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SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY
 12 Months Ended
Dec. 31, 2018
Condensed Financial Information Disclosure [Abstract]  
SCHEDULE II - CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY
AXIS CAPITAL HOLDINGS LIMITED
CONDENSED BALANCE SHEETS – PARENT COMPANY
DECEMBER 31, 2018 AND 2017
 
 
2018
 
2017
 
(in thousands)
Assets
 
 
 
Investments in subsidiaries
$
5,320,828

 
$
5,532,396

Cash and cash equivalents
3,099

 
10,541

Other assets
9,647

 
9,480

Total assets
$
5,333,574

 
$
5,552,417

 
 
 
 
Liabilities
 
 
 
Intercompany payable
$
247,992

 
$
160,950

Dividends payable
51,157

 
49,907

Other liabilities
4,354

 
296

Total liabilities
303,503

 
211,153

 
 
 
 
Shareholders’ equity
 
 
 
Preferred shares
775,000

 
775,000

Common shares (shares issued 2018: 176,580; 2017: 176,580
shares outstanding 2018: 83,586; 2017: 83,161)
2,206

 
2,206

Additional paid-in capital
2,308,583

 
2,299,166

Accumulated other comprehensive (income) loss
(177,110
)
 
92,382

Retained earnings
5,912,812

 
5,979,666

Treasury shares, at cost (2018: 92,994; 2017: 93,419)
(3,791,420
)
 
(3,807,156
)
Total shareholders’ equity
5,030,071

 
5,341,264

Total liabilities and shareholders’ equity
$
5,333,574

 
$
5,552,417


(1)
AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance LLC, a 100% owned finance subsidiary, related to the issuance of $500 million aggregate principal amount of 5.875% senior unsecured notes. AXIS Capital’s obligations under this guarantee are unsecured senior obligations and rank equally with all other senior obligations of AXIS Capital.

(2)
AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance PLC, a 100% owned finance subsidiary, related to the issuance of $250 million aggregate principal amount of 2.65% and $250 million aggregate principal amount of 5.15% senior unsecured notes. AXIS Capital's obligations under this guarantee are unsecured senior obligations and rank equally with all other senior obligations of AXIS Capital.

(3)
AXIS Capital has fully and unconditionally guaranteed all obligations of AXIS Specialty Finance PLC, a 100% owned finance subsidiary, related to the issuance of $350 million aggregate principal amount of 4.0% senior unsecured notes. AXIS Capital's obligations under this guarantee are unsecured senior obligations and rank equally with all other senior obligations of AXIS Capital.

(4)
On February 15, 2018, AXIS Capital contributed $105 million to AXIS Specialty Global Holdings to support the capital requirements of its U.S. subsidiaries.


SCHEDULE II
AXIS CAPITAL HOLDINGS LIMITED
CONDENSED STATEMENTS OF OPERATIONS – PARENT COMPANY
YEARS ENDED DECEMBER 31, 2018, 2017 AND 2016
 

 
2018
 
2017
 
2016
 
(in thousands)
Revenues
 
 
 
 
 
Net investment income (1)
$
900

 
$
2,116

 
$
656

Total revenues
900

 
2,116

 
656

 
 
 
 
 
 
Expenses
 
 
 
 
 
General and administrative expenses
29,250

 
34,933

 
39,909

Total expenses
29,250

 
34,933

 
39,909

 
 
 
 
 
 
Income (loss) before equity in net income (loss) of subsidiaries
(28,350
)
 
(32,817
)
 
(39,253
)
Equity in net income (loss) of subsidiaries
71,371

 
(336,152
)
 
552,621

Net income (loss)
43,021

 
(368,969
)
 
513,368

Preferred share dividends
42,625

 
46,810

 
46,597

Loss on repurchase of preferred shares
—

 
—

 
1,309

Net income (loss) available (attributable) to common shareholders
$
396

 
$
(415,779
)
 
$
465,462

 
 
 
 
 
 
Comprehensive income (loss)
$
(158,973
)
 
$
(154,746
)
 
$
579,992


(1)
On April 15, 2017 a promissory note of $368 million advanced by AXIS Capital to AXIS Specialty Limited on November 7, 2016, matured. For the year ended December 31, 2017, interest earned at an annual rate of 1.132% and was recorded in net investment income.
SCHEDULE II
AXIS CAPITAL HOLDINGS LIMITED
CONDENSED STATEMENTS OF CASH FLOWS – PARENT COMPANY
YEARS ENDED DECEMBER 31, 2018, 2017 AND 2016
 
 
2018
 
2017
 
2016
 
(in thousands)
Cash flows from operating activities:
 
 
 
 
 
Net income (loss)
$
43,021

 
$
(368,969
)
 
$
513,368

Adjustments to reconcile net income (loss) to net cash provided by operating activities:
 
 
 
 
 
Equity in net income (loss) of subsidiaries
(71,371
)
 
336,152

 
(552,621
)
Change in intercompany payable
87,042

 
94,827

 
33,286

Dividends received from subsidiaries
200,000

 
400,000

 
550,000

Other items
(79,927
)
 
4,988

 
17,807

Net cash provided by operating activities
178,765

 
466,998

 
561,840

 
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 
 
Promissory note receivable from subsidiary
—

 
—

 
(368,252
)
Capital returned by subsidiary
—

 
368,252

 
—

Net cash provided by (used in) investing activities
—

 
368,252

 
(368,252
)
 
 
 
 
 
 
Cash flows from financing activities:
 
 
 
 
 
Net proceeds from issuance of preferred shares
—

 
—

 
531,945

Repurchase of common shares - open market
—

 
(261,180
)
 
(495,426
)
Taxes paid on withholding shares
(10,080
)
 
(24,678
)
 
(14,329
)
Dividends paid - common shares
(133,502
)
 
(135,032
)
 
(132,323
)
Repurchase of preferred shares
—

 
(351,074
)
 
(51,769
)
Dividends paid - preferred shares
(42,625
)
 
(52,844
)
 
(39,909
)
Proceeds from issuance of common shares
—

 
—

 
224

Net cash used in financing activities
(186,207
)
 
(824,808
)
 
(201,587
)
 
 
 
 
 
 
Increase (decrease) in cash, cash equivalents and restricted cash
(7,442
)
 
10,442

 
(7,999
)
Cash, cash equivalents and restricted cash - beginning of year
10,541

 
99

 
8,098

Cash, cash equivalents and restricted cash - end of year
$
3,099

 
$
10,541

 
$
99