability, we will look to grow within our risk and volatility guidelines. With a strengthened book of business, and an expanding footprint in attractive specialty markets, we believe AXIS remains positioned to drive profitable growth in 2025 and beyond.
Recent Developments
Loss Portfolio Transfer Reinsurance Agreement with Enstar
On April 24, 2025, we completed a loss portfolio transfer reinsurance agreement with Cavello Bay Reinsurance Limited, a wholly-owned subsidiary of Enstar Group Limited ("Enstar") to retrocede a portfolio of reinsurance business predominantly related to 2021 and prior underwriting years (refer to Item 1, Note 14 to the Consolidated Financial Statements 'Related Party Transactions' for further details).
The transaction is structured as a 75% ground-up quota share retrocession of net reserves for losses and loss expenses of approximately $3.1 billion at September 30, 2024 and provides cover up to a policy limit of approximately $940 million. The transaction is deemed to have met the established criteria for retroactive reinsurance accounting.
Under the terms of the loss portfolio transfer reinsurance agreement, we will retain responsibility for the management of claims.
Although retroactive reinsurance accounting may result in volatility to our results in the short-term, the loss portfolio transfer reinsurance agreement will protect us from prior year reserve development on the subject business over the contract term, provided this remains within the limit of the agreement.
Bermuda Corporate Income Tax
Corporate income tax of 15% applied to Bermuda pre-tax income effective January 1, 2025, resulting in an effective tax rate of 18.6% due to pre-tax income in our Bermuda, U.K., U.S., and European operations.
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CONSOLIDATED RESULTS OF OPERATIONS

|  | Three months ended March 31, |  |  |
|  | 2025 |  | % Change |  | 2024 |  |  |  |  |  |  |
| Underwriting revenues: |  |  |  |  |  |  |  |  |  |  |  |
| Gross premiums written | $ | 2,794,652 |  |  | 5% |  | $ | 2,654,427 |  |  |  |  |  |  |  |
| Net premiums written | 1,750,039 |  |  | 2% |  | 1,722,073 |  |  |  |  |  |  |  |
| Net premiums earned | 1,340,820 |  |  | 7% |  | 1,258,041 |  |  |  |  |  |  |  |
| Other insurance related income | 3,578 |  |  | (57%) |  | 8,340 |  |  |  |  |  |  |  |
| Underwriting expenses: |  |  |  |  |  |  |  |  |  |  |  |
| Net losses and loss expenses | (785,925) |  |  | 8% |  | (728,671) |  |  |  |  |  |  |  |
| Acquisition costs | (264,581) |  |  | 4% |  | (254,254) |  |  |  |  |  |  |  |
| Underwriting-related general and administrative expenses(1) | (130,438) |  |  | (5%) |  | (137,793) |  |  |  |  |  |  |  |
| Underwriting income (2) | 163,454 |  |  |  |  | 145,663 |  |  |  |  |  |  |  |
| Net investment income | 207,713 |  |  | 24% |  | 167,383 |  |  |  |  |  |  |  |
| Net investment gains (losses) | (30,005) |  |  | nm |  | (9,207) |  |  |  |  |  |  |  |
| Corporate expenses(1) | (28,725) |  |  | 12% |  | (25,580) |  |  |  |  |  |  |  |
| Foreign exchange (losses) gains | (57,034) |  |  | nm |  | 23,552 |  |  |  |  |  |  |  |
| Interest expense and financing costs | (16,572) |  |  | (3%) |  | (17,147) |  |  |  |  |  |  |  |
| Reorganization expenses | — |  |  | nm |  | (12,299) |  |  |  |  |  |  |  |
| Amortization of intangible assets | (2,729) |  |  | —% |  | (2,729) |  |  |  |  |  |  |  |
| Income before income taxes and interest in income of equity method investments | 236,102 |  |  |  |  | 269,636 |  |  |  |  |  |  |  |
| Income tax (expense) benefit | (44,322) |  |  | nm |  | 124,654 |  |  |  |  |  |  |  |
| Interest in income of equity method investments | 2,291 |  |  | 96% |  | 1,169 |  |  |  |  |  |  |  |
| Net income | 194,071 |  |  |  |  | 395,459 |  |  |  |  |  |  |  |
| Preferred share dividends | (7,563) |  |  | —% |  | (7,563) |  |  |  |  |  |  |  |
| Net income available to common shareholders | $ | 186,508 |  |  |  |  | $ | 387,896 |  |  |  |  |  |  |  |

nm – not meaningful is defined as a variance greater than +/-100%
(1)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, also included corporate expenses o f $29 million and $26 million for the three months ended March 31, 2025 and 2024, respectively. Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Other Expenses (Revenues), Net' for further details on corporate expenses. Refer also to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation' for further details.
(2)Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to net income (loss), the most comparable GAAP financial measure, is presented in the table above. Refer also to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation' for further details.
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Underwriting Revenues
Underwriting revenues by segment were as follows:

|  | Three months ended March 31, |  |  |
|  | 2025 |  | % Change |  | 2024 |  |  |  |  |  |  |
| Gross premiums written: |  |  |  |  |  |  |  |  |  |  |  |
| Insurance | $ | 1,655,903 |  | 5% |  | $ | 1,574,505 |  |  |  |  |  |  |
| Reinsurance | 1,138,749 |  | 5% |  | 1,079,922 |  |  |  |  |  |  |
| Total gross premiums written | $ | 2,794,652 |  | 5% |  | $ | 2,654,427 |  |  |  |  |  |  |
| Percent of gross premiums written ceded |  |  |  |  |  |  |  |  |  |  |  |
| Insurance | 37 | % |  | 2 pts |  | 35 | % |  |  |  |  |  |  |
| Reinsurance | 38 | % |  | 3 pts |  | 35 | % |  |  |  |  |  |  |
| Total percent of gross premiums written ceded | 37 | % |  | 2 pts |  | 35 | % |  |  |  |  |  |  |
| Net premiums written: |  |  |  |  |  |  |  |  |  |  |  |
| Insurance | $ | 1,044,580 |  | 2% |  | $ | 1,022,354 |  |  |  |  |  |  |
| Reinsurance | 705,459 |  | 1% |  | 699,719 |  |  |  |  |  |  |
| Total net premiums written | $ | 1,750,039 |  | 2% |  | $ | 1,722,073 |  |  |  |  |  |  |
| Net premiums earned: |  |  |  |  |  |  |  |  |  |  |  |
| Insurance | $ | 1,010,086 |  | 10% |  | $ | 917,946 |  |  |  |  |  |  |
| Reinsurance | 330,734 |  | (3%) |  | 340,095 |  |  |  |  |  |  |
| Total net premiums earned | $ | 1,340,820 |  | 7% |  | $ | 1,258,041 |  |  |  |  |  |  |

Refer to 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Results by Segment' for further details on underwriting revenues.
Combined Ratio
The components of the combined ratio were as follows:

|  | Three months ended March 31, |  |  |
|  | 2025 |  | % Point Change |  | 2024 |  |  |  |  |  |  |
| Current accident year loss ratio, excluding catastrophe and weather-related losses(1) | 56.3 | % |  | (0.1) |  | 56.4 | % |  |  |  |  |  |  |
| Catastrophe and weather-related losses ratio(1) | 3.7 | % |  | 2.2 |  | 1.5 | % |  |  |  |  |  |  |
| Current accident year loss ratio(1) | 60.0 | % |  | 2.1 |  | 57.9 | % |  |  |  |  |  |  |
| Prior year reserve development ratio | (1.4 | %) |  | (1.4) |  | — | % |  |  |  |  |  |  |
| Net losses and loss expenses ratio | 58.6 | % |  | 0.7 |  | 57.9 | % |  |  |  |  |  |  |
| Acquisition cost ratio | 19.7 | % |  | (0.5) |  | 20.2 | % |  |  |  |  |  |  |
| General and administrative expense ratio(2) | 11.9 | % |  | (1.1) |  | 13.0 | % |  |  |  |  |  |  |
| Combined ratio | 90.2 | % |  | (0.9) |  | 91.1 | % |  |  |  |  |  |  |

(1) Current accident year loss ratio, catastrophe and weather-related losses ratio and current accident year loss ratio, excluding catastrophe and weather-related losses are non-GAAP financial measures as defined in Item 10(e) of SEC Regulation S-K. The reconciliations to the most comparable GAAP financial measure, net losses and loss expenses ratio is provided above and a discussion of the rationale for the presentation of these items are provided in 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation'.
(2) The general and administrative expense ratio included corporate expenses not allocated to underwriting segments of 2.1% and 2.0% fo r the three months ended March 31, 2025 and 2024, respectively. Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Other Expenses (Revenues), Net' for further details.
Refer to 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Results by Segment' for further details on underwriting expenses.
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RESULTS BY SEGMENT

Insurance Segment
Results for the insurance segment were as follows:

|  | Three months ended March 31, |  |  |
|  | 2025 |  | % Change |  | 2024 |  |  |  |  |  |  |
| Revenues: |  |  |  |  |  |  |  |  |  |  |  |
| Gross premiums written | $ | 1,655,903 |  | 5% |  | $ | 1,574,505 |  |  |  |  |  |  |
| Net premiums written | 1,044,580 |  | 2% |  | 1,022,354 |  |  |  |  |  |  |
| Net premiums earned | 1,010,086 |  | 10% |  | 917,946 |  |  |  |  |  |  |
| Other insurance related income | 156 |  | nm |  | 21 |  |  |  |  |  |  |
| Expenses: |  |  |  |  |  |  |  |  |  |  |  |
| Current accident year net losses and loss expenses | (576,066) |  |  |  | (496,864) |  |  |  |  |  |  |
| Prior year reserve development | 13,978 |  |  |  | — |  |  |  |  |  |  |
| Acquisition costs | (194,021) |  |  |  | (176,029) |  |  |  |  |  |  |
| Underwriting-related general and administrative expenses | (119,592) |  |  |  | (122,087) |  |  |  |  |  |  |
| Underwriting income | $ | 134,541 |  |  |  | $ | 122,987 |  |  |  |  |  |  |
| Ratios: |  |  | % Point Change |  |  |  |  |  |  |  |  |
| Current accident year loss ratio, excluding catastrophe and weather-related losses | 52.3 | % |  | 0.3 |  | 52.0 | % |  |  |  |  |  |  |
| Catastrophe and weather-related losses ratio | 4.7 | % |  | 2.6 |  | 2.1 | % |  |  |  |  |  |  |
| Current accident year loss ratio | 57.0 | % |  | 2.9 |  | 54.1 | % |  |  |  |  |  |  |
| Prior year reserve development ratio | (1.4 | %) |  | (1.4) |  | — | % |  |  |  |  |  |  |
| Net losses and loss expenses ratio | 55.6 | % |  | 1.5 |  | 54.1 | % |  |  |  |  |  |  |
| Acquisition cost ratio | 19.2 | % |  | — |  | 19.2 | % |  |  |  |  |  |  |
| Underwriting-related general and administrative expense ratio | 11.9 | % |  | (1.4) |  | 13.3 | % |  |  |  |  |  |  |
| Combined ratio | 86.7 | % |  | 0.1 |  | 86.6 | % |  |  |  |  |  |  |

nm – not meaningful
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Gross Premiums Written
Gross premiums written by line of business were as follows:

|  | Three months ended March 31, |  |  |  |  |  |  |
|  | 2025 |  |  |  | 2024 |  |  |  | % Change |  |  |  |  |  |  |  |  |  |  |
| Property | $ | 495,417 |  |  | 29 | % |  | $ | 478,835 |  |  | 30 | % |  | 3% |  |  |  |  |  |  |  |  |  |  |
| Professional lines | 257,159 |  |  | 16 | % |  | 236,665 |  |  | 15 | % |  | 9% |  |  |  |  |  |  |  |  |  |  |
| Liability | 303,758 |  |  | 18 | % |  | 287,705 |  |  | 18 | % |  | 6% |  |  |  |  |  |  |  |  |  |  |
| Cyber | 113,945 |  |  | 7 | % |  | 132,936 |  |  | 8 | % |  | (14%) |  |  |  |  |  |  |  |  |  |  |
| Marine and aviation | 267,151 |  |  | 16 | % |  | 262,010 |  |  | 17 | % |  | 2% |  |  |  |  |  |  |  |  |  |  |
| Accident and health | 124,843 |  |  | 8 | % |  | 104,606 |  |  | 7 | % |  | 19% |  |  |  |  |  |  |  |  |  |  |
| Credit and political risk | 93,630 |  |  | 6 | % |  | 71,748 |  |  | 5 | % |  | 30% |  |  |  |  |  |  |  |  |  |  |
| Total | $ | 1,655,903 |  |  | 100 | % |  | $ | 1,574,505 |  |  | 100 | % |  | 5% |  |  |  |  |  |  |  |  |  |  |

Gross premiums written for the three months ended March 31, 2025 increased by $81 million, or 5% ($89 million, or 6%, on a constant currency basis(1)), compared to the three months ended March 31, 2024. The increase was primarily attributable to credit and political risk, professional lines, accident and health, property, liability, and marine and aviation lines, partially offset by a decrease in cyber lines.
The increases in credit and political risk, professional lines, accident and health, property, and marine and aviation lines were driven by new business.
The increase in accident and health lines was also due to a higher level of premiums associated with renewed pet insurance business.
The increase in property lines was also due to the timing of renewals of offshore energy business, partially offset by a lower level of premiums related to business written on a line slip basis associated with competitive market conditions.
The increase in marine and aviation lines was partially offset by the timing of a renewal in aviation war business.
The increase in liability lines was driven by favorable rate change associated with U.S. excess casualty business, partially offset by a decrease in U.S. primary casualty business attributable to underwriting actions taken to reposition the portfolio.
The decrease in cyber lines was related to the cancellation of two significant programs, partially offset by negative premium adjustments in the three months ended March 31, 2024 related to business written on a line slip basis.
Ceded Premiums Written
Ceded premiums written for the three months ended March 31, 2025 was $611 million, or 37%, of gross premiums written, compared to $552 million, or 35%, of gross premiums written for the three months ended March 31, 2024. The increase in ceded premiums written of $59 million, or 11%, was primarily driven by increases in accident and health, cyber, liability, and credit and political risk lines, partially offset by decreases in property, and marine and aviation lines.
The increase in accident and health lines was attributable to a new quota share treaty and the increase in gross premiums written for the three months ended March 31, 2025, compared to the three months ended March 31, 2024.
The increase in cyber lines was due to higher costs associated with an excess of loss treaty for the three months ended March 31, 2025, compared to the three months ended March 31, 2024, partially offset by the decrease in gross premiums written for the three months ended March 31, 2025, compared to the three months ended March 31, 2024.
(1) Amounts presented on a constant currency basis are non-GAAP financial measures as defined in Item 10 (e) of SEC Regulation S-K. The constant currency basis is calculated by applying the average foreign exchange rate from the current year to the prior year balance. Variances that are unchanged on a constant currency basis are omitted from the narrative.
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The increases in liability, and credit and political risk lines reflected the increase in gross premiums written for the three months ended March 31, 2025, compared to the three months ended March 31, 2024.
The decrease in property lines was due to the restructuring of a significant existing quota share treaty, partially offset by the increase in gross premiums written for the three months ended March 31, 2025, compared to the three months ended March 31, 2024.
The decrease in marine and aviation lines was attributable to reinstatement premiums associated with losses and loss expenses for the three months ended March 31, 2024.
Net Premiums Earned
Net premiums earned by line of business were as follows:

|  | Three months ended March 31, |  |  |  |  |  |  |
|  | 2025 |  |  |  | 2024 |  |  |  | % Change |  |  |  |  |  |  |  |  |  |  |
| Property | $ | 318,333 |  |  | 31 | % |  | $ | 253,593 |  |  | 28 | % |  | 26% |  |  |  |  |  |  |  |  |  |  |
| Professional lines | 202,642 |  |  | 20 | % |  | 196,581 |  |  | 21 | % |  | 3% |  |  |  |  |  |  |  |  |  |  |
| Liability | 118,152 |  |  | 12 | % |  | 124,639 |  |  | 14 | % |  | (5%) |  |  |  |  |  |  |  |  |  |  |
| Cyber | 79,206 |  |  | 8 | % |  | 82,858 |  |  | 9 | % |  | (4%) |  |  |  |  |  |  |  |  |  |  |
| Marine and aviation | 154,946 |  |  | 15 | % |  | 139,290 |  |  | 15 | % |  | 11% |  |  |  |  |  |  |  |  |  |  |
| Accident and health | 89,145 |  |  | 9 | % |  | 84,257 |  |  | 9 | % |  | 6% |  |  |  |  |  |  |  |  |  |  |
| Credit and political risk | 47,662 |  |  | 5 | % |  | 36,728 |  |  | 4 | % |  | 30% |  |  |  |  |  |  |  |  |  |  |
| Total | $ | 1,010,086 |  |  | 100 | % |  | $ | 917,946 |  |  | 100 | % |  | 10% |  |  |  |  |  |  |  |  |  |  |

Net premiums earned for the three months ended March 31, 2025 increased by $92 million, or 10%, compared to the three months ended March 31, 2024.
The increase was primarily driven by increases in gross premiums earned in property, and credit and political risk lines, together with decreases in ceded premiums earned in marine and aviation, and professional lines. These amounts were partially offset by increases in ceded premiums earned in liability, and credit and political risk lines.
Loss Ratio
The components of the loss ratio were as follows:

|  | Three months ended March 31, |  |  |
|  | 2025 |  | % Point Change |  | 2024 |  |  |  |  |  |  |
| Current accident year loss ratio | 57.0 | % |  | 2.9 |  | 54.1 | % |  |  |  |  |  |  |
| Prior year reserve development ratio | (1.4 | %) |  | (1.4) |  | — | % |  |  |  |  |  |  |
| Loss ratio | 55.6 | % |  | 1.5 |  | 54.1 | % |  |  |  |  |  |  |

C urrent Accident Year Loss Ratio
The current accident year loss ratio increased to 57.0% for the three months ended March 31, 2025, from 54.1% for the three months ended March 31, 2024.
The increase in the current accident year loss ratio for three months ended March 31, 2025, compared to the same period in 2024, was impacted by a higher level of catastrophe and weather-related losses. During the three months ended March 31, 2025, catastrophe and weather-related losses, net of reinsurance, were $47.5 million, or 4.7 points, including $30.5 million, or 3.0 points attributable to California Wildfires. The remaining losses were primarily attributable to other weather-related events. Comparatively, during the three months ended March 31, 2024, catastrophe and weather-related losses, were $19 million, or 2.1 points, attributable to weather-related events.
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Adjusting for the impact of the catastrophe and weather-related losses, the current accident year loss ratio increased to 52.3% for the three months ended March 31, 2025, from 52.0% for the three months ended March 31, 2024, principally due to the adverse impact of loss trends over pricing in property, and the specialty other reserve classes, partially offset by the change in business mix attributable to the increase in property business written in recent periods that is associated with a relatively lower loss ratio.
Prior Year Reserve Development
Refer to Item 1, Note 6 to the Consolidated Financial Statements 'Reserve for losses and loss expenses' for details on prior year reserve development by segment, reserve class and accident year.
Acquisition Cost Ratio
The acquisition cost ratio of 19.2% for the three months ended March 31, 2025, was consistent with the acquisition cost ratio of 19.2% for the three months ended March 31, 2024.
Gross variable acquisition costs increased for the three months ended March 31, 2025, compared to the three months ended March 31, 2024, related to changes in business mix attributable to increases in accident and health, and credit and political risk lines business written in recent periods that are associated with relatively higher gross variable acquisition costs, together with a decrease in professional lines business written in the recent periods that is associated with relatively lower gross variable acquisition costs.
The acquisition cost ratio for the three months ended March 31, 2025 compared to the three months ended March 31, 2024, also benefited from an increase in ceding commission in accident and health, and property lines, partially offset by a decrease in ceding commission in professional lines.
Underwriting-Related General and Administrative Expense Ratio
The underwriting-related general and administrative expense ratio decreased to 11.9% for the three months ended March 31, 2025, from 13.3% for the three months ended March 31, 2024, mainly driven an increase in net premiums earned.
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Reinsurance Segment
Results from the reinsurance segment were as follows:

|  | Three months ended March 31, |  |  |
|  | 2025 |  | % Change |  | 2024 |  |  |  |  |  |  |
| Revenues: |  |  |  |  |  |  |  |  |  |  |  |
| Gross premiums written | $ | 1,138,749 |  | 5% |  | $ | 1,079,922 |  |  |  |  |  |  |
| Net premiums written | 705,459 |  | 1% |  | 699,719 |  |  |  |  |  |  |
| Net premiums earned | 330,734 |  | (3%) |  | 340,095 |  |  |  |  |  |  |
| Other insurance related income | 3,422 |  | (59%) |  | 8,319 |  |  |  |  |  |  |
| Expenses: |  |  |  |  |  |  |  |  |  |  |  |
| Current accident year net losses and loss expenses | (227,796) |  |  |  | (231,807) |  |  |  |  |  |  |
| Prior year reserve development | 3,959 |  |  |  | — |  |  |  |  |  |  |
| Acquisition costs | (70,560) |  |  |  | (78,225) |  |  |  |  |  |  |
| Underwriting-related general and administrative expenses | (10,846) |  |  |  | (15,706) |  |  |  |  |  |  |
| Underwriting income | $ | 28,913 |  |  |  | $ | 22,676 |  |  |  |  |  |  |
| Ratios: |  |  | % Point Change |  |  |  |  |  |  |  |  |
| Current accident year loss ratio, excluding catastrophe and weather-related losses | 68.4 | % |  | 0.4 |  | 68.0 | % |  |  |  |  |  |  |
| Catastrophe and weather-related losses ratio | 0.5 | % |  | 0.3 |  | 0.2 | % |  |  |  |  |  |  |
| Current accident year loss ratio | 68.9 | % |  | 0.7 |  | 68.2 | % |  |  |  |  |  |  |
| Prior year reserve development ratio | (1.2 | %) |  | (1.2) |  | — | % |  |  |  |  |  |  |
| Net losses and loss expenses ratio | 67.7 | % |  | (0.5) |  | 68.2 | % |  |  |  |  |  |  |
| Acquisition cost ratio | 21.3 | % |  | (1.7) |  | 23.0 | % |  |  |  |  |  |  |
| Underwriting-related general and administrative expense ratio | 3.3 | % |  | (1.3) |  | 4.6 | % |  |  |  |  |  |  |
| Combined ratio | 92.3 | % |  | (3.5) |  | 95.8 | % |  |  |  |  |  |  |

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Gross Premiums Written
Gross premiums written by line of business were as follows:

|  | Three months ended March 31, |  |  |  |  |  |  |  |  |  |
|  | 2025 |  |  |  | 2024 |  |  |  | % Change |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Liability | $ | 253,070 |  |  | 22 | % |  | $ | 218,175 |  |  | 20 | % |  | 16% |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Professional lines | 188,445 |  |  | 17 | % |  | 146,832 |  |  | 14 | % |  | 28% |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Motor | 124,380 |  |  | 11 | % |  | 152,145 |  |  | 14 | % |  | (18%) |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Accident and health | 281,355 |  |  | 25 | % |  | 310,792 |  |  | 29 | % |  | (9%) |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Credit and surety | 204,666 |  |  | 18 | % |  | 164,043 |  |  | 15 | % |  | 25% |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Agriculture | 48,901 |  |  | 4 | % |  | 39,501 |  |  | 4 | % |  | 24% |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Marine and aviation | 33,492 |  |  | 3 | % |  | 46,134 |  |  | 4 | % |  | (27%) |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Total | 1,134,309 |  |  | 100 | % |  | 1,077,622 |  |  | 100 | % |  | 5% |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Run-off lines |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Catastrophe | 967 |  |  | — | % |  | 1,423 |  |  | — | % |  | (32%) |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Property | 1,646 |  |  | — | % |  | (156) |  |  | — | % |  | nm |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Engineering | 1,827 |  |  | — | % |  | 1,033 |  |  | — | % |  | 77% |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Total run-off lines | 4,440 |  |  | — | % |  | 2,300 |  |  | — | % |  | 93% |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Total | $ | 1,138,749 |  |  | 100 | % |  | $ | 1,079,922 |  |  | 100 | % |  | 5% |  |  |  |  |  |  |  |  |  |  |  |  |  |

nm – not meaningful
Gross premiums written for the three months ended March 31, 2025, increased by $59 million, or 5% ($60 million, or 6%, on a constant currency basis), compared to the three months ended March 31, 2024. The increase was primarily attributable to professional lines, credit and surety, liability, and agriculture lines, partially offset by decreases in accident and health, motor, and marine and aviation lines.
The increase in professional lines was attributable to new cyber business, and the timing of renewals of two significant contracts, partially offset by decreased line sizes and non-renewals.
The increase in credit and surety lines was driven by new business, including whole account turnover credit business, structured credit and political risk business, mortgage business, and new proportional surety business together with increased line sizes on credit business.
The increase in liability lines was due to the timing of renewals, the restructuring of a significant contract at Lloyds, and new business, partially offset by non-renewals.
The increase in agriculture lines was due to new business.
The decrease in accident and health lines was driven by decreased line sizes attributable to increased competition and negative premium adjustments in the three months ended March 31, 2025, compared to positive premium adjustments in the three months ended March 31, 2024, partially offset by the timing of renewals of several significant contracts.
The decrease in motor lines was attributable to decreased line sizes and non-renewals due to increased competition for non-proportional U.K. business, the timing of renewals of two significant proportional contracts and a decrease line size on a significant proportional contract, partially offset by positive premium adjustments related to a large quota share contract, and non-proportional business associated with favorable market conditions.
The decrease in marine and aviation lines was related to non-renewals and decreased line sizes attributable to client retentions and increased competition for marine business.
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Ceded Premiums Written
Ceded premiums written for the three months ended March 31, 2025, was $433 million, or 38%, of gross premiums written, compared to $380 million, or 35%, of gross premiums written for the three months ended March 31, 2024. The increase in ceded premiums written of $53 million, or 14%, was primarily driven by increases in liability, professional lines, credit and surety, and agriculture lines, partially offset by decreases in motor, and accident and health lines.
The increase in liability, professional lines, credit and surety, and agriculture lines reflected the increase in gross premiums written in the three months ended March 31, 2025, compared to the three months ended March 31, 2024, and the restructuring of significant quota share retrocession treaties with strategic capital partners.
The decrease in motor lines reflected the decrease in gross premiums written in the three months ended March 31, 2025, compared to the three months ended March 31, 2024 and the restructuring of two significant quota share retrocession treaties with strategic capital partners.
The decrease in accident and health lines reflected the decrease in gross premiums written in the three months ended March 31, 2025, compared to the three months ended March 31, 2024.
Net Premiums Earned
Net premiums earned by line of business were as follows:

|  | Three months ended March 31, |  |  |  |  |  |  |
|  | 2025 |  |  |  | 2024 |  |  |  | % Change |  |  |  |  |  |  |  |  |  |  |
| Liability | $ | 74,140 |  |  | 22 | % |  | $ | 84,419 |  |  | 25 | % |  | (12%) |  |  |  |  |  |  |  |  |  |  |
| Professional lines | 43,175 |  |  | 13 | % |  | 36,895 |  |  | 11 | % |  | 17% |  |  |  |  |  |  |  |  |  |  |
| Motor | 29,278 |  |  | 9 | % |  | 31,824 |  |  | 9 | % |  | (8%) |  |  |  |  |  |  |  |  |  |  |
| Accident and health | 68,987 |  |  | 21 | % |  | 81,014 |  |  | 24 | % |  | (15%) |  |  |  |  |  |  |  |  |  |  |
| Credit and surety | 63,039 |  |  | 19 | % |  | 55,797 |  |  | 16 | % |  | 13% |  |  |  |  |  |  |  |  |  |  |
| Agriculture | 32,085 |  |  | 10 | % |  | 23,485 |  |  | 7 | % |  | 37% |  |  |  |  |  |  |  |  |  |  |
| Marine and aviation | 15,695 |  |  | 5 | % |  | 18,900 |  |  | 6 | % |  | (17%) |  |  |  |  |  |  |  |  |  |  |
| Total | 326,399 |  |  | 99 | % |  | 332,334 |  |  | 98 | % |  | (2%) |  |  |  |  |  |  |  |  |  |  |
| Run-off lines |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Catastrophe | 985 |  |  | — | % |  | 3,484 |  |  | 1 | % |  | (72%) |  |  |  |  |  |  |  |  |  |  |
| Property | 1,503 |  |  | — | % |  | 3,116 |  |  | 1 | % |  | (52%) |  |  |  |  |  |  |  |  |  |  |
| Engineering | 1,847 |  |  | 1 | % |  | 1,161 |  |  | — | % |  | 59% |  |  |  |  |  |  |  |  |  |  |
| Total run-off lines | 4,335 |  |  | 1 | % |  | 7,761 |  |  | 2 | % |  | (44%) |  |  |  |  |  |  |  |  |  |  |
| Total | $ | 330,734 |  |  | 100 | % |  | $ | 340,095 |  |  | 100 | % |  | (3%) |  |  |  |  |  |  |  |  |  |  |

Net premiums earned for the three months ended March 31, 2025, decreased by $9 million, or 3%, ($3 million, or 1%, on a constant currency basis), compared to the three months ended March 31, 2024.
The decrease was primarily driven by decreases in gross premiums earned in accident and health, and liability lines, together with increases in ceded premiums earned in professional lines and credit and surety lines. These amounts were partially offset by increases in gross premiums earned in credit and surety, agriculture, and professional lines.
Other Insurance Related Income (Loss)
Other insurance related income of $3 million for the three months ended March 31, 2025, compared to other insurance related income of $8 million for the three months ended March 31, 2024, was primarily associated with fees related to arrangements with strategic capital partners.
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Loss Ratio
The components of the loss ratio were as follows:

|  | Three months ended March 31, |  |  |
|  | 2025 |  | % Point Change |  | 2024 |  |  |  |  |  |  |
| Current accident year loss ratio | 68.9 | % |  | 0.7 |  | 68.2 | % |  |  |  |  |  |  |
| Prior year reserve development ratio | (1.2 | %) |  | (1.2) |  | — | % |  |  |  |  |  |  |
| Loss ratio | 67.7 | % |  | (0.5) |  | 68.2 | % |  |  |  |  |  |  |

Current Accident Year Loss Ratio
The current accident year loss ratio increased to 68.9% for the three months ended March 31, 2025, from 68.2% for the three months ended March 31, 2024.
During the three months ended March 31, 2025, catastrophe and weather-related losses, net of reinsurance, were $1.5 million, or 0.5 points, attributable to California Wildfires. Comparatively, during the three months ended March 31, 2024, catastrophe and weather-related losses, were $1 million, or 0.2 points, attributable to weather-related events.
Adjusting for the impact of the catastrophe and weather-related losses, the current accident year loss ratio increased to 68.4% for the three months ended March 31, 2025, from 68.0% for the three months ended March 31, 2024, principally due to higher loss ratios in several lines of business in the three months ended March 31, 2025, compared to elevated loss experience in marine and aviation lines in the three months ended March 31, 2024.
Prior Year Reserve Development
Refer to Item 1, Note 6 to the Conso lidated Financial Statements 'Reserve for losses and loss expenses' for details on prior year reserve development by segment, reserve class and accident year.
Acquisition Cost Ratio
The acquisition cost ratio decreased to 21.3% for the three months ended March 31, 2025, from 23.0% for the three months ended March 31, 2024, primarily related to adjustments attributable to loss-sensitive features in accident and health, credit and surety, and motor lines, partially offset by a decrease in ceding commissions from retrocessional agreements largely attributable to motor, and accident and health lines.
Underwriting-Related General and Administrative Expense Ratio
The underwriting-related general and administrative expense decreased to 3.3% for the three months ended March 31, 2025, from 4.6% for the three months ended March 31, 2024, mainly driven by a decrease in personnel costs together with a slight increase in fees related to arrangements with strategic capital partners of $13 million for the three months ended March 31, 2025, compared to $12 million for the three months ended March 31, 2024.
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NET INVESTMENT INCOME AND NET INVESTMENT GAINS (LOSSES)

Net Investment Income
Net investment income from our cash and investment portfolio by major asset class was as follows:

|  | Three months ended March 31, |  |  |
|  | 2025 |  | % Change |  | 2024 |  |  |  |  |  |  |
| Fixed maturities | $ | 146,711 |  | 5% |  | $ | 139,396 |  |  |  |  |  |  |
| Other investments | 22,410 |  | nm |  | 5,673 |  |  |  |  |  |  |
| Equity securities | 3,208 |  | 16% |  | 2,762 |  |  |  |  |  |  |
| Mortgage loans | 6,868 |  | (25%) |  | 9,130 |  |  |  |  |  |  |
| Cash and cash equivalents | 33,380 |  | nm |  | 13,661 |  |  |  |  |  |  |
| Short-term investments | 1,986 |  | (43%) |  | 3,463 |  |  |  |  |  |  |
| Gross investment income | 214,563 |  | 23% |  | 174,085 |  |  |  |  |  |  |
| Investment expense | (6,850) |  | 2% |  | (6,702) |  |  |  |  |  |  |
| Net investment income | $ | 207,713 |  | 24% |  | $ | 167,383 |  |  |  |  |  |  |
| Pre-tax yield:(1) |  |  |  |  |  |  |  |  |  |  |  |
| Fixed maturities | 4.6 | % |  |  |  | 4.2 | % |  |  |  |  |  |  |

nm - not meaningful
(1) Pre-tax yield is calculated by dividing annualized net investment income by the average month-end amortized cost balances.
Fixed Maturities
Net investment income attributable to fixed maturities for the three months ended March 31, 2025 increased to $147 million, compared to net investment income attributable to fixed maturities of $139 million for the three months ended March 31, 2024, due to an increase in yields.
Other Investments
Net investment income from other investments was as follows:

|  | Three months ended March 31, |  |  |
|  | 2025 |  | 2024 |  |  |  |  |
| Multi-strategy, direct lending, private equity and real estate funds | $ | 15,170 |  | $ | 3,335 |  |  |  |  |
| Other privately held investments | 6,656 |  | 2,338 |  |  |  |  |
| CLO-Equities | 584 |  | — |  |  |  |  |
| Total net investment income from other investments | $ | 22,410 |  | $ | 5,673 |  |  |  |  |
| Pre-tax return on other investments(1) | 2.4 | % |  | 0.6 | % |  |  |  |  |

(1)Pre-tax return o n other investments is calculated by dividing total net investment income from other investments by the average month-end fair value balances held for the periods indicated.
Net investment income attributable to other investments for the three months ended March 31, 2025 increased to $22 million, compared to net investment income attributable to other investments of $6 million for the three months ended March 31, 2024, primarily related to higher returns from real estate funds, other privately held investments and private equity funds.
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Net Investment Gains (Losses)
Net investment gains (losses) were as follows:

|  | Three months ended March 31, |  |  |  |
|  | 2025 |  | 2024 |  |  |  |  |  |
| On sale of investments: |  |  |  |  |  |  |  |  |
| Fixed maturities, short-term investments, and cash and cash equivalents | $ | (29,601) |  |  | $ | (29,533) |  |  |  |  |  |  |
| Equity securities | 27,197 |  |  | 22,914 |  |  |  |  |  |  |
|  | (2,404) |  |  | (6,619) |  |  |  |  |  |  |
| (Increase) decrease in allowance for expected credit losses, fixed maturities, available for sale | (245) |  |  | 6,522 |  |  |  |  |  |  |
| (Increase) decrease in allowance for expected credit losses, mortgage loans | (2,484) |  |  | (1,858) |  |  |  |  |  |  |
| Impairment losses (1) | (1,926) |  |  | (8) |  |  |  |  |  |  |
| Change in fair value of investment derivatives | (416) |  |  | 795 |  |  |  |  |  |  |
| Net unrealized gains (losses) on equity securities | (22,530) |  |  | (8,039) |  |  |  |  |  |  |
| Net investment gains (losses) | $ | (30,005) |  |  | $ | (9,207) |  |  |  |  |  |  |

(1)Related to instances where we intend to sell securities, or it is more likely than not that we will be required to sell securities before their anticipated recovery.
On Sale of Investments and Net Unrealized Gains (Losses) on Equity Securities
Generally, sales of individual securities occur when there are changes in the relative value, credit quality, or duration of a particular issue. We may also sell securities to re-balance our investment portfolio in order to change exposure to particular asset classes or sectors.
Net investment losses for the three months ended March 31, 2025 were $30 million, compared to net investment losses of $9 million for the three months ended March 31, 2024.
For the three months ended March 31, 2025, the net investment losses were primarily due to net realized losses on the sale of corporate debt and U.S. government securities and net unrealized losses on equity securities, partially offset by net realized gains on the sale of equity securities. For the three months ended March 31, 2024, the net investment losses were primarily due to net realized losses on the sale of corporate debt and U.S. government securities and net unrealized losses on equity securities, partially offset by net realized gains on the sale of equity securities.
(Increase) decrease in allowance for expected credit losses, fixed maturities, available for sale
For the three months ended March 31, 2025, the allowance for expected credit losses increased by $0.2 million, primarily related to corporate debt holdings. For the three months ended March 31, 2024, the allowance for expected credit losses decreased by $7 million, primarily related to the sale of securities. Refer to Note 3(i) to the Consolidated Financial Statements 'Investments'.
(Increase) decrease in allowance for expected credit losses, mortgage loans
For the three months ended March 31, 2025, the allowance for expected credit losses increased by $2 million, primarily related to commercial properties exposed to the office sector. For the three months ended March 31, 2024, the allowance for expected credit losses increased by $2 million, primarily related to one collateral dependent mortgage loan. Refer to Note 3(d) to the Consolidated Financial Statements 'Investments'.
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Change in Fair Value of Investment Derivatives
We economically hedge foreign exchange exposure with derivative contracts.
For the three months ended March 31, 2025, foreign exchange hedges resulted in $0.4 million of net losses, primarily attributable to securities denominated in euro and pound sterling. For the three months ended March 31, 2024, foreign exchange hedges resulted in net gains of $1 million, primarily attributable to securities denominated in euro and pound sterling.
Total Return
Total return on cash and investments was as follows:

|  | Three months ended March 31, |  |  |
|  | 2025 |  | 2024 |  |  |  |  |
| Net investment income | $ | 207,713 |  | $ | 167,383 |  |  |  |  |
| Net investment gains (losses) | (30,005) |  | (9,207) |  |  |  |  |
| Change in net unrealized gains (losses) on fixed maturities (1) | 135,560 |  | (51,963) |  |  |  |  |
| Interest in income of equity method investments | 2,291 |  | 1,169 |  |  |  |  |
| Total | $ | 315,559 |  | $ | 107,382 |  |  |  |  |
| Average cash and investments(2) | $ | 18,019,104 |  | $ | 16,822,621 |  |  |  |  |
| Pre-tax, total return on average cash and investments: |  |  |  |  |  |  |  |
| Including investment related foreign exchange movements | 1.8 | % |  | 0.6 | % |  |  |  |  |
| Excluding investment related foreign exchange movements(3) | 1.5 | % |  | 0.8 | % |  |  |  |  |

(1)Change in net unrealized gains (losses) on fixed maturities is calculated by taking net unrealized gains (losses) at period end less net unrealized gains (losses) at the prior period end.
(2)The average cash and investments balance is the average of the monthly fair value balances.
(3)Pre-tax, total return on average cash and investments excluding foreign exchange movements is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to pre-tax, total return on average cash and investments, the most comparable GAAP financial measure, included foreign exchange (losses) gai ns of $47 million and $(25) million for the three months ended March 31, 2025 and 2024, respectively.
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OTHER EXPENSES (REVENUES), NET

The following table provides a summary of other expenses (revenues), net:

|  | Three months ended March 31, |  |  |
|  | 2025 |  | % Change |  | 2024 |  |  |  |  |  |  |
| Corporate expenses | $ | 28,725 |  |  | 12% |  | $ | 25,580 |  |  |  |  |  |  |  |
| Foreign exchange losses (gains) | 57,034 |  |  | nm |  | (23,552) |  |  |  |  |  |  |  |
| Interest expense and financing costs | 16,572 |  |  | (3%) |  | 17,147 |  |  |  |  |  |  |  |
| Income tax expense (benefit) | 44,322 |  |  | nm |  | (124,654) |  |  |  |  |  |  |  |
| Total | $ | 146,653 |  |  |  |  | $ | (105,479) |  |  |  |  |  |  |  |

nm – not meaningful
Corporate Expenses
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 a percentage of net premiums earned, corporate expenses increased to 2.1% for the three months ended March 31, 2025, from 2.0% for the three months ended March 31, 2024 mainly driven by an increase in information technology costs.
Foreign Exchange Losses (Gains)
Foreign exchange losses of $57 million for the three months ended March 31, 2025 reflected the impact of the weakening of the U.S. dollar on the remeasurement of net insurance-related liabilities denominated in pound sterling and euro.
Foreign exchange gains of $24 million for the three months ended March 31, 2024 reflected the impact of the strengthening of the U.S. dollar on the remeasurement of net insurance-related liabilities denominated in euro, Canadian dollar and pound sterling.
Interest Expense and Financing Costs
Interest expense and financing costs are related to interest due on senior unsecured notes, junior subordinated notes and the Federal Home Loan advances ("FHLB advances") received in 2024 and 2023.
Interest expense and financing costs were $17 million for the three months ended March 31, 2025 and 2024, respectively.
Income Tax Expense (Benefit)
Income tax expense (benefit) primarily results from income (loss) in our foreign operations in the U.S. and Europe. Our effective tax rate which is calculated as income tax expense (benefit) divided by income (loss) before tax including interest in income (loss) of equity method investments was 18.6% for the three months ended March 31, 2025, and (46.0%) for the three months ended March 31, 2024. This effective rate can vary between periods depending on the distribution of net income (loss) among tax jurisdictions, as well as other factors.
The income tax expense of $44 million for the three months ended March 31, 2025 was principally due to pre-tax income in our Bermuda, U.K., U.S., and European operations.
The income tax benefit of $125 million for the three months ended March 31, 2024 was principally due to the recognition of an income tax benefit of $163 million related to a future Bermuda corporate income tax rate of 15%, pursuant to the Corporate Income Tax Act 2023, partially offset by income tax expense associated with the generation of pre-tax income in our U.S. and U.K. operations.
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FINANCIAL MEASURES

We believe the following financial indicators are important in evaluating performance and measuring the overall growth in value generated for common shareholders:

|  | Three months ended March 31, |  |  |
|  | 2025 |  | 2024 |  |  |  |  |
| Annualized return on average common equity(1) | 13.7 | % |  | 32.1 | % |  |  |  |  |
| Annualized operating return on average common equity(2) | 19.2 | % |  | 18.2 | % |  |  |  |  |
| Book value per diluted common share(3) | $ | 66.48 |  | $ | 57.13 |  |  |  |  |
| Cash dividends declared per common share | $ | 0.44 |  | $ | 0.44 |  |  |  |  |
| Increase (decrease) in book value per diluted common share adjusted for dividends | $ | 1.65 |  | $ | 3.51 |  |  |  |  |

(1)Annualized return on average common equity ("ROACE") is calculated by dividing annualized net income (loss) available (attributable) to common shareholders for the period by the average common shareholders' equity determined using the common shareholders' equity balances at the beginning and end of the period.
(2)Annualized operating return on average common equity ("operating ROACE") is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to the most comparable GAAP financial measure, annualized ROACE, and a discussion of the rationale for its presentation is provided in 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation'.
(3)Book value per diluted common share represents total common shareholders’ equity divided by the number of diluted common share outstanding, determined using the treasury stock method.
Return on Aver age Common Equity and Operating Return on Average Common Equity
Our objective is to generate superior returns on capital that appropriately reward common shareholders for the risks we assume and to grow revenue only when we expect the returns will meet or exceed our requirements. We recognize that the nature of underwriting cycles and the frequency or severity of large loss events in any one year may challenge the ability to achieve a profitability target in any specific period.
ROACE reflects the impact of net income (loss) available (attributable) to common shareholders, including net investment gains (losses), foreign exchange losses (gains), reorganization expenses, interest in income (loss) of equity method investments and Bermuda net deferred tax asset.
The decrease in ROACE for the three months ended March 31, 2025, compared to the three months ended March 31, 2024, was primarily driven by income tax expense, foreign exchange losses, and increases in average common shareholders' equity and net investment losses, partially offset by increases in net investment income and underwriting income and a decrease in reorganization costs.
Operating ROACE excludes the impact of net investment gains (losses), foreign exchange losses (gains), reorganization expenses, interest in income (loss) of equity method investments and Bermuda net deferred tax asset.
The increase in operating ROACE for the three months ended March 31, 2025, compared to the three months ended March 31, 2024, was primarily driven by increases in net investment income and underwriting income, partially offset by income tax expense and an increase in average common shareholders' equity.
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Book Value per Diluted Common Share
We consider book value per diluted common share to be an appropriate measure of returns to common shareholders, as we believe growth in book value on a diluted basis will ultimately translate into appreciation of our stock price.
During the three months ended March 31, 2025, book value per diluted common share increased by 1.9% due to net income for the period, and net unrealized investment gains recognized in accumulated other comprehensive income (loss), partially offset by common share repurchases and common share dividends declared.
During the three months ended March 31, 2024, book value per diluted common share increased by 5.7% due to net income for the period, partially offset by net unrealized investment losses reported in accumulated other comprehensive income (loss) and common share dividends declared.
Cash Dividends Declared per Common Share and Common Share Repurchases
We believe in returning excess capital to shareholders by way of dividends. Accordingly, dividend policy is an integral part of the value we create for shareholders. Our Board of Directors has approved quarterly common share dividends for twenty-two consecutive years.
Book Value per Diluted Common Share Adjusted for Dividends
Taken together, we believe that growth in book value per diluted common share and common share dividends declared represent the total value created for common shareholders. As companies in the insurance industry have differing dividend payout policies, we believe that investors use the book value per diluted common share adjusted for dividends metric to measure comparable performance across the industry.
During the three months ended March 31, 2025, the increase in total value of $1.65, or 3%, was driven by net income for the period, and net unrealized investment gains recognized in accumulated other comprehensive income (loss), partially offset by common share repurchases.
During the three months ended March 31, 2024, the increase in total value of $3.51, or 6%, was driven by net income for the period, partially offset by net unrealized investment losses recognized in accumulated other comprehensive income (loss).
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NON-GAAP FINANCIAL MEASURES RECONCILIATION

|  | Three months ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |
| Net income available to common shareholders | $ | 186,508 |  | $ | 387,896 |  |  |  |
| Net investment (gains) losses | 30,005 |  | 9,207 |  |  |  |
| Foreign exchange losses (gains) | 57,034 |  | (23,552) |  |  |  |
| Reorganization expenses | — |  | 12,299 |  |  |  |
| Interest in income of equity method investments | (2,291) |  | (1,169) |  |  |  |
| Bermuda net deferred tax asset(1) | — |  | (162,705) |  |  |  |
| Income tax benefit(2) | (9,787) |  | (1,814) |  |  |  |
| Operating income | $ | 261,469 |  | $ | 220,162 |  |  |  |
| Earnings per diluted common share | $ | 2.26 |  | $ | 4.53 |  |  |  |
| Net investment (gains) losses | 0.36 |  | 0.11 |  |  |  |
| Foreign exchange losses (gains) | 0.69 |  | (0.27) |  |  |  |
| Reorganization expenses | — |  | 0.14 |  |  |  |
| Interest in income of equity method investments | (0.03) |  | (0.01) |  |  |  |
| Bermuda net deferred tax asset | — |  | (1.90) |  |  |  |
| Income tax benefit | (0.11) |  | (0.03) |  |  |  |
| Operating income per diluted common share | $ | 3.17 |  | $ | 2.57 |  |  |  |
| Weighted average diluted common shares outstanding(3) | 82,378 |  | 85,693 |  |  |  |
| Average common shareholders' equity | $ | 5,446,089 |  | $ | 4,834,176 |  |  |  |
| Annualized return on average common equity | 13.7 | % |  | 32.1 | % |  |  |  |
| Annualized operating return on average common equity | 19.2 | % |  | 18.2 | % |  |  |  |

(1)Net deferred tax benefit is due to the recognition of deferred tax assets net of deferred tax liabilities related to Bermuda corporate income tax that is effective for fiscal years beginning on or after January 1, 2025.
(2)Tax expense (benefit) associated with the adjustments to net income (loss) available (attributable) to common shareholders. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.
(3)Refer to Item 1, Note 7 to our Consolidated Financial Statements 'Earnings per Common Share' for further details.
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Rationale for the Use of Non-GAAP Financial Measures
We present our results of operations in a way we believe will be meaningful and useful to investors, analysts, rating agencies and others who use our financial information to evaluate our performance. Some of the measurements we use are considered non-GAAP financial measures under SEC rules and regulations. In this Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A"), we present underwriting-related general and administrative expenses, consolidated underwriting income (loss), current accident year loss ratio, catastrophe and weather-related losses ratio, current accident year loss ratio, excluding catastrophe and weather-related losses, operating income (loss) (in total and on a per share basis), annualized operating return on average common equity ("operating ROACE"), amounts presented on a constant currency basis and pre-tax total return on cash and investments excluding foreign exchange movements, which are non-GAAP financial measures as defined in Item 10(e) of SEC Regulation S-K. We believe that these non-GAAP financial measures, which may be defined and calculated differently by other companies, help explain and enhance the understanding of our results of operations. However, these measures should not be viewed as a substitute for those determined in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").
Underwriting-Related General and Administrative Expenses
Underwriting-related general and administrative expenses include those general and administrative expenses that are incremental and/or directly attributable to our underwriting operations. While this measure is presented in Item 1, Note 2 to the Consolidated Financial Statements 'Segment Information', it is considered a non-GAAP financial measure when presented elsewhere on a consolidated basis.
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 our underwriting operations, these costs are excluded from underwriting-related general and administrative expenses, and therefore, consolidated underwriting income (loss). General and administrative expenses, the most comparable GAAP financial measure to underwriting-related general and administrative expenses, also includes corporate expenses.
The reconciliation of underwriting-related general and administrative expenses to general and administrative expenses, the most comparable GAAP financial measure, is presented in 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Consolidated Results of Operations'.
Consolidated Underwriting Income (Loss)
Consolidated underwriting income (loss) is a pre-tax measure of underwriting profitability that takes into account net premiums earned and other insurance related income (loss) as revenues and net losses and loss expenses, acquisition costs and underwriting-related general and administrative expenses as expenses. While this measure is presented in Item 1, Note 2 to the Consolidated Financial Statements 'Segment Information', it is considered a non-GAAP financial measure when presented elsewhere on a consolidated basis.
We evaluate our underwriting results separately from the performance of our investment portfolio. As a result, we believe it is appropriate to exclude net investment income and net investment gains (losses) from our underwriting profitability measure.
Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on our net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio, including unrealized foreign exchange losses (gains) on our equity securities, and foreign exchange losses (gains) realized on the sale of our available for sale investments and equity securities recognized in net investment gains (losses), and unrealized foreign exchange losses (gains) on our available for sale investments in other comprehensive income (loss), generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio, thereby minimizing the impact of foreign exchange rate movements on total shareholders' equity. As a result, we believe that foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a meaningful contributor to our underwriting performance. Therefore, foreign exchange losses (gains) are excluded from consolidated underwriting income (loss).
Interest expense and financing costs primarily relate to interest payable on our debt and Federal Home Loan Bank advances. As these expenses are not incremental and/or directly attributable to our underwriting operations, these expenses are excluded from underwriting-related general and administrative expenses and, therefore, consolidated underwriting income (loss).
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Reorganization expenses in 2024 primarily related to severance costs attributable to our "How We Work" program which is focused on simplifying our operating structure. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from consolidated underwriting income (loss).
Amortization of intangible assets arose from business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from consolidated underwriting income (loss).
We believe that the presentation of underwriting-related general and administrative expenses and consolidated underwriting income (loss) provides investors with an enhanced understanding of our results of operations, by highlighting the underlying pre-tax profitability of our underwriting activities. The reconciliation of consolidated underwriting income (loss) to net income (loss), the most comparable GAAP financial measure, is presented in 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Consolidated Results of Operations'.
Current Accident Year Loss Ratio
Current accident year loss ratio represents net losses and loss expenses ratio exclusive of net favorable (adverse) prior year reserve development. We believe that the presentation of current accident year loss ratio provides investors with an enhanced understanding of our results of operations by highlighting net losses and loss expenses associated with our underwriting activities excluding the impact of volatile prior year reserve development. The reconciliation of current accident year loss ratio to net losses and loss expenses ratio, the most comparable GAAP financial measure, is presented in 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Consolidated Results of Operations'.
Catastrophe and Weather-Related Losses Ratio and Current Accident Year Loss Ratio, excluding Catastrophe and Weather-Related Losses
Catastrophe and weather-related losses ratio represents net losses and loss expenses ratio associated with natural disasters, man-made catastrophes, other catastrophe events and other weather-related events exclusive of net favorable (adverse) prior year reserve development.
Current accident year loss ratio, excluding catastrophe and weather-related losses represents net losses and loss expenses ratio exclusive of net favorable (adverse) prior year reserve development and net losses and loss expenses associated with natural disasters, man-made catastrophes, other catastrophe events and other weather-related events.
We believe that the presentation of these ratios that separately identify net losses and loss expenses associated with catastrophe and weather-related events provide investors with an enhanced understanding of our results of operations due to the inherently unpredictable nature of the occurrence of these events, the potential magnitude of these losses and the complexity that affects our ability to accurately estimate ultimate losses associated with these events.
The reconciliation of catastrophe and weather-related losses ratio and current accident year loss ratio, excluding catastrophe and weather-related losses to net losses and loss expenses ratio, the most comparable GAAP financial measure, is presented in 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Consolidated Results of Operations'.
Operating Income (Loss)
Operating income (loss) represents after-tax operational results exclusive of net investment gains (losses), foreign exchange losses (gains), reorganization expenses, interest in income (loss) of equity method investments and Bermuda net deferred tax asset.
Although the investment of premiums to generate income and investment gains (losses) is an integral part of our operations, the determination to realize investment gains (losses) is independent of the underwriting process and is heavily influenced by the availability of market opportunities. Furthermore, many users believe that the timing of the realization of investment gains (losses) is somewhat opportunistic for many companies.
Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio, including unrealized foreign exchange losses (gains) on our equity securities and foreign exchange losses (gains) realized on the sale of our available for sale investments and equity securities
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recognized in net investment gains (losses) and unrealized foreign exchange losses (gains) on our available for sale investments in other comprehensive income (loss), generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio, thereby minimizing the impact of foreign exchange rate movements on total shareholders' equity. As a result, we believe that foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a meaningful contributor to the performance of our business. Therefore, foreign exchange losses (gains) are excluded from operating income (loss).
Reorganization expenses in 2024 primarily related to severance costs attributable to our "How We Work" program which is focused on simplifying our operating structure. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from operating income (loss).
Interest in income (loss) of equity method investments is primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, this income (loss) is excluded from operating income (loss).
Bermuda net deferred tax asset is due to the recognition of deferred tax assets net of deferred tax liabilities related to Bermuda corporate income tax that is effective for fiscal years beginning on or after January 1, 2025. The Bermuda net deferred tax asset is not related to the underwriting process. Therefore, this income is excluded from operating income (loss).
Certain users of our financial statements evaluate performance exclusive of after-tax net investment gains (losses), foreign exchange losses (gains), reorganization expenses, interest in income (loss) of equity method investments and Bermuda net deferred tax asset in order to understand the profitability of recurring sources of income.
We believe that showing net income (loss) available (attributable) to common shareholders exclusive of after-tax net investment gains (losses), foreign exchange losses (gains), reorganization expenses, interest in income (loss) of equity method investments and Bermuda net deferred tax asset reflects the underlying fundamentals of our business. In addition, we believe that this presentation enables investors and other users of our financial information to analyze performance in a manner similar to how our management analyzes the underlying business performance. We also believe this measure follows industry practice and, therefore, facilitates comparison of our performance with our peer group. We believe that equity analysts and certain rating agencies that follow us, and the insurance industry as a whole, generally exclude these items from their analyses for the same reasons. The reconciliation of operating income (loss) to net income (loss) available (attributable) to common shareholders, the most comparable GAAP financial measure, is presented above.
We also present operating income (loss) per diluted common share and annualized operating ROACE, which are derived from the operating income (loss) measure and are reconciled above to the most comparable GAAP financial measures, earnings (loss) per diluted common share and annualized return on average common equity ("ROACE"), respectively.
Constant Currency Basis
We present gross premiums written and net premiums earned on a constant currency basis in this MD&A. The amounts presented on a constant currency basis are calculated by applying the average foreign exchange rate from the current year to the prior year amounts. We believe this presentation enables investors and other users of our financial information to analyze growth in gross premiums written and net premiums earned on a constant basis. The reconciliation to gross premiums written and net premiums earned on a GAAP basis is presented in 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Results by Segment'.
Pre-Tax, Total Return on Average Cash and Investments excluding Foreign Exchange Movements
Pre-tax, total return on average cash and investments excluding foreign exchange movements measures net investment income (loss), net investments gains (losses), interest in income (loss) of equity method investments, and change in unrealized gains (losses) generated by average cash and investment balances. We believe this presentation enables investors and other users of our financial information to analyze the performance of our investment portfolio. The reconciliation of pre-tax, total return on average cash and investments excluding foreign exchange movements to pre-tax, total return on average cash and investments, the most comparable GAAP financial measure, is presented in 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Net Investment Income and Net Investment Gains (Losses)'.
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CASH AND INVESTMENTS

Details of cash and investments are as follows:

|  | March 31, 2025 |  |  | December 31, 2024 |
|  |  | Fair Value |  |  |  | Fair Value |
| Fixed maturities, available for sale |  | $ | 11,865,480 |  |  |  |  | $ | 12,152,753 |  |
| Fixed maturities, held to maturity(1) |  | 383,827 |  |  |  |  | 436,751 |  |
| Equity securities |  | 574,379 |  |  |  |  | 579,274 |  |
| Mortgage loans |  | 457,907 |  |  |  |  | 505,697 |  |
| Other investments |  | 938,562 |  |  |  |  | 930,278 |  |
| Equity method investments |  | 214,240 |  |  |  |  | 206,994 |  |
| Short-term investments |  | 91,330 |  |  |  |  | 223,666 |  |
| Total investments |  | $ | 14,525,725 |  |  |  |  | $ | 15,035,413 |  |
| Cash and cash equivalents(2) |  | $ | 3,332,767 |  |  |  |  | $ | 3,063,621 |  |

(1)Presented at net carrying value of $390 million (2024: $443 million) in the consolidated balance sheets.
(2)Includes restricted cash and cash equivalents of $576 million and $920 million at March 31, 2025 and at December 31, 2024, respectively.
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Overview
The fair value of total investments decreased by $510 million in the three months ended March 31, 2025, as market value gains, reinvestment of interest income and cashflows from operations were offset by an increase in cash and cash equivalents.
An analysis of our investment portfolio by asset class is detailed below:
Fixed Maturities
Details of our fixed maturities portfolio are as follows:

|  | March 31, 2025 |  | December 31, 2024 |
|  | Fair Value |  | % of Total |  | Fair Value |  | % of Total |
| Fixed maturities: |  |  |  |  |  |  |  |
| U.S. government and agency | $ | 2,553,843 |  |  | 21 | % |  | $ | 2,802,986 |  |  | 22 | % |
| Non-U.S. government | 714,525 |  |  | 6 | % |  | 729,939 |  |  | 6 | % |
| Corporate debt | 4,750,703 |  |  | 37 | % |  | 4,957,807 |  |  | 39 | % |
| Agency RMBS | 1,557,554 |  |  | 13 | % |  | 1,184,845 |  |  | 9 | % |
| CMBS | 856,108 |  |  | 7 | % |  | 819,608 |  |  | 7 | % |
| Non-agency RMBS | 189,739 |  |  | 2 | % |  | 122,536 |  |  | 1 | % |
| ABS | 1,554,608 |  |  | 13 | % |  | 1,860,966 |  |  | 15 | % |
| Municipals(1) | 72,227 |  |  | 1 | % |  | 110,817 |  |  | 1 | % |
| Total | $ | 12,249,307 |  |  | 100 | % |  | $ | 12,589,504 |  |  | 100 | % |
| Credit ratings: |  |  |  |  |  |  |  |
| U.S. government and agency | $ | 2,553,843 |  |  | 21 | % |  | $ | 2,802,986 |  |  | 22 | % |
| AAA(2) | 2,483,839 |  |  | 20 | % |  | 2,665,334 |  |  | 21 | % |
| AA | 2,665,026 |  |  | 21 | % |  | 2,354,372 |  |  | 19 | % |
| A | 2,053,447 |  |  | 17 | % |  | 2,090,516 |  |  | 17 | % |
| BBB | 1,167,845 |  |  | 10 | % |  | 1,190,381 |  |  | 9 | % |
| Below BBB(3) | 1,325,307 |  |  | 11 | % |  | 1,485,915 |  |  | 12 | % |
| Total | $ | 12,249,307 |  |  | 100 | % |  | $ | 12,589,504 |  |  | 100 | % |

(1)Includes bonds issued by states, municipalities, and political subdivisions.
(2)Includes U.S. government-sponsored agencies, residential mortgage-backed securities ("RMBS") and commercial mortgage-backed securities ("CMBS").
(3)Non-investment grade and non-rated securities.
At March 31, 2025, fixed maturities had a weighted average credit rating of A+ (2024: A+), a book yield of 4.5% (2024: 4.5%), and an average duration of 3.0 years (2024: 2.8 years). At March 31, 2025, fixed maturities together with short-term investments, cash and cash equivalents (i.e. total investments of $15.7 billion) had a weighted average credit rating of AA- (2024: AA-) and an average duration of 2.4 years (2024: 2.5 years).
At March 31, 2025, net unrealized losses on fixed maturities, available for sale were $132 million, compared to net unrealized losses of $267 million at December 31, 2024, a decrease of $135 million due to the improvement in market values and realized losses associated with sales in the period.
Equity Securities
At March 31, 2025, net unrealized gains on equity securities were $36 million, compared to $59 million at December 31, 2024. The decrease of $23 million was driven by the decline in market values and realized gains associated with sales in the period.
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Mortgage Loans
At March 31, 2025, investment in commercial mortgage loans was $458 million, compared to $506 million at December 31, 2024. The decrease was driven by four loans which were repaid in full during the three months ended March 31, 2025. The commercial mortgage loans are high quality, and collateralized by a variety of commercial properties and diversified geographically throughout the U.S. and by property type to reduce the risk of concentration. At March 31, 2025, the allowance for credit losses of $26 million, was primarily related to commercial properties exposed to the office sector.
Other Investments
Details of our other investments portfolio are as follows:

|  | March 31, 2025 |  | December 31, 2024 |
|  | Fair Value |  | % of Total |  | Fair Value |  | % of Total |
| Multi-strategy funds | $ | 16,625 |  |  | 2 | % |  | $ | 24,919 |  |  | 3 | % |
| Direct lending funds | 167,425 |  |  | 18 | % |  | 171,048 |  |  | 18 | % |
| Private equity funds | 329,542 |  |  | 35 | % |  | 320,690 |  |  | 35 | % |
| Real estate funds | 291,564 |  |  | 31 | % |  | 291,640 |  |  | 31 | % |
| Total multi-strategy, direct lending, private equity and real estate funds | 805,156 |  |  | 86 | % |  | 808,297 |  |  | 87 | % |
| Other privately held investments | 133,406 |  |  | 14 | % |  | 121,981 |  |  | 13 | % |
| Total other investments | $ | 938,562 |  |  | 100 | % |  | $ | 930,278 |  |  | 100 | % |

Refer to Note 3(e) to the Consolidated Financial Statements 'Investments'.
Equity Method Investments
Our ownership interests in Harrington Reinsurance Holdings Limited ("Harrington") and Monarch Point Re (ISAC) Ltd., Monarch Point Re (ISA 2023) Ltd., Monarch Point Re (ISA 2024) Ltd. and Monarch Point Re (ISA 2025) Ltd. (individually or collectively "Monarch Point Re") are reported in interest in income (loss) of equity method investments. Refer to Note 3(f) to the Consolidated Financial Statements 'Investments'.
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LIQUIDITY AND CAPITAL RESOURCES

Refer to the ‘Liquidity and Capital Resources’ section included in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024 for a general discussion of liquidity and capital resources.
The following table summarizes consolidated capital:

|  | March 31, 2025 |  | December 31, 2024 |
| Debt | $ | 1,315,555 |  |  | $ | 1,315,179 |  |
| Preferred shares | 550,000 |  |  | 550,000 |  |
| Common equity | 5,352,799 |  |  | 5,539,379 |  |
| Shareholders’ equity | 5,902,799 |  |  | 6,089,379 |  |
| Total capital | $ | 7,218,354 |  |  | $ | 7,404,558 |  |
| Ratio of debt to total capital | 18.2 | % |  | 17.8 | % |

We finance our operations with a combination of debt and equity capital. The debt to total capital ratio provides an indication of our capital structure, along with some insight into our financial strength. We believe that our financial flexibility remains strong. Adjustments are made if developments occur that are different from previous expectations.
Federal Home Loan Bank Advances
The Company's subsidiaries, AXIS Insurance Company and AXIS Surplus Insurance Company, are members of the Federal Home Loan Bank of Chicago ("FHLB").
At March 31, 2025, the companies had admitted assets of a pproximately $3.1 billion (2024: $3.2 billion) which provides borrowing capacity of up to approximately $787 million (2024: $798 million).
At March 31, 2025, the Company had borrowings under the FHLB program of $66 million (2024: $66 million).
The FHLB advances have maturities in 2025 and 2026 and interest payable at interest rates between 4.5% and 4.9% (2024: interest rates between 4.5% and 5.5%). The Company incurred interest expense of $1 million (2024: $1 million) for the three months ended March 31, 2025. The borrowings under the FHLB program are secured by cash and investments with a fair value of $71 million (2024: $72 million).
Line of credit
On March 23, 2025, the $300 million Facility was amended to extend the tenors of issuable letters of credit to March 31, 2027.
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Common Equity
During the three months ended March 31, 2025, common equity decreased by $187 million. The following table reconciles opening and closing common equity positions:

| Three months ended March 31, | 2025 |
| Common equity - opening | $ | 5,539,379 |  |
| Share-based compensation expense | 9,800 |  |
| Change in unrealized gains on available for sale investments, net of tax | 115,337 |  |
| Foreign currency translation adjustment | (156) |  |
| Net income | 194,071 |  |
| Preferred share dividends | (7,563) |  |
| Common share dividends | (35,593) |  |
| Treasury shares repurchased | (464,505) |  |
| Treasury shares reissued | 2,029 |  |
| Common equity - closing | $ | 5,352,799 |  |

During the three months ended March 31, 2025, we repurchased 5 million common shares for a total of $465 million, including $440 million repurchased pursuant to our Board-authorized share repurchase programs and $25 million from employees to facilitate the satisfaction of their personal withholding tax liabilities that arise on the vesting of share-settled restricted stock units granted under our 2017 Long-Term Equity Compensation Plan.
On February 6, 2025, authorization under our Board-authorized share repurchase program for common share repurchases approved in May 2024 was exhausted.
On February 19, 2025, the Company's Board of Directors approved a new share repurchase program for up to $400 million of the Company's common shares. The new share repurchase program is open-ended, allowing the Company to repurchase its shares from time to time in the open market or privately negotiated transactions, depending on market conditions. At March 31, 2025, we had $160 million of remaining authorization under our open-ended Board-authorized share repurchase program for common share repurchases (refer to Part II, Item 2 'Unregistered Sales of Equity Securities and Use of Proceeds' for further details).
We expect cash flows generated from operations, combined with liquidity provided by our investment portfolio, will be sufficient to cover cash outflows and other contractual commitments through the foreseeable future.
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CRITICAL ACCOUNTING ESTIMATES

The consolidated financial statements include certain amounts that are inherently uncertain and judgmental in nature. As a result, we are required to make assumptions and best estimates in order to determine the reported values. We consider an accounting estimate to be critical if: (1) it requires that significant assumptions be made in order to deal with uncertainties and (2) changes in the estimate could have a material impact on our results of operations, financial condition or liquidity.
We believe the material items requiring such subjective and complex estimates are:
•reserves for losses and loss expenses;
•reinsurance recoverable on unpaid losses and loss expenses, including the allowance for expected credit losses;
•gross premiums written and net premiums earned;
•fair value measurements of financial assets and liabilities; and
•the allowance for expected credit losses associated with fixed maturities, available for sale.
We believe that the critical accounting estimates discussion in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024, continues to describe the significant estimates and judgments included in the preparation of the consolidated financial statements.

RECENT ACCOUNTING PRONOUNCEMENTS

At March 31, 2025, there were no recently issued accounting pronouncements that we have not yet adopted that we expect could have a material impact on our results of operations, financial condition or liquidity.
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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Refer to Item 7A included in our Annual Report on Form 10-K for the year ended December 31, 2024. There have been no material changes to this item since December 31, 2024, with the exception of the changes in exposure to foreign currency risk presented below.
Foreign Currency Risk
The table below provides a sensitivity analysis of total net foreign currency exposures:

|  | AUD |  |  |  | CAD |  | EUR |  | GBP |  | JPY |  | Other |  | Total |
| At March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| Net managed assets (liabilities), excluding derivatives | $ | 111,697 |  |  |  |  | $ | 363,391 |  |  | $ | (236,968) |  |  | $ | 84,651 |  |  | $ | (37,250) |  |  | $ | 122,668 |  |  | $ | 408,189 |  |
| Foreign currency derivatives, net | (93,621) |  |  |  |  | (353,019) |  |  | 341,118 |  |  | (96,683) |  |  | 45,364 |  |  | (135,919) |  |  | (292,760) |  |
| Net managed foreign currency exposure | 18,076 |  |  |  |  | 10,372 |  |  | 104,150 |  |  | (12,032) |  |  | 8,114 |  |  | (13,251) |  |  | 115,429 |  |
| Other net foreign currency exposure | — |  |  |  |  | 124 |  |  | (447) |  |  | 47 |  |  | — |  |  | 1 |  |  | (275) |  |
| Total net foreign currency exposure | $ | 18,076 |  |  |  |  | $ | 10,496 |  |  | $ | 103,703 |  |  | $ | (11,985) |  |  | $ | 8,114 |  |  | $ | (13,250) |  |  | $ | 115,154 |  |
| Net foreign currency exposure as a percentage of total shareholders’ equity | 0.3 | % |  |  |  | 0.2 | % |  | 1.8 | % |  | (0.2 | %) |  | 0.1 | % |  | (0.2 | %) |  | 2.0 | % |
| Pre-tax impact of net foreign currency exposure on shareholders’ equity given a hypothetical 10% rate movement(1) | $ | 1,808 |  |  |  |  | $ | 1,050 |  |  | $ | 10,370 |  |  | $ | (1,199) |  |  | $ | 811 |  |  | $ | (1,325) |  |  | $ | 11,515 |  |

(1)Assumes 10% appreciation in underlying currencies relative to the U.S. dollar.
Total Net Foreign Currency Exposure
At March 31, 2025, total net foreign currency assets were $115 million primarily driven by exposures to euro, Australian dollar, Canadian dollar and Japanese yen. During the three months ended March 31, 2025, the change in total net foreign currency exposure was primarily due to new business written in the period.
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ITEM 4. CONTROLS AND PROCEDURES

Disclosure Controls and Procedures
The Company’s management has performed an evaluation, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934 (the "Exchange Act")) at March 31, 2025. Based upon that evaluation, the Company's Chief Executive Officer and Chief Financial Officer concluded that, at March 31, 2025, the Company's disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC and is accumulated and communicated to management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control Over Financial Reporting
The Company’s management has performed an evaluation, with the participation of the Company’s Chief Executive Officer and the Company’s Chief Financial Officer, of changes in the Company’s internal control over financial reporting that occurred during the three months ended March 31, 2025.
Based upon that evaluation, there were no changes in the Company's internal control over financial reporting that occurred during the three months ended March 31, 2025 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

PART II OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

From time to time, we are subject to routine legal proceedings, including arbitrations, arising in the ordinary course of business. These legal proceedings generally relate to claims asserted by or against us in the ordinary course of our insurance or reinsurance operations. Estimated amounts payable related to these proceedings are included in the reserve for losses and loss expenses in our consolidated balance sheets.
We are not party to any material legal proceedings arising outside the ordinary course of business.

ITEM 1A. RISK FACTORS

There were no material changes from the risk factors disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.
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ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities
The following table shows information regarding the number of common shares repurchased in the quarter ended March 31, 2025:

Period | Total number of shares purchased (a) (b) |  | Average price paid per share |  | Total number of shares purchased as part of publicly announced programs (a) |  | Maximum number (or approximate dollar value) of shares that may yet be purchased under the announced programs (c) (d) |
January 1-31, 2025 | 1 |  |  | $88.62 |  |  | — |  |  | $200 million |
February 1-28, 2025 | 2,445 |  |  | $89.90 |  |  | 2,434 |  |  | $381 million |
March 1-31, 2025 | 2,601 |  |  | $94.04 |  |  | 2,359 |  |  | $160 million |
Total | 5,047 |  |  |  |  | 4,793 |  |  | $160 million |

(a) In thousands.
(b) Includes shares repurchased from employees to satisfy personal withholding tax liabilities that arise on the vesting of share-settled restricted stock units under our 2017 Long-Term Equity Compensation Plans.
(c) On February 6, 2025, authorization under our Board-authorized share repurchase program for common share repurchases approved in May 2024 was exhausted.
(d) On February 19, 2025, our Board of Directors approved a new share repurchase program for up to $400 million of common shares. The new share repurchase program is open-ended, allowing us to repurchase its shares from time to time in the open market or privately negotiated transactions, depending on market conditions.

ITEM 5. OTHER INFORMATION

Disclosure of Certain Activities Under Section 13(r) of the Securities Exchange Act of 1934
Section 13(r) of the Securities Exchange Act of 1934, as amended, requires issuers to disclose in their annual and quarterly reports whether they or any of their affiliates knowingly engaged in certain activities with Iran or with individuals or entities that are subject to certain sanctions under U.S. law. Issuers are required to provide this disclosure even where the activities, transactions or dealings are conducted outside of the U.S. in compliance with applicable law.
As and when allowed by the applicable law and regulations, certain of our non-U.S. subsidiaries provide treaty reinsurance coverage to non-U.S. insurers on a worldwide basis, including insurers of liability, marine, aviation and energy risks, and as a result, these underlying insurance and reinsurance portfolios may have some exposure to Iran. In addition, we provide insurance and facultative reinsurance on a global basis to non-U.S. insureds and insurers, including for liability, marine, aviation and energy risks. Coverage provided to non-Iranian business may indirectly cover an exposure in Iran. For example, certain of our operations underwrite global marine hull war and cargo policies that provide coverage for vessels navigating into and out of ports worldwide, including Iran. For the quarter ended March 31, 2025, there has been no material amount of premium allocated or apportioned to activities relating to Iran. We intend for our non-U.S. subsidiaries to continue to provide such coverage only to the extent permitted by applicable law.
Insider Trading Arrangements and Policies
During the three months ended March 31, 2025, no director or officer of the Company adopted, terminated or is currently party to a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.
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ITEM 6. EXHIBITS

2.1 | Rule 2.7 Announcement, dated July 5, 2017 in connection with acquisition of Novae Group plc (incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K filed on July 6, 2017). |
2.2 | Rule 2.7 Announcement, dated August 24, 2017 in connection with acquisition of Novae Group plc (incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K filed on August 25, 2017). |
3.1 | Certificate of Incorporation and Memorandum of Association (incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form S-1(Amendment No. 1) (No. 333-103620) filed on April 16, 2003). |
3.2 | Amended and Restated Bye-Laws (incorporated by reference to Exhibit 4.2 to the Company’s Registration Statement on Form S-8 filed on May 15, 2009). |
4.1 | Specimen Common Share Certificate (incorporated by reference to Exhibit 4.1 to the Company’s Registration Statement on Form S-1 (Amendment No. 3) (No. 333-103620) filed on June 10, 2003). |
4.2 | Certificate of Designations establishing the specific rights, preferences, limitations and other terms of the Series E Preferred Shares (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on November 7, 2016). |
*10.1 | Stock Repurchase Agreement, dated February 3, 2025, between AXIS Capital Holdings Limited and T-VIII PubOpps LP (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on February 3, 2025). |
*10.2 | Stock Repurchase Agreement, dated March 5, 2025, between AXIS Capital Holdings Limited and T-VIII PubOpps LP (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on March 5, 2025). |
*10.3 | Amendment Agreement, dated March 23, 2025, by and among AXIS Specialty Limited, AXIS Re SE, AXIS Specialty Europe SE, AXIS Insurance Company, AXIS Reinsurance Company, AXIS Surplus Insurance Company and Citibank Europe plc. (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed on March 26, 2025). |
†31.1 | Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
†31.2 | Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
†32.1 | Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
†32.2 | Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. |
†101 | The following financial information from AXIS Capital Holdings Limited’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2025 formatted in Inline XBRL: (i) Consolidated Balance Sheets at March 31, 2025 and December 31, 2024; (ii) Consolidated Statements of Operations for the three months ended March 31, 2025 and 2024; (iii) Consolidated Statements of Comprehensive Income for the three months ended March 31, 2025 and 2024; (iv) Consolidated Statements of Changes in Shareholders' Equity for the three months ended March 31, 2025 and 2024; (v) Consolidated Statements of Cash Flows for the three months ended March 31, 2025 and 2024; and (vi) Notes to Consolidated Financial Statements, tagged as blocks of text and in detail. |
†104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |

† Filed herewith.
* Management contract, compensatory plan or arrangement.
The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.
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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Dated: April 30, 2025

AXIS CAPITAL HOLDINGS LIMITED
By: | /S/ VINCENT TIZZIO
| Vincent Tizzio
| President and Chief Executive Officer
| (Principal Executive Officer)
| /S/ PETER VOGT
| Peter Vogt
| Chief Financial Officer
| (Principal Financial Officer)

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