EX-99.1 2 axsex99-1.htm SUPPLEMENTAL FINANCIAL INFORMATION Exhibit







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AXIS Capital Holdings Limited








Historical and Realigned Segment Results
For the years ended December 31, 2017, 2016, and 2015


 



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AXIS Capital Holdings Limited
 
 
 
 
 
92 Pitts Bay Road
 
 
 
 
 
Pembroke HM 08 Bermuda
 
 
 
 
 
 
 
 
 
 
 
Contact Information:
 
 
 
 
 
Linda Ventresca
 
 
 
 
 
Investor Relations
 
 
 
 
 
441 405 2727
 
 
 
 
 
investorrelations@axiscapital.com
 
 
 
 
 
 
 
 
 
 
 
Website Information:
 
 
 
 
 
www.axiscapital.com
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
This report is for informational purposes only. It should be read in conjunction with the documents that we file with the Securities and Exchange Commission pursuant to the Securities Act of 1933 and the Securities Exchange Act of 1934.
 
 



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AXIS Capital Holdings Limited
FINANCIAL SUPPLEMENT TABLE OF CONTENTS



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AXIS Capital Holdings Limited
BASIS OF PRESENTATION

AXIS Capital Holdings Limited's ("AXIS Capital" or the "Company") 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.

On January 23, 2018, AXIS Capital announced plans to realign its Accident & Health business by integrating this business and its operations into the Company's Insurance and Reinsurance operations. Through this realignment, the Company's Accident & Health business is expected to benefit from the greater scale and market presence of the Company's Property and Casualty insurance and reinsurance businesses and operations.

The realignment of the Company's Accident & Health business into the Company's Insurance and Reinsurance segments took place in the first quarter of 2018. Financial results relating to this business were previously included wholly in the results of the Insurance segment of the Company. As a result of the realignment, effective January 1, 2018 Accident & Health results are included in the results of both the Insurance and Reinsurance segments of the Company. The results are inclusive of underwriting-related general and administrative expenses attributable to the Company’s Accident & Health business.

This supplemental financial information presents under the caption "- Historical" audited historical financial information for each of the Company's Insurance and Reinsurance segments for the years ended December 31, 2017, 2016 and 2015 and unaudited historical financial information for the quarterly periods therein and under the caption "- Realigned" unaudited historical financial information reflecting the realignment of the Company's Accident & Health business for the years ended December 31, 2017, 2016 and 2015 and the quarterly periods therein.

DEFINITIONS AND PRESENTATION
•
All financial information contained herein is unaudited, except for the underwriting results of the reportable segments under the caption "- Historical" for the years ended December 31, 2017, 2016 and 2015.
•
Amounts may not reconcile exactly due to rounding differences.
•
Unless otherwise noted, all data is in thousands, except for ratio information.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
This presentation contains "forward-looking statements" within the meaning of the federal securities laws. All statements, other than statements of historical facts included in this presentation, including statements regarding our estimates, beliefs, expectations, intentions, strategies or projections, are “forward-looking statements”. 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,” “intend” or similar expressions. Our expectations are not guarantees and are based on currently available competitive, financial and economic data along with our operating plans. Forward-looking statements contained in this presentation may include, but are not limited to, information regarding our estimates of losses related to catastrophes and other large losses, measurements of potential losses in the fair market value of our investment portfolio, our expectations regarding pricing and other market conditions, our growth prospects, and valuations of the potential impact of movements in interest rates, equity securities' prices, credit spreads and foreign currency rates.

Forward-looking statements only reflect our expectations and are not guarantees of performance. Accordingly, there are or will be important factors that could cause actual results to differ materially from those indicated in such statements. We believe that these factors include, but are not limited to, the following:

•
the cyclical nature of the re(insurance) business leading to periods with excess underwriting capacity and unfavorable premium rates,
•
the occurrence and magnitude of natural and man-made disasters,
•
losses from war, terrorism and political unrest or other unanticipated losses,
•
actual claims exceeding our loss reserves,
•
general economic, capital and credit market conditions,
•
the failure of any of the loss limitation methods we employ,
•
the effects of emerging claims, coverage and regulatory issues, including uncertainty related to coverage definitions, limits, terms and conditions,
•
our inability to purchase reinsurance or collect amounts due to us,
•
the breach by third parties in our program business of their obligations to us,
•
difficulties with technology and/or data security,
•
the failure of our policyholders and intermediaries to pay premiums,
•
the failure of our cedants to adequately evaluate risks,
•
inability to obtain additional capital on favorable terms, or at all,
•
the loss of one or more key executives,
•
a decline in our ratings with rating agencies,
•
loss of business provided to us by our major brokers and credit risk due to our reliance on brokers,

i
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•
changes in accounting policies or practices,
•
the use of industry catastrophe models and changes to these models,
•
changes in governmental regulations and potential government intervention in our industry,
•
failure to comply with certain laws and regulations relating to sanctions and foreign corrupt practices,
•
increased competition,
•
changes in the political environment of certain countries in which we operate or underwrite business including the United Kingdom's expected withdrawal from the European Union,
•
fluctuations in interest rates, credit spreads, equity securities' prices and/or currency values,
•
the failure to successfully integrate acquired businesses or realize the expected synergies resulting from such acquisitions,
•
changes in tax laws, and
•
the other factors set forth in our most recent Annual Report on Form 10-K, filed with the Securities and Exchange Commission ("SEC"), as such 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.

We undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

ii
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AXIS Capital Holdings Limited
BASIS OF PRESENTATION
BUSINESS DESCRIPTIONS

INSURANCE SEGMENT

Our insurance segment offers specialty insurance products to a variety of niche markets on a worldwide basis. The following lines of business are included in our insurance segment:
Property: provides physical loss or damage, business interruption and machinery breakdown cover for virtually all types of property, including commercial buildings, residential premises, construction projects and onshore energy installations. This line of business includes both primary and excess risks, some of which are catastrophe-exposed.
Marine: provides cover for traditional marine classes, including offshore energy, cargo, liability, recreational marine, fine art, specie, hull and war. Offshore energy coverage includes physical damage, business interruption, operators extra expense and liability cover for all aspects of offshore upstream energy, from exploration and construction through the operation and distribution phases.
Terrorism: provides cover for physical damage and business interruption of an insured following an act of terrorism and includes kidnap and ransom and crisis management insurance.
Aviation: provides hull and liability as well as specific war cover primarily for passenger airlines but also for cargo operations, general aviation operations, airports, aviation authorities, security firms and product manufacturers.
Credit and Political Risk: provides credit and political risk insurance products for banks, commodity traders, corporations and multilateral and export credit agencies. Cover is provided for a range of risks including sovereign default, credit default, political violence, currency inconvertibility and non-transfer, expropriation, aircraft non-repossession and contract frustration due to political events.
Professional Lines: provides directors’ and officers’ liability, errors and omissions liability, employment practices liability, fiduciary liability, crime, professional indemnity, cyber and privacy insurance, medical malpractice and other financial insurance related covers for commercial enterprises, financial institutions and not-for-profit organizations. This business is predominantly written on a claims-made basis.
Liability: primarily targets primary and low/mid-level excess and umbrella commercial liability risks in the U.S. wholesale markets in addition to primary and excess of loss employers, public and products liability predominately in the UK. Target industry sectors include construction, manufacturing, transportation and trucking and other services.
Accident and Health: includes accidental death, travel insurance and specialty health products for employer and affinity groups.
Discontinued Lines: includes lines of business that Novae exited or placed into run-off in the fourth quarter of 2016 and in the first quarter of 2017. Discontinued lines include Financial Institutions, Professional Indemnity, International Liability, International Direct Property.



iii
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AXIS Capital Holdings Limited
BASIS OF PRESENTATION
 
BUSINESS DESCRIPTIONS (CONTINUED)

REINSURANCE SEGMENT

Our reinsurance segment provides treaty reinsurance to insurance companies on a worldwide basis. The following lines of business are included in our reinsurance segment:

Catastrophe: provides protection for most catastrophic losses that are covered in the underlying insurance policies written by our cedants. The exposure in the underlying policies is principally property-related but other exposures including workers compensation and personal accident are also covered. The principal perils in this portfolio include hurricane and windstorm, earthquake, flood, tornado, hail and fire. In some instances, terrorism may be a covered peril or the only peril. This business is principally written on an excess of loss basis.
Property: provides protection for property damage and related losses resulting from natural and man-made perils that are covered in the underlying personal and commercial lines insurance policies written by our cedants. The predominant exposure is to property damage but other risks, including business interruption and other non-property losses, may also be covered when arising from a covered peril. The most significant perils in this portfolio include windstorm, tornado and earthquake, but other perils such as freeze, riots, flood, industrial explosions, fire, hail and a number of other loss events are also included. This business is assumed on both a proportional and excess of loss basis.
Professional Lines: provides cover for directors’ and officers’ liability, employment practices liability, medical malpractice, professional indemnity, environmental liability and miscellaneous errors and omissions insurance risks. The underlying business is predominantly written on a claims-made basis. This business is written on both a proportional and excess of loss basis.
Credit and Surety: provides reinsurance of trade credit insurance products and includes both proportional and excess of loss structures. The underlying insurance indemnifies sellers of goods and services in the event of a payment default by the buyer of those goods and services. Credit insurance cover is provided to mortgage guaranty insurers and government sponsored entities. Cover for losses arising from a broad array of surety bonds issued by insurers to satisfy regulatory demands or contract obligations in a variety of jurisdictions around the world is also offered.
Motor: provides cover to insurers for motor liability and property damage losses arising out of any one occurrence. A loss occurrence can involve one or many claimants where the ceding insurer aggregates the claims from the occurrence. Traditional proportional and non-proportional reinsurance as well as structured solutions are offered.
Liability: provides cover to insurers of standard casualty business, excess and surplus casualty business and specialty casualty programs. The primary focus of the underlying business is general liability, although workers' compensation and auto liability covers are also written.
Agriculture: provides protection for risks associated with the production of food and fiber on a global basis for primary insurance companies writing multi-peril crop insurance, crop hail, and named peril covers, as well as custom risk transfer mechanisms for agricultural dependent industries with exposures to crop yield and/or price deviations. This business is provided on both a proportional and aggregate stop loss reinsurance basis.
Engineering: provides protection for all types of construction risks and risks associated with erection, testing and commissioning of machinery and plants during the construction stage. This line of business also includes cover for losses arising from operational failures of machinery, plant and equipment and electronic equipment as well as business interruption.
Marine and Other: includes marine, aviation and personal accident reinsurance.
Accident and Health: includes specialty health, accidental death, travel, life and disability reinsurance products which are offered on both a quota share and catastrophic or per life excess of events loss basis.
Discontinued Lines: includes lines of business that Novae exited or placed into run-off in the fourth quarter of 2016 and in the first quarter of 2017. Discontinued lines include Motor Reinsurance, General Liability Reinsurance, International Facultative Property.


iv
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AXIS Capital Holdings Limited
INSURANCE SEGMENT DATA - HISTORICAL
QUARTERLY AND YEAR
 
 
Q4 2017
 
Q3 2017
 
Q2 2017
 
Q1 2017
 
FY 2017
 
UNDERWRITING REVENUES
 
 
 
 
 
 
 
 
 
 
 
Gross premiums written
 
$
893,442

 
$
744,366

 
$
796,023

 
$
694,006

 
$
3,127,837

 
Net premiums written
 
554,705

 
500,022

 
527,678

 
505,329

 
2,087,734

 
 
 
 
 
 
 
 
 
 
 
 
 
Gross premiums earned
 
1,001,548

 
723,648

 
716,176

 
679,105

 
3,120,477

 
Ceded premiums expensed
 
(343,455
)
 
(227,644
)
 
(222,340
)
 
(220,675
)
 
(1,014,114
)
 
Net premiums earned
 
658,093

 
496,004

 
493,836

 
458,430

 
2,106,363

 
Other insurance related income
 
2,381

 
526

 
508

 
42

 
3,458

 
Total underwriting revenues
 
660,474

 
496,530

 
494,344

 
458,472

 
2,109,821

 
 
 
 
 
 
 
 
 
 
 
 
 
UNDERWRITING EXPENSES
 
 
 
 
 
 
 
 
 
 
 
Net losses and loss expenses
 
419,536

 
628,865

 
325,728

 
286,903

 
1,661,032

 
Acquisition costs
 
109,084

 
74,231

 
81,276

 
68,157

 
332,749

 
General and administrative expenses
 
90,704

 
75,038

 
87,822

 
90,448

 
344,012

 
Total underwriting expenses
 
619,324

 
778,134

 
494,826

 
445,508

 
2,337,793

 
 
 
 
 
 
 
 
 
 
 
 
 
UNDERWRITING INCOME (LOSS)
 
$
41,150

 
$
(281,604
)
 
$
(482
)
 
$
12,964

 
$
(227,972
)
 
 
 
 
 
 
 
 
 
 
 
 
 
KEY RATIOS
 
 
 
 
 
 
 
 
 
 
 
Current accident year loss ratio
 
66.5
%
 
127.3
%
 
69.9
%
 
64.5
%
 
81.2
%
 
Prior period reserve development
 
(2.7
%)
 
(0.5
%)
 
(3.9
%)
 
(1.9
%)
 
(2.3
%)
 
Net loss and loss expense ratio
 
63.8
%
 
126.8
%
 
66.0
%
 
62.6
%
 
78.9
%
 
Acquisition cost ratio
 
16.6
%
 
15.0
%
 
16.5
%
 
14.9
%
 
15.8
%
 
General and administrative expense ratio
 
13.7
%
 
15.1
%
 
17.7
%
 
19.7
%
 
16.3
%
 
Combined ratio
 
94.1
%
 
156.9
%
 
100.2
%
 
97.2
%
 
111.0
%
 

1


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AXIS Capital Holdings Limited
INSURANCE SEGMENT DATA - HISTORICAL
QUARTERLY AND YEAR
 
 
Q4 2016
 
Q3 2016
 
Q2 2016
 
Q1 2016
 
FY 2016
 
UNDERWRITING REVENUES
 
 
 
 
 
 
 
 
 
 
 
Gross premiums written
 
$
607,446

 
$
675,430

 
$
784,017

 
$
653,349

 
$
2,720,242

 
Net premiums written
 
374,068

 
433,131

 
526,764

 
473,163

 
1,807,125

 
 
 
 
 
 
 
 
 
 
 
 
 
Gross premiums earned
 
680,000

 
668,820

 
656,107

 
635,665

 
2,640,592

 
Ceded premiums expensed
 
(225,328
)
 
(224,129
)
 
(216,828
)
 
(196,987
)
 
(863,271
)
 
Net premiums earned
 
454,672

 
444,691

 
439,279

 
438,678

 
1,777,321

 
Other insurance related income
 
146

 
39

 
(234
)
 
137

 
89

 
Total underwriting revenues
 
454,818

 
444,730

 
439,045

 
438,815

 
1,777,410

 
 
 
 
 
 
 
 
 
 
 
 
 
UNDERWRITING EXPENSES
 
 
 
 
 
 
 
 
 
 
 
Net losses and loss expenses
 
288,161

 
273,226

 
306,141

 
274,405

 
1,141,933

 
Acquisition costs
 
66,138

 
61,755

 
61,829

 
61,398

 
251,120

 
General and administrative expenses
 
94,205

 
84,588

 
82,487

 
85,576

 
346,857

 
Total underwriting expenses
 
448,504

 
419,569

 
450,457

 
421,379

 
1,739,910

 
 
 
 
 
 
 
 
 
 
 
 
 
UNDERWRITING INCOME (LOSS)
 
$
6,314

 
$
25,161

 
$
(11,412
)
 
$
17,436

 
$
37,500

 
 
 
 
 
 
 
 
 
 
 
 
 
KEY RATIOS
 
 
 
 
 
 
 
 
 
 
 
Current accident year loss ratio
 
66.2
%
 
66.1
%
 
74.3
%
 
63.1
%
 
67.4
%
 
Prior period reserve development
 
(2.8
%)
 
(4.7
%)
 
(4.6
%)
 
(0.5
%)
 
(3.1
%)
 
Net loss and loss expense ratio
 
63.4
%
 
61.4
%
 
69.7
%
 
62.6
%
 
64.3
%
 
Acquisition cost ratio
 
14.5
%
 
13.9
%
 
14.1
%
 
14.0
%
 
14.1
%
 
General and administrative expense ratio
 
20.7
%
 
19.1
%
 
18.7
%
 
19.5
%
 
19.5
%
 
Combined ratio
 
98.6
%
 
94.4
%
 
102.5
%
 
96.1
%
 
97.9
%
 

2


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AXIS Capital Holdings Limited
INSURANCE SEGMENT DATA - HISTORICAL
QUARTERLY AND YEAR
 
 
Q4 2015
 
Q3 2015
 
Q2 2015
 
Q1 2015
 
FY 2015
 
UNDERWRITING REVENUES
 
 
 
 
 
 
 
 
 
 
 
Gross premiums written
 
$
612,527

 
$
606,704

 
$
761,126

 
$
602,724

 
$
2,583,081

 
Net premiums written
 
407,236

 
381,118

 
534,263

 
436,740

 
1,759,359

 
 
 
 
 
 
 
 
 
 
 
 
 
Gross premiums earned
 
652,349

 
647,024

 
649,053

 
638,348

 
2,586,774

 
Ceded premiums expensed
 
(198,498
)
 
(202,474
)
 
(196,731
)
 
(190,881
)
 
(788,583
)
 
Net premiums earned
 
453,851

 
444,550

 
452,322

 
447,467

 
1,798,191

 
Other insurance related income
 
225

 
542

 
269

 
—

 
1,036

 
Total underwriting revenues
 
454,076

 
445,092

 
452,591

 
447,467

 
1,799,227

 
 
 
 
 
 
 
 
 
 
 
 
 
UNDERWRITING EXPENSES
 
 
 
 
 
 
 
 
 
 
 
Net losses and loss expenses
 
288,348

 
283,272

 
297,534

 
285,773

 
1,154,928

 
Acquisition costs
 
60,716

 
69,118

 
66,920

 
64,455

 
261,208

 
General and administrative expenses
 
79,734

 
85,814

 
88,420

 
87,689

 
341,658

 
Total underwriting expenses
 
428,798

 
438,204

 
452,874

 
437,917

 
1,757,794

 
 
 
 
 
 
 
 
 
 
 
 
 
UNDERWRITING INCOME (LOSS)
 
$
25,278

 
$
6,888

 
$
(283
)
 
$
9,550

 
$
41,433

 
 
 
 
 
 
 
 
 
 
 
 
 
KEY RATIOS
 
 
 
 
 
 
 
 
 
 
 
Current accident year loss ratio
 
64.0
%
 
64.3
%
 
69.2
%
 
64.6
%
 
65.5
%
 
Prior period reserve development
 
(0.5
%)
 
(0.6
%)
 
(3.4
%)
 
(0.7
%)
 
(1.3
%)
 
Net loss and loss expense ratio
 
63.5
%
 
63.7
%
 
65.8
%
 
63.9
%
 
64.2
%
 
Acquisition cost ratio
 
13.4
%
 
15.5
%
 
14.8
%
 
14.4
%
 
14.5
%
 
General and administrative expense ratio
 
17.6
%
 
19.4
%
 
19.5
%
 
19.6
%
 
19.1
%
 
Combined ratio
 
94.5
%
 
98.6
%
 
100.1
%
 
97.9
%
 
97.8
%
 


3


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AXIS Capital Holdings Limited
INSURANCE SEGMENT DATA - REALIGNED
QUARTERLY AND YEAR
 
 
Q4 2017
 
Q3 2017
 
Q2 2017
 
Q1 2017
 
FY 2017
 
UNDERWRITING REVENUES
 
 
 
 
 
 
 
 
 
 
 
Gross premiums written
 
$
854,311

 
$
651,144

 
$
764,202

 
$
545,261

 
$
2,814,919

 
Net premiums written
 
515,826

 
407,054

 
496,109

 
356,836

 
1,775,825

 
 
 
 
 
 
 
 
 
 
 
 
 
Gross premiums earned
 
929,346

 
648,148

 
639,612

 
612,372

 
2,829,478

 
Ceded premiums expensed
 
(343,186
)
 
(227,373
)
 
(222,072
)
 
(220,408
)
 
(1,013,040
)
 
Net premiums earned
 
586,159

 
420,775

 
417,541

 
391,963

 
1,816,438

 
Other insurance related income
 
2,091

 
302

 
508

 
42

 
2,944

 
Total underwriting revenues
 
588,250

 
421,077

 
418,049

 
392,006

 
1,819,382

 
 
 
 
 
 
 
 
 
 
 
 
 
UNDERWRITING EXPENSES
 
 
 
 
 
 
 
 
 
 
 
Net losses and loss expenses
 
372,190

 
576,688

 
275,464

 
241,085

 
1,465,427

 
Acquisition costs
 
92,293

 
61,541

 
62,391

 
54,004

 
270,229

 
General and administrative expenses
 
85,979

 
71,008

 
83,126

 
85,256

 
325,368

 
Total underwriting expenses
 
550,462

 
709,238

 
420,980

 
380,345

 
2,061,025

 
 
 
 
 
 
 
 
 
 
 
 
 
UNDERWRITING INCOME (LOSS)
 
$
37,788

 
$
(288,160
)
 
$
(2,931
)
 
$
11,661

 
$
(241,643
)
 
 
 
 
 
 
 
 
 
 
 
 
 
KEY RATIOS
 
 
 
 
 
 
 
 
 
 
 
Current accident year loss ratio
 
67.7
%
 
138.9
%
 
70.7
%
 
63.5
%
 
84.0
%
 
Prior period reserve development
 
(4.2
%)
 
(1.8
%)
 
(4.7
%)
 
(2.0
%)
 
(3.3
%)
 
Net loss and loss expense ratio
 
63.5
%
 
137.1
%
 
66.0
%
 
61.5
%
 
80.7
%
 
Acquisition cost ratio
 
15.7
%
 
14.6
%
 
14.9
%
 
13.8
%
 
14.9
%
 
General and administrative expense ratio
 
14.7
%
 
16.9
%
 
19.9
%
 
21.8
%
 
17.9
%
 
Combined ratio
 
93.9
%
 
168.6
%
 
100.8
%
 
97.0
%
 
113.5
%
 


4


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AXIS Capital Holdings Limited
INSURANCE SEGMENT DATA - REALIGNED
QUARTERLY AND YEAR
 
 
Q4 2016
 
Q3 2016
 
Q2 2016
 
Q1 2016
 
FY 2016
 
UNDERWRITING REVENUES
 
 
 
 
 
 
 
 
 
 
 
Gross premiums written
 
$
596,374

 
$
572,388

 
$
745,097

 
$
518,617

 
$
2,432,475

 
Net premiums written
 
362,997

 
330,089

 
487,844

 
338,629

 
1,519,559

 
 
 
 
 
 
 
 
 
 
 
 
 
Gross premiums earned
 
617,165

 
602,391

 
593,843

 
584,065

 
2,397,464

 
Ceded premiums expensed
 
(225,311
)
 
(224,112
)
 
(216,803
)
 
(196,956
)
 
(863,182
)
 
Net premiums earned
 
391,855

 
378,278

 
377,040

 
387,109

 
1,534,282

 
Other insurance related income
 
146

 
39

 
(234
)
 
137

 
89

 
Total underwriting revenues
 
392,001

 
378,318

 
376,806

 
387,246

 
1,534,371

 
 
 
 
 
 
 
 
 
 
 
 
 
UNDERWRITING EXPENSES
 
 
 
 
 
 
 
 
 
 
 
Net losses and loss expenses
 
242,733

 
228,394

 
264,600

 
242,044

 
977,771

 
Acquisition costs
 
54,766

 
49,536

 
51,278

 
51,040

 
206,619

 
General and administrative expenses
 
88,749

 
80,005

 
78,121

 
80,476

 
327,351

 
Total underwriting expenses
 
386,248

 
357,935

 
393,998

 
373,560

 
1,511,742

 
 
 
 
 
 
 
 
 
 
 
 
 
UNDERWRITING INCOME (LOSS)
 
$
5,753

 
$
20,383

 
$
(17,192
)
 
$
13,686

 
$
22,630

 
 
 
 
 
 
 
 
 
 
 
 
 
KEY RATIOS
 
 
 
 
 
 
 
 
 
 
 
Current accident year loss ratio
 
65.6
%
 
65.1
%
 
74.7
%
 
62.4
%
 
66.9
%
 
Prior period reserve development
 
(3.7
%)
 
(4.7
%)
 
(4.5
%)
 
0.1
%
 
(3.2
%)
 
Net loss and loss expense ratio
 
61.9
%
 
60.4
%
 
70.2
%
 
62.5
%
 
63.7
%
 
Acquisition cost ratio
 
14.0
%
 
13.1
%
 
13.6
%
 
13.2
%
 
13.5
%
 
General and administrative expense ratio
 
22.6
%
 
21.1
%
 
20.7
%
 
20.8
%
 
21.3
%
 
Combined ratio
 
98.6
%
 
94.6
%
 
104.5
%
 
96.5
%
 
98.5
%
 


5


axislogoq42016a30.jpg

AXIS Capital Holdings Limited
INSURANCE SEGMENT DATA - REALIGNED
QUARTERLY AND YEAR
 
 
Q4 2015
 
Q3 2015
 
Q2 2015
 
Q1 2015
 
FY 2015
 
UNDERWRITING REVENUES
 
 
 
 
 
 
 
 
 
 
 
Gross premiums written
 
$
585,341

 
$
535,462

 
$
741,855

 
$
505,547

 
$
2,368,204

 
Net premiums written
 
380,052

 
309,905

 
514,995

 
339,567

 
1,544,518

 
 
 
 
 
 
 
 
 
 
 
 
 
Gross premiums earned
 
606,329

 
602,134

 
615,127

 
606,163

 
2,429,753

 
Ceded premiums expensed
 
(198,489
)
 
(202,465
)
 
(196,721
)
 
(190,870
)
 
(788,545
)
 
Net premiums earned
 
407,840

 
399,669

 
418,406

 
415,293

 
1,641,208

 
Other insurance related income
 
238

 
530

 
269

 
—

 
1,036

 
Total underwriting revenues
 
408,078

 
400,199

 
418,675

 
415,293

 
1,642,244

 
 
 
 
 
 
 
 
 
 
 
 
 
UNDERWRITING EXPENSES
 
 
 
 
 
 
 
 
 
 
 
Net losses and loss expenses
 
260,889

 
256,241

 
275,976

 
266,729

 
1,059,835

 
Acquisition costs
 
50,311

 
58,177

 
60,800

 
56,840

 
226,128

 
General and administrative expenses
 
75,539

 
81,153

 
83,905

 
82,411

 
323,008

 
Total underwriting expenses
 
386,739

 
395,570

 
420,681

 
405,980

 
1,608,971

 
 
 
 
 
 
 
 
 
 
 
 
 
UNDERWRITING INCOME (LOSS)
 
$
21,338

 
$
4,628

 
$
(2,007
)
 
$
9,313

 
$
33,273

 
 
 
 
 
 
 
 
 
 
 
 
 
KEY RATIOS
 
 
 
 
 
 
 
 
 
 
 
Current accident year loss ratio
 
64.5
%
 
64.9
%
 
70.0
%
 
64.8
%
 
66.1
%
 
Prior period reserve development
 
(0.5
%)
 
(0.8
%)
 
(4.0
%)
 
(0.6
%)
 
(1.5
%)
 
Net loss and loss expense ratio
 
64.0
%
 
64.1
%
 
66.0
%
 
64.2
%
 
64.6
%
 
Acquisition cost ratio
 
12.3
%
 
14.6
%
 
14.5
%
 
13.7
%
 
13.8
%
 
General and administrative expense ratio
 
18.5
%
 
20.3
%
 
20.1
%
 
19.8
%
 
19.7
%
 
Combined ratio
 
94.8
%
 
99.0
%
 
100.5
%
 
97.8
%
 
98.1
%
 


6


axislogoq42016a30.jpg

AXIS Capital Holdings Limited
REINSURANCE SEGMENT DATA - HISTORICAL
QUARTERLY AND YEAR
 
 
Q4 2017
 
Q3 2017
 
Q2 2017
 
Q1 2017
 
FY 2017
 
UNDERWRITING REVENUES
 
 
 
 
 
 
 
 
 
 
 
Gross premiums written
 
$
203,059

 
$
441,208

 
$
566,304

 
$
1,217,865

 
$
2,428,436

 
Net premiums written
 
174,719

 
332,721

 
428,339

 
1,003,630

 
1,939,409

 
 
 
 
 
 
 
 
 
 
 
 
 
Gross premiums earned
 
698,334

 
646,387

 
584,472

 
566,564

 
2,495,757

 
Ceded premiums expensed
 
(144,932
)
 
(125,260
)
 
(96,877
)
 
(86,291
)
 
(453,360
)
 
Net premiums earned
 
553,402

 
521,127

 
487,595

 
480,273

 
2,042,397

 
Other insurance related income (losses)
 
799

 
(3,723
)
 
2,052

 
(3,825
)
 
(4,698
)
 
Total underwriting revenues
 
554,201

 
517,404

 
489,647

 
476,448

 
2,037,699

 
 
 
 
 
 
 
 
 
 
 
 
 
UNDERWRITING EXPENSES
 
 
 
 
 
 
 
 
 
 
 
Net losses and loss expenses
 
420,596

 
606,502

 
279,604

 
320,039

 
1,626,740

 
Acquisition costs
 
125,629

 
120,493

 
123,085

 
121,635

 
490,842

 
General and administrative expenses
 
22,996

 
21,658

 
29,464

 
31,353

 
105,471

 
Total underwriting expenses
 
569,221

 
748,653

 
432,153

 
473,027

 
2,223,053

 
 
 
 
 
 
 
 
 
 
 
 
 
UNDERWRITING INCOME (LOSS)
 
$
(15,020
)
 
$
(231,249
)
 
$
57,494

 
$
3,421

 
$
(185,354
)
 
 
 
 
 
 
 
 
 
 
 
 
 
KEY RATIOS
 
 
 
 
 
 
 
 
 
 
 
Current accident year loss ratio
 
82.9
%
 
125.0
%
 
67.9
%
 
70.0
%
 
87.0
%
 
Prior period reserve development
 
(6.9
%)
 
(8.6
%)
 
(10.6
%)
 
(3.4
%)
 
(7.4
%)
 
Net loss and loss expense ratio
 
76.0
%
 
116.4
%
 
57.3
%
 
66.6
%
 
79.6
%
 
Acquisition cost ratio
 
22.7
%
 
23.1
%
 
25.2
%
 
25.3
%
 
24.0
%
 
General and administrative expense ratio
 
4.2
%
 
4.2
%
 
6.1
%
 
6.6
%
 
5.2
%
 
Combined ratio
 
102.9
%
 
143.7
%
 
88.6
%
 
98.5
%
 
108.8
%
 

7


axislogoq42016a30.jpg

AXIS Capital Holdings Limited
REINSURANCE SEGMENT DATA - HISTORICAL
QUARTERLY AND YEAR
 
 
Q4 2016
 
Q3 2016
 
Q2 2016
 
Q1 2016
 
FY 2016
 
UNDERWRITING REVENUES
 
 
 
 
 
 
 
 
 
 
 
Gross premiums written
 
$
123,204

 
$
284,532

 
$
536,417

 
$
1,305,812

 
$
2,249,966

 
Net premiums written
 
90,319

 
162,300

 
480,586

 
1,212,643

 
1,945,849

 
 
 
 
 
 
 
 
 
 
 
 
 
Gross premiums earned
 
533,623

 
546,006

 
541,615

 
500,557

 
2,121,802

 
Ceded premiums expensed
 
(66,416
)
 
(56,282
)
 
(33,904
)
 
(36,895
)
 
(193,498
)
 
Net premiums earned
 
467,207

 
489,724

 
507,711

 
463,662

 
1,928,304

 
Other insurance related income (losses)
 
2,226

 
5,905

 
(658
)
 
(340
)
 
7,133

 
Total underwriting revenues
 
469,433

 
495,629

 
507,053

 
463,322

 
1,935,437

 
 
 
 
 
 
 
 
 
 
 
 
 
UNDERWRITING EXPENSES
 
 
 
 
 
 
 
 
 
 
 
Net losses and loss expenses
 
252,451

 
259,102

 
326,153

 
224,557

 
1,062,264

 
Acquisition costs
 
121,167

 
128,055

 
127,296

 
119,237

 
495,756

 
General and administrative expenses
 
35,864

 
29,635

 
32,332

 
38,013

 
135,844

 
Total underwriting expenses
 
409,482

 
416,792

 
485,781

 
381,807

 
1,693,864

 
 
 
 
 
 
 
 
 
 
 
 
 
UNDERWRITING INCOME (LOSS)
 
$
59,951

 
$
78,837

 
$
21,272

 
$
81,515

 
$
241,573

 
 
 
 
 
 
 
 
 
 
 
 
 
KEY RATIOS
 
 
 
 
 
 
 
 
 
 
 
Current accident year loss ratio
 
65.9
%
 
64.2
%
 
75.6
%
 
63.1
%
 
67.4
%
 
Prior period reserve development
 
(11.9
%)
 
(11.3
%)
 
(11.4
%)
 
(14.7
%)
 
(12.3
%)
 
Net loss and loss expense ratio
 
54.0
%
 
52.9
%
 
64.2
%
 
48.4
%
 
55.1
%
 
Acquisition cost ratio
 
25.9
%
 
26.1
%
 
25.1
%
 
25.7
%
 
25.7
%
 
General and administrative expense ratio
 
7.7
%
 
6.1
%
 
6.4
%
 
8.2
%
 
7.0
%
 
Combined ratio
 
87.6
%
 
85.1
%
 
95.7
%
 
82.3
%
 
87.8
%
 

8


axislogoq42016a30.jpg

AXIS Capital Holdings Limited
REINSURANCE SEGMENT DATA - HISTORICAL
QUARTERLY AND YEAR
 
 
Q4 2015
 
Q3 2015
 
Q2 2015
 
Q1 2015
 
FY 2015
 
UNDERWRITING REVENUES
 
 
 
 
 
 
 
 
 
 
 
Gross premiums written
 
$
187,275

 
$
329,879

 
$
427,287

 
$
1,076,208

 
$
2,020,649

 
Net premiums written
 
188,122

 
296,099

 
412,281

 
1,018,806

 
1,915,308

 
 
 
 
 
 
 
 
 
 
 
 
 
Gross premiums earned
 
494,183

 
501,332

 
509,702

 
475,963

 
1,981,180

 
Ceded premiums expensed
 
(26,222
)
 
(26,541
)
 
(20,813
)
 
(19,377
)
 
(92,953
)
 
Net premiums earned
 
467,961

 
474,791

 
488,889

 
456,586

 
1,888,227

 
Other insurance related income (losses)
 
(15,497
)
 
616

 
3,217

 
7,676

 
(3,988
)
 
Total underwriting revenues
 
452,464

 
475,407

 
492,106

 
464,262

 
1,884,239

 
 
 
 
 
 
 
 
 
 
 
 
 
UNDERWRITING EXPENSES
 
 
 
 
 
 
 
 
 
 
 
Net losses and loss expenses
 
234,983

 
277,115

 
282,619

 
226,555

 
1,021,272

 
Acquisition costs
 
119,848

 
113,626

 
116,343

 
107,087

 
456,904

 
General and administrative expenses
 
34,553

 
35,309

 
36,013

 
39,380

 
145,255

 
Total underwriting expenses
 
389,384

 
426,050

 
434,975

 
373,022

 
1,623,431

 
 
 
 
 
 
 
 
 
 
 
 
 
UNDERWRITING INCOME (LOSS)
 
$
63,080

 
$
49,357

 
$
57,131

 
$
91,240

 
$
260,808

 
 
 
 
 
 
 
 
 
 
 
 
 
KEY RATIOS
 
 
 
 
 
 
 
 
 
 
 
Current accident year loss ratio
 
66.2
%
 
67.4
%
 
67.9
%
 
61.2
%
 
65.7
%
 
Prior period reserve development
 
(16.0
%)
 
(9.0
%)
 
(10.1
%)
 
(11.6
%)
 
(11.6
%)
 
Net loss and loss expense ratio
 
50.2
%
 
58.4
%
 
57.8
%
 
49.6
%
 
54.1
%
 
Acquisition cost ratio
 
25.6
%
 
23.9
%
 
23.8
%
 
23.5
%
 
24.2
%
 
General and administrative expense ratio
 
7.4
%
 
7.4
%
 
7.4
%
 
8.6
%
 
7.7
%
 
Combined ratio
 
83.2
%
 
89.7
%
 
89.0
%
 
81.7
%
 
86.0
%
 


9


axislogoq42016a30.jpg

AXIS Capital Holdings Limited
REINSURANCE SEGMENT DATA - REALIGNED
QUARTERLY AND YEAR
 
 
Q4 2017
 
Q3 2017
 
Q2 2017
 
Q1 2017
 
FY 2017
 
UNDERWRITING REVENUES
 
 
 
 
 
 
 
 
 
 
 
Gross premiums written
 
$
242,190

 
$
534,429

 
$
598,125

 
$
1,366,610

 
$
2,741,355

 
Net premiums written
 
213,598

 
425,689

 
459,908

 
1,152,123

 
2,251,318

 
 
 
 
 
 
 
 
 
 
 
 
 
Gross premiums earned
 
770,537

 
721,886

 
661,035

 
633,298

 
2,786,756

 
Ceded premiums expensed
 
(145,201
)
 
(125,530
)
 
(97,145
)
 
(86,559
)
 
(454,435
)
 
Net premiums earned
 
625,336

 
596,356

 
563,890

 
546,739

 
2,332,322

 
Other insurance related income (losses)
 
1,089

 
(3,500
)
 
2,052

 
(3,825
)
 
(4,184
)
 
Total underwriting revenues
 
626,425

 
592,857

 
565,942

 
542,914

 
2,328,138

 
 
 
 
 
 
 
 
 
 
 
 
 
UNDERWRITING EXPENSES
 
 
 
 
 
 
 
 
 
 
 
Net losses and loss expenses
 
467,941

 
658,679

 
329,867

 
365,857

 
1,822,345

 
Acquisition costs
 
142,420

 
133,183

 
141,971

 
135,788

 
553,362

 
General and administrative expenses
 
27,722

 
25,689

 
34,160

 
36,545

 
124,115

 
Total underwriting expenses
 
638,083

 
817,550

 
505,998

 
538,190

 
2,499,822

 
 
 
 
 
 
 
 
 
 
 
 
 
UNDERWRITING INCOME (LOSS)
 
$
(11,658
)
 
$
(224,694
)
 
$
59,944

 
$
4,724

 
$
(171,684
)
 
 
 
 
 
 
 
 
 
 
 
 
 
KEY RATIOS
 
 
 
 
 
 
 
 
 
 
 
Current accident year loss ratio
 
79.9
%
 
117.1
%
 
67.6
%
 
70.0
%
 
84.1
%
 
Prior period reserve development
 
(5.1
%)
 
(6.6
%)
 
(9.1
%)
 
(3.1
%)
 
(6.0
%)
 
Net loss and loss expense ratio
 
74.8
%
 
110.5
%
 
58.5
%
 
66.9
%
 
78.1
%
 
Acquisition cost ratio
 
22.8
%
 
22.3
%
 
25.2
%
 
24.8
%
 
23.7
%
 
General and administrative expense ratio
 
4.4
%
 
4.3
%
 
6.1
%
 
6.7
%
 
5.3
%
 
Combined ratio
 
102.0
%
 
137.1
%
 
89.7
%
 
98.4
%
 
107.1
%
 


10


axislogoq42016a30.jpg

AXIS Capital Holdings Limited
REINSURANCE SEGMENT DATA - REALIGNED
QUARTERLY AND YEAR
 
 
Q4 2016
 
Q3 2016
 
Q2 2016
 
Q1 2016
 
FY 2016
 
UNDERWRITING REVENUES
 
 
 
 
 
 
 
 
 
 
 
Gross premiums written
 
$
134,276

 
$
387,575

 
$
575,337

 
$
1,440,545

 
$
2,537,733

 
Net premiums written
 
101,390

 
265,342

 
519,505

 
1,347,177

 
2,233,415

 
 
 
 
 
 
 
 
 
 
 
 
 
Gross premiums earned
 
596,458

 
612,436

 
603,878

 
552,158

 
2,364,930

 
Ceded premiums expensed
 
(66,433
)
 
(56,299
)
 
(33,928
)
 
(36,926
)
 
(193,587
)
 
Net premiums earned
 
530,024

 
556,137

 
569,950

 
515,231

 
2,171,343

 
Other insurance related income (losses)
 
2,226

 
5,905

 
(658
)
 
(340
)
 
7,133

 
Total underwriting revenues
 
532,250

 
562,041

 
569,292

 
514,892

 
2,178,475

 
 
 
 
 
 
 
 
 
 
 
 
 
UNDERWRITING EXPENSES
 
 
 
 
 
 
 
 
 
 
 
Net losses and loss expenses
 
297,880

 
303,935

 
367,694

 
256,918

 
1,226,426

 
Acquisition costs
 
132,540

 
140,274

 
137,847

 
129,596

 
540,257

 
General and administrative expenses
 
41,320

 
34,218

 
36,699

 
43,113

 
155,350

 
Total underwriting expenses
 
471,739

 
478,426

 
542,239

 
429,627

 
1,922,032

 
 
 
 
 
 
 
 
 
 
 
 
 
UNDERWRITING INCOME (LOSS)
 
$
60,511

 
$
83,615

 
$
27,053

 
$
85,265

 
$
256,443

 
 
 
 
 
 
 
 
 
 
 
 
 
KEY RATIOS
 
 
 
 
 
 
 
 
 
 
 
Current accident year loss ratio
 
66.4
%
 
65.1
%
 
75.1
%
 
63.6
%
 
67.7
%
 
Prior period reserve development
 
(10.2
%)
 
(10.4
%)
 
(10.6
%)
 
(13.7
%)
 
(11.2
%)
 
Net loss and loss expense ratio
 
56.2
%
 
54.7
%
 
64.5
%
 
49.9
%
 
56.5
%
 
Acquisition cost ratio
 
25.0
%
 
25.2
%
 
24.2
%
 
25.2
%
 
24.9
%
 
General and administrative expense ratio
 
7.8
%
 
6.2
%
 
6.4
%
 
8.4
%
 
7.2
%
 
Combined ratio
 
89.0
%
 
86.0
%
 
95.1
%
 
83.4
%
 
88.6
%
 


11


axislogoq42016a30.jpg

AXIS Capital Holdings Limited
REINSURANCE SEGMENT DATA - REALIGNED
QUARTERLY AND YEAR
 
 
Q4 2015
 
Q3 2015
 
Q2 2015
 
Q1 2015
 
FY 2015
 
UNDERWRITING REVENUES
 
 
 
 
 
 
 
 
 
 
 
Gross premiums written
 
$
214,461

 
$
401,121

 
$
446,558

 
$
1,173,386

 
$
2,235,525

 
Net premiums written
 
215,306

 
367,312

 
431,550

 
1,115,980

 
2,130,147

 
 
 
 
 
 
 
 
 
 
 
 
 
Gross premiums earned
 
540,202

 
546,221

 
543,628

 
508,148

 
2,138,200

 
Ceded premiums expensed
 
(26,230
)
 
(26,549
)
 
(20,823
)
 
(19,388
)
 
(92,991
)
 
Net premiums earned
 
513,972

 
519,672

 
522,805

 
488,760

 
2,045,209

 
Other insurance related income (losses)
 
(15,497
)
 
675

 
3,205

 
7,629

 
(3,989
)
 
Total underwriting revenues
 
498,475

 
520,346

 
526,010

 
496,389

 
2,041,221

 
 
 
 
 
 
 
 
 
 
 
 
 
UNDERWRITING EXPENSES
 
 
 
 
 
 
 
 
 
 
 
Net losses and loss expenses
 
262,442

 
304,146

 
304,176

 
245,599

 
1,116,364

 
Acquisition costs
 
130,253

 
124,567

 
122,462

 
114,702

 
491,984

 
General and administrative expenses
 
38,747

 
39,970

 
40,528

 
44,658

 
163,903

 
Total underwriting expenses
 
431,442

 
468,683

 
467,167

 
404,959

 
1,772,251

 
 
 
 
 
 
 
 
 
 
 
 
 
UNDERWRITING INCOME (LOSS)
 
$
67,033

 
$
51,664

 
$
58,843

 
$
91,430

 
$
268,970

 
 
 
 
 
 
 
 
 
 
 
 
 
KEY RATIOS
 
 
 
 
 
 
 
 
 
 
 
Current accident year loss ratio
 
65.7
%
 
66.6
%
 
67.3
%
 
61.2
%
 
65.3
%
 
Prior period reserve development
 
(14.6
%)
 
(8.1
%)
 
(9.1
%)
 
(11.0
%)
 
(10.7
%)
 
Net loss and loss expense ratio
 
51.1
%
 
58.5
%
 
58.2
%
 
50.2
%
 
54.6
%
 
Acquisition cost ratio
 
25.3
%
 
24.0
%
 
23.4
%
 
23.5
%
 
24.1
%
 
General and administrative expense ratio
 
7.5
%
 
7.7
%
 
7.8
%
 
9.1
%
 
8.0
%
 
Combined ratio
 
83.9
%
 
90.2
%
 
89.4
%
 
82.9
%
 
86.7
%
 



12