0001214816-21-000047.txt : 20210727 0001214816-21-000047.hdr.sgml : 20210727 20210727170103 ACCESSION NUMBER: 0001214816-21-000047 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 83 CONFORMED PERIOD OF REPORT: 20210630 FILED AS OF DATE: 20210727 DATE AS OF CHANGE: 20210727 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AXIS CAPITAL HOLDINGS LTD CENTRAL INDEX KEY: 0001214816 STANDARD INDUSTRIAL CLASSIFICATION: FIRE, MARINE & CASUALTY INSURANCE [6331] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-31721 FILM NUMBER: 211118434 BUSINESS ADDRESS: STREET 1: 92 PITTS BAY ROAD CITY: PEMBROKE STATE: D0 ZIP: HM 08 BUSINESS PHONE: (441) 496-2600 MAIL ADDRESS: STREET 1: 92 PITTS BAY ROAD CITY: PEMBROKE STATE: D0 ZIP: HM 08 10-Q 1 axs-20210630.htm 10-Q axs-20210630
false2021Q2AXIS CAPITAL HOLDINGS LTD0001214816--12-31P5Y00012148162021-01-012021-06-300001214816us-gaap:CommonStockMember2021-01-012021-06-300001214816us-gaap:SeriesEPreferredStockMember2021-01-012021-06-30xbrli:shares00012148162021-07-23iso4217:USD00012148162021-06-3000012148162020-12-3100012148162021-04-012021-06-3000012148162020-04-012020-06-3000012148162020-01-012020-06-30iso4217:USDxbrli:shares0001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2021-04-012021-06-300001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2020-04-012020-06-300001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2021-01-012021-06-300001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2020-01-012020-06-300001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2021-04-012021-06-300001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2020-04-012020-06-300001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2021-01-012021-06-300001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2020-01-012020-06-300001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-04-012021-06-300001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-04-012020-06-300001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-01-012021-06-300001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-01-012020-06-300001214816us-gaap:PreferredStockMember2021-03-310001214816us-gaap:PreferredStockMember2020-03-310001214816us-gaap:PreferredStockMember2020-12-310001214816us-gaap:PreferredStockMember2019-12-310001214816us-gaap:PreferredStockMember2021-04-012021-06-300001214816us-gaap:PreferredStockMember2020-04-012020-06-300001214816us-gaap:PreferredStockMember2021-01-012021-06-300001214816us-gaap:PreferredStockMember2020-01-012020-06-300001214816us-gaap:PreferredStockMember2021-06-300001214816us-gaap:PreferredStockMember2020-06-300001214816us-gaap:CommonStockMember2021-03-310001214816us-gaap:CommonStockMember2021-06-300001214816us-gaap:CommonStockMember2020-06-300001214816us-gaap:CommonStockMember2020-03-310001214816us-gaap:CommonStockMember2020-12-310001214816us-gaap:CommonStockMember2019-12-310001214816us-gaap:AdditionalPaidInCapitalMember2021-03-310001214816us-gaap:AdditionalPaidInCapitalMember2020-03-310001214816us-gaap:AdditionalPaidInCapitalMember2020-12-310001214816us-gaap:AdditionalPaidInCapitalMember2019-12-310001214816us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001214816us-gaap:AdditionalPaidInCapitalMember2020-04-012020-06-300001214816us-gaap:AdditionalPaidInCapitalMember2021-01-012021-06-300001214816us-gaap:AdditionalPaidInCapitalMember2020-01-012020-06-300001214816us-gaap:AdditionalPaidInCapitalMember2021-06-300001214816us-gaap:AdditionalPaidInCapitalMember2020-06-300001214816us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001214816us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-03-310001214816us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001214816us-gaap:AccumulatedOtherComprehensiveIncomeMember2019-12-310001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-03-310001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-03-310001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-12-310001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2019-12-310001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-06-300001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2020-06-300001214816us-gaap:AccumulatedTranslationAdjustmentMember2021-03-310001214816us-gaap:AccumulatedTranslationAdjustmentMember2020-03-310001214816us-gaap:AccumulatedTranslationAdjustmentMember2020-12-310001214816us-gaap:AccumulatedTranslationAdjustmentMember2019-12-310001214816us-gaap:AccumulatedTranslationAdjustmentMember2021-04-012021-06-300001214816us-gaap:AccumulatedTranslationAdjustmentMember2020-04-012020-06-300001214816us-gaap:AccumulatedTranslationAdjustmentMember2021-01-012021-06-300001214816us-gaap:AccumulatedTranslationAdjustmentMember2020-01-012020-06-300001214816us-gaap:AccumulatedTranslationAdjustmentMember2021-06-300001214816us-gaap:AccumulatedTranslationAdjustmentMember2020-06-300001214816us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001214816us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-06-300001214816us-gaap:RetainedEarningsMember2021-03-310001214816us-gaap:RetainedEarningsMember2020-03-310001214816us-gaap:RetainedEarningsMember2020-12-310001214816us-gaap:RetainedEarningsMember2019-12-310001214816us-gaap:RetainedEarningsMember2021-04-012021-06-300001214816us-gaap:RetainedEarningsMember2020-04-012020-06-300001214816us-gaap:RetainedEarningsMember2021-01-012021-06-300001214816us-gaap:RetainedEarningsMember2020-01-012020-06-300001214816us-gaap:RetainedEarningsMember2021-06-300001214816us-gaap:RetainedEarningsMember2020-06-300001214816us-gaap:TreasuryStockCommonMember2021-03-310001214816us-gaap:TreasuryStockCommonMember2020-03-310001214816us-gaap:TreasuryStockCommonMember2020-12-310001214816us-gaap:TreasuryStockCommonMember2019-12-310001214816us-gaap:TreasuryStockCommonMember2021-04-012021-06-300001214816us-gaap:TreasuryStockCommonMember2020-04-012020-06-300001214816us-gaap:TreasuryStockCommonMember2021-01-012021-06-300001214816us-gaap:TreasuryStockCommonMember2020-01-012020-06-300001214816us-gaap:TreasuryStockCommonMember2021-06-300001214816us-gaap:TreasuryStockCommonMember2020-06-3000012148162020-06-3000012148162019-12-31axs:reportable_segment0001214816us-gaap:OperatingSegmentsMemberaxs:InsuranceMember2021-04-012021-06-300001214816us-gaap:OperatingSegmentsMemberaxs:ReinsuranceMember2021-04-012021-06-300001214816us-gaap:OperatingSegmentsMember2021-04-012021-06-300001214816us-gaap:OperatingSegmentsMemberaxs:InsuranceMember2020-04-012020-06-300001214816us-gaap:OperatingSegmentsMemberaxs:ReinsuranceMember2020-04-012020-06-300001214816us-gaap:OperatingSegmentsMember2020-04-012020-06-300001214816us-gaap:MaterialReconcilingItemsMember2021-04-012021-06-300001214816us-gaap:MaterialReconcilingItemsMember2020-04-012020-06-300001214816us-gaap:CorporateNonSegmentMember2021-04-012021-06-300001214816us-gaap:CorporateNonSegmentMember2020-04-012020-06-30xbrli:pure0001214816us-gaap:OperatingSegmentsMemberaxs:InsuranceMember2021-06-300001214816us-gaap:OperatingSegmentsMemberaxs:ReinsuranceMember2021-06-300001214816us-gaap:OperatingSegmentsMember2021-06-300001214816us-gaap:OperatingSegmentsMemberaxs:InsuranceMember2020-06-300001214816us-gaap:OperatingSegmentsMemberaxs:ReinsuranceMember2020-06-300001214816us-gaap:OperatingSegmentsMember2020-06-300001214816us-gaap:OperatingSegmentsMemberaxs:InsuranceMember2021-01-012021-06-300001214816us-gaap:OperatingSegmentsMemberaxs:ReinsuranceMember2021-01-012021-06-300001214816us-gaap:OperatingSegmentsMember2021-01-012021-06-300001214816us-gaap:OperatingSegmentsMemberaxs:InsuranceMember2020-01-012020-06-300001214816us-gaap:OperatingSegmentsMemberaxs:ReinsuranceMember2020-01-012020-06-300001214816us-gaap:OperatingSegmentsMember2020-01-012020-06-300001214816us-gaap:MaterialReconcilingItemsMember2021-01-012021-06-300001214816us-gaap:MaterialReconcilingItemsMember2020-01-012020-06-300001214816us-gaap:CorporateNonSegmentMember2021-01-012021-06-300001214816us-gaap:CorporateNonSegmentMember2020-01-012020-06-300001214816us-gaap:USTreasuryAndGovernmentMember2021-06-300001214816us-gaap:ForeignGovernmentDebtSecuritiesMember2021-06-300001214816us-gaap:CorporateDebtSecuritiesMember2021-06-300001214816us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2021-06-300001214816us-gaap:CommercialMortgageBackedSecuritiesMember2021-06-300001214816us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2021-06-300001214816us-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2021-06-300001214816us-gaap:USStatesAndPoliticalSubdivisionsMember2021-06-300001214816us-gaap:USTreasuryAndGovernmentMember2020-12-310001214816us-gaap:ForeignGovernmentDebtSecuritiesMember2020-12-310001214816us-gaap:CorporateDebtSecuritiesMember2020-12-310001214816us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2020-12-310001214816us-gaap:CommercialMortgageBackedSecuritiesMember2020-12-310001214816us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2020-12-310001214816us-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2020-12-310001214816us-gaap:USStatesAndPoliticalSubdivisionsMember2020-12-3100012148162021-03-012021-03-010001214816us-gaap:CommonStockMember2021-06-300001214816us-gaap:CommonStockMember2021-01-012021-06-300001214816us-gaap:PreferredStockMember2021-06-300001214816us-gaap:PreferredStockMember2021-01-012021-06-300001214816us-gaap:ExchangeTradedFundsMember2021-06-300001214816us-gaap:ExchangeTradedFundsMember2021-01-012021-06-300001214816axs:NonUnitedStatesBondMutualFundMember2021-06-300001214816axs:NonUnitedStatesBondMutualFundMember2021-01-012021-06-300001214816us-gaap:CommonStockMember2020-12-310001214816us-gaap:CommonStockMember2020-01-012020-12-310001214816us-gaap:PreferredStockMember2020-12-310001214816us-gaap:PreferredStockMember2020-01-012020-12-310001214816us-gaap:ExchangeTradedFundsMember2020-12-310001214816us-gaap:ExchangeTradedFundsMember2020-01-012020-12-310001214816axs:NonUnitedStatesBondMutualFundMember2020-12-310001214816axs:NonUnitedStatesBondMutualFundMember2020-01-012020-12-3100012148162020-01-012020-12-310001214816us-gaap:LimitedPartnerMember2021-06-300001214816us-gaap:FixedMaturitiesMember2021-06-300001214816us-gaap:FixedMaturitiesMember2020-12-31axs:security0001214816us-gaap:FixedMaturitiesMemberus-gaap:ExternalCreditRatingNonInvestmentGradeMember2021-06-300001214816us-gaap:FixedMaturitiesMemberus-gaap:ExternalCreditRatingNonInvestmentGradeMember2020-12-310001214816us-gaap:HedgeFundsEquityLongShortMember2021-06-300001214816us-gaap:HedgeFundsEquityLongShortMember2021-01-012021-06-300001214816us-gaap:HedgeFundsMultistrategyMember2021-06-300001214816us-gaap:HedgeFundsMultistrategyMembersrt:MinimumMember2021-01-012021-06-300001214816srt:MaximumMemberus-gaap:HedgeFundsMultistrategyMember2021-01-012021-06-300001214816axs:DirectLendingFundsMember2021-06-300001214816axs:DirectLendingFundsMember2021-01-012021-06-300001214816us-gaap:PrivateEquityFundsMember2021-06-300001214816us-gaap:RealEstateFundsMember2021-06-300001214816us-gaap:RealEstateFundsMember2021-01-012021-06-300001214816us-gaap:CollateralizedLoanObligationsMember2021-06-300001214816axs:OtherPrivatelyHeldInvestmentsMember2021-06-300001214816axs:OverseasDepositsMember2021-06-300001214816us-gaap:HedgeFundsEquityLongShortMember2020-12-310001214816us-gaap:HedgeFundsEquityLongShortMember2020-01-012020-12-310001214816us-gaap:HedgeFundsMultistrategyMember2020-12-310001214816us-gaap:HedgeFundsMultistrategyMembersrt:MinimumMember2020-01-012020-12-310001214816srt:MaximumMemberus-gaap:HedgeFundsMultistrategyMember2020-01-012020-12-310001214816axs:DirectLendingFundsMember2020-12-310001214816axs:DirectLendingFundsMember2020-01-012020-12-310001214816us-gaap:PrivateEquityFundsMember2020-12-310001214816us-gaap:RealEstateFundsMember2020-12-310001214816us-gaap:RealEstateFundsMember2020-01-012020-12-310001214816us-gaap:CollateralizedLoanObligationsMember2020-12-310001214816axs:OtherPrivatelyHeldInvestmentsMember2020-12-310001214816axs:OverseasDepositsMember2020-12-31axs:fund0001214816axs:DirectLendingFundsMemberaxs:QuarterlyRedemptionMember2021-06-300001214816axs:DirectLendingFundsMemberaxs:QuarterlyRedemptionMember2020-12-310001214816us-gaap:RealEstateFundsMemberaxs:QuarterlyRedemptionMember2021-06-300001214816us-gaap:RealEstateFundsMemberaxs:QuarterlyRedemptionMember2020-12-310001214816us-gaap:HedgeFundsMemberaxs:LockupRedemptionRestrictionMember2021-06-300001214816us-gaap:HedgeFundsMemberaxs:LockupRedemptionRestrictionMember2020-12-310001214816axs:OtherRedemptionRestrictionMemberaxs:DirectLendingFundsMember2021-06-300001214816axs:OtherRedemptionRestrictionMemberaxs:DirectLendingFundsMember2020-12-310001214816axs:OtherRedemptionRestrictionMemberaxs:DirectLendingFundsMembersrt:MinimumMember2021-01-012021-06-300001214816axs:OtherRedemptionRestrictionMemberaxs:DirectLendingFundsMembersrt:MaximumMember2021-01-012021-06-300001214816axs:OtherRedemptionRestrictionMemberaxs:DirectLendingFundsMember2021-01-012021-06-300001214816axs:OtherRedemptionRestrictionMemberus-gaap:HedgeFundsMultistrategyMember2021-06-300001214816axs:OtherRedemptionRestrictionMemberus-gaap:HedgeFundsMultistrategyMember2020-12-310001214816axs:OtherRedemptionRestrictionMemberus-gaap:HedgeFundsMultistrategyMembersrt:MinimumMember2021-01-012021-06-300001214816us-gaap:RealEstateFundsMemberaxs:OtherRedemptionRestrictionMember2021-06-300001214816us-gaap:RealEstateFundsMemberaxs:OtherRedemptionRestrictionMember2020-12-310001214816axs:OtherRedemptionRestrictionMemberus-gaap:RealEstateFundsMembersrt:MinimumMember2021-01-012021-06-300001214816axs:OtherRedemptionRestrictionMemberus-gaap:PrivateEquityFundsMember2021-06-300001214816axs:OtherRedemptionRestrictionMemberus-gaap:PrivateEquityFundsMember2020-12-310001214816axs:OtherRedemptionRestrictionMemberus-gaap:PrivateEquityFundsMember2021-01-012021-06-300001214816axs:BankRevolverOpportunityFundsMember2015-12-310001214816axs:BankRevolverOpportunityFundsMember2021-01-012021-06-300001214816axs:HarringtonReinsuranceHoldingsLimitedMember2016-01-012016-12-310001214816axs:HarringtonReinsuranceHoldingsLimitedMember2016-12-310001214816us-gaap:FixedMaturitiesMember2021-04-012021-06-300001214816us-gaap:FixedMaturitiesMember2020-04-012020-06-300001214816us-gaap:FixedMaturitiesMember2021-01-012021-06-300001214816us-gaap:FixedMaturitiesMember2020-01-012020-06-300001214816axs:AlternativeInvestmentsMember2021-04-012021-06-300001214816axs:AlternativeInvestmentsMember2020-04-012020-06-300001214816axs:AlternativeInvestmentsMember2021-01-012021-06-300001214816axs:AlternativeInvestmentsMember2020-01-012020-06-300001214816us-gaap:EquitySecuritiesMember2021-04-012021-06-300001214816us-gaap:EquitySecuritiesMember2020-04-012020-06-300001214816us-gaap:EquitySecuritiesMember2021-01-012021-06-300001214816us-gaap:EquitySecuritiesMember2020-01-012020-06-300001214816us-gaap:MortgagesMember2021-04-012021-06-300001214816us-gaap:MortgagesMember2020-04-012020-06-300001214816us-gaap:MortgagesMember2021-01-012021-06-300001214816us-gaap:MortgagesMember2020-01-012020-06-300001214816us-gaap:CashAndCashEquivalentsMember2021-04-012021-06-300001214816us-gaap:CashAndCashEquivalentsMember2020-04-012020-06-300001214816us-gaap:CashAndCashEquivalentsMember2021-01-012021-06-300001214816us-gaap:CashAndCashEquivalentsMember2020-01-012020-06-300001214816us-gaap:ShortTermInvestmentsMember2021-04-012021-06-300001214816us-gaap:ShortTermInvestmentsMember2020-04-012020-06-300001214816us-gaap:ShortTermInvestmentsMember2021-01-012021-06-300001214816us-gaap:ShortTermInvestmentsMember2020-01-012020-06-3000012148162021-03-3100012148162020-03-310001214816us-gaap:FairValueInputsLevel1Memberus-gaap:USTreasuryAndGovernmentMember2021-06-300001214816us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasuryAndGovernmentMember2021-06-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:USTreasuryAndGovernmentMember2021-06-300001214816us-gaap:FairValueInputsLevel1Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2021-06-300001214816us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2021-06-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2021-06-300001214816us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2021-06-300001214816us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2021-06-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2021-06-300001214816us-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2021-06-300001214816us-gaap:FairValueInputsLevel2Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2021-06-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2021-06-300001214816us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2021-06-300001214816us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2021-06-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMember2021-06-300001214816us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FairValueInputsLevel1Member2021-06-300001214816us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FairValueInputsLevel2Member2021-06-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2021-06-300001214816us-gaap:FairValueInputsLevel1Memberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2021-06-300001214816us-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2021-06-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2021-06-300001214816us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel1Member2021-06-300001214816us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel2Member2021-06-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2021-06-300001214816us-gaap:FairValueInputsLevel1Member2021-06-300001214816us-gaap:FairValueInputsLevel2Member2021-06-300001214816us-gaap:FairValueInputsLevel3Member2021-06-300001214816us-gaap:FairValueInputsLevel1Memberus-gaap:CommonStockMember2021-06-300001214816us-gaap:FairValueInputsLevel2Memberus-gaap:CommonStockMember2021-06-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2021-06-300001214816us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel1Member2021-06-300001214816us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel2Member2021-06-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2021-06-300001214816us-gaap:ExchangeTradedFundsMemberus-gaap:FairValueInputsLevel1Member2021-06-300001214816us-gaap:ExchangeTradedFundsMemberus-gaap:FairValueInputsLevel2Member2021-06-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:ExchangeTradedFundsMember2021-06-300001214816axs:NonUnitedStatesBondMutualFundMemberus-gaap:FairValueInputsLevel1Member2021-06-300001214816axs:NonUnitedStatesBondMutualFundMemberus-gaap:FairValueInputsLevel2Member2021-06-300001214816axs:NonUnitedStatesBondMutualFundMemberus-gaap:FairValueInputsLevel3Member2021-06-300001214816us-gaap:FairValueInputsLevel1Memberus-gaap:HedgeFundsMember2021-06-300001214816us-gaap:FairValueInputsLevel2Memberus-gaap:HedgeFundsMember2021-06-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:HedgeFundsMember2021-06-300001214816us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:HedgeFundsMember2021-06-300001214816us-gaap:HedgeFundsMember2021-06-300001214816us-gaap:FairValueInputsLevel1Memberaxs:DirectLendingFundsMember2021-06-300001214816us-gaap:FairValueInputsLevel2Memberaxs:DirectLendingFundsMember2021-06-300001214816us-gaap:FairValueInputsLevel3Memberaxs:DirectLendingFundsMember2021-06-300001214816us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberaxs:DirectLendingFundsMember2021-06-300001214816axs:DirectLendingFundsMember2021-06-300001214816us-gaap:FairValueInputsLevel1Memberus-gaap:PrivateEquityFundsMember2021-06-300001214816us-gaap:FairValueInputsLevel2Memberus-gaap:PrivateEquityFundsMember2021-06-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:PrivateEquityFundsMember2021-06-300001214816us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PrivateEquityFundsMember2021-06-300001214816us-gaap:PrivateEquityFundsMember2021-06-300001214816us-gaap:FairValueInputsLevel1Memberus-gaap:RealEstateFundsMember2021-06-300001214816us-gaap:FairValueInputsLevel2Memberus-gaap:RealEstateFundsMember2021-06-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:RealEstateFundsMember2021-06-300001214816us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:RealEstateFundsMember2021-06-300001214816us-gaap:RealEstateFundsMember2021-06-300001214816us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel1Member2021-06-300001214816us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel2Member2021-06-300001214816us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Member2021-06-300001214816us-gaap:CollateralizedLoanObligationsMember2021-06-300001214816axs:OtherPrivatelyHeldInvestmentsMemberus-gaap:FairValueInputsLevel1Member2021-06-300001214816axs:OtherPrivatelyHeldInvestmentsMemberus-gaap:FairValueInputsLevel2Member2021-06-300001214816us-gaap:FairValueInputsLevel3Memberaxs:OtherPrivatelyHeldInvestmentsMember2021-06-300001214816axs:OtherPrivatelyHeldInvestmentsMember2021-06-300001214816us-gaap:FairValueInputsLevel1Memberaxs:OverseasDepositsMember2021-06-300001214816us-gaap:FairValueInputsLevel2Memberaxs:OverseasDepositsMember2021-06-300001214816us-gaap:FairValueInputsLevel3Memberaxs:OverseasDepositsMember2021-06-300001214816axs:OverseasDepositsMember2021-06-300001214816us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2021-06-300001214816us-gaap:FairValueInputsLevel1Memberus-gaap:USTreasuryAndGovernmentMember2020-12-310001214816us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasuryAndGovernmentMember2020-12-310001214816us-gaap:FairValueInputsLevel3Memberus-gaap:USTreasuryAndGovernmentMember2020-12-310001214816us-gaap:FairValueInputsLevel1Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2020-12-310001214816us-gaap:FairValueInputsLevel2Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2020-12-310001214816us-gaap:FairValueInputsLevel3Memberus-gaap:ForeignGovernmentDebtSecuritiesMember2020-12-310001214816us-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2020-12-310001214816us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2020-12-310001214816us-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2020-12-310001214816us-gaap:FairValueInputsLevel1Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2020-12-310001214816us-gaap:FairValueInputsLevel2Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2020-12-310001214816us-gaap:FairValueInputsLevel3Memberus-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2020-12-310001214816us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2020-12-310001214816us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2020-12-310001214816us-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMember2020-12-310001214816us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FairValueInputsLevel1Member2020-12-310001214816us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FairValueInputsLevel2Member2020-12-310001214816us-gaap:FairValueInputsLevel3Memberus-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2020-12-310001214816us-gaap:FairValueInputsLevel1Memberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2020-12-310001214816us-gaap:FairValueInputsLevel2Memberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2020-12-310001214816us-gaap:FairValueInputsLevel3Memberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2020-12-310001214816us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel1Member2020-12-310001214816us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel2Member2020-12-310001214816us-gaap:FairValueInputsLevel3Memberus-gaap:USStatesAndPoliticalSubdivisionsMember2020-12-310001214816us-gaap:FairValueInputsLevel1Member2020-12-310001214816us-gaap:FairValueInputsLevel2Member2020-12-310001214816us-gaap:FairValueInputsLevel3Member2020-12-310001214816us-gaap:FairValueInputsLevel1Memberus-gaap:CommonStockMember2020-12-310001214816us-gaap:FairValueInputsLevel2Memberus-gaap:CommonStockMember2020-12-310001214816us-gaap:FairValueInputsLevel3Memberus-gaap:CommonStockMember2020-12-310001214816us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel1Member2020-12-310001214816us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel2Member2020-12-310001214816us-gaap:FairValueInputsLevel3Memberus-gaap:PreferredStockMember2020-12-310001214816us-gaap:ExchangeTradedFundsMemberus-gaap:FairValueInputsLevel1Member2020-12-310001214816us-gaap:ExchangeTradedFundsMemberus-gaap:FairValueInputsLevel2Member2020-12-310001214816us-gaap:FairValueInputsLevel3Memberus-gaap:ExchangeTradedFundsMember2020-12-310001214816axs:NonUnitedStatesBondMutualFundMemberus-gaap:FairValueInputsLevel1Member2020-12-310001214816axs:NonUnitedStatesBondMutualFundMemberus-gaap:FairValueInputsLevel2Member2020-12-310001214816axs:NonUnitedStatesBondMutualFundMemberus-gaap:FairValueInputsLevel3Member2020-12-310001214816us-gaap:FairValueInputsLevel1Memberus-gaap:HedgeFundsMember2020-12-310001214816us-gaap:FairValueInputsLevel2Memberus-gaap:HedgeFundsMember2020-12-310001214816us-gaap:FairValueInputsLevel3Memberus-gaap:HedgeFundsMember2020-12-310001214816us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:HedgeFundsMember2020-12-310001214816us-gaap:HedgeFundsMember2020-12-310001214816us-gaap:FairValueInputsLevel1Memberaxs:DirectLendingFundsMember2020-12-310001214816us-gaap:FairValueInputsLevel2Memberaxs:DirectLendingFundsMember2020-12-310001214816us-gaap:FairValueInputsLevel3Memberaxs:DirectLendingFundsMember2020-12-310001214816us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberaxs:DirectLendingFundsMember2020-12-310001214816axs:DirectLendingFundsMember2020-12-310001214816us-gaap:FairValueInputsLevel1Memberus-gaap:PrivateEquityFundsMember2020-12-310001214816us-gaap:FairValueInputsLevel2Memberus-gaap:PrivateEquityFundsMember2020-12-310001214816us-gaap:FairValueInputsLevel3Memberus-gaap:PrivateEquityFundsMember2020-12-310001214816us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:PrivateEquityFundsMember2020-12-310001214816us-gaap:PrivateEquityFundsMember2020-12-310001214816us-gaap:FairValueInputsLevel1Memberus-gaap:RealEstateFundsMember2020-12-310001214816us-gaap:FairValueInputsLevel2Memberus-gaap:RealEstateFundsMember2020-12-310001214816us-gaap:FairValueInputsLevel3Memberus-gaap:RealEstateFundsMember2020-12-310001214816us-gaap:FairValueMeasuredAtNetAssetValuePerShareMemberus-gaap:RealEstateFundsMember2020-12-310001214816us-gaap:RealEstateFundsMember2020-12-310001214816us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel1Member2020-12-310001214816us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel2Member2020-12-310001214816us-gaap:CollateralizedLoanObligationsMemberus-gaap:FairValueInputsLevel3Member2020-12-310001214816us-gaap:CollateralizedLoanObligationsMember2020-12-310001214816axs:OtherPrivatelyHeldInvestmentsMemberus-gaap:FairValueInputsLevel1Member2020-12-310001214816axs:OtherPrivatelyHeldInvestmentsMemberus-gaap:FairValueInputsLevel2Member2020-12-310001214816us-gaap:FairValueInputsLevel3Memberaxs:OtherPrivatelyHeldInvestmentsMember2020-12-310001214816axs:OtherPrivatelyHeldInvestmentsMember2020-12-310001214816us-gaap:FairValueInputsLevel1Memberaxs:OverseasDepositsMember2020-12-310001214816us-gaap:FairValueInputsLevel2Memberaxs:OverseasDepositsMember2020-12-310001214816us-gaap:FairValueInputsLevel3Memberaxs:OverseasDepositsMember2020-12-310001214816axs:OverseasDepositsMember2020-12-310001214816us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2020-12-310001214816us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:CollateralizedLoanObligationsMember2021-06-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDefaultRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:CollateralizedLoanObligationsMember2021-06-300001214816us-gaap:MeasurementInputDefaultRateMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:CollateralizedLoanObligationsMember2021-06-300001214816us-gaap:MeasurementInputLossSeverityMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:CollateralizedLoanObligationsMember2021-06-300001214816us-gaap:MeasurementInputLossSeverityMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:CollateralizedLoanObligationsMember2021-06-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:CollateralizedLoanObligationsMemberaxs:MeasurementInputCollateralSpreadsMember2021-06-300001214816us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberaxs:MeasurementInputCollateralSpreadsMemberus-gaap:CollateralizedLoanObligationsMember2021-06-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:CollateralizedLoanObligationsMember2021-01-012021-06-300001214816us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberus-gaap:CollateralizedLoanObligationsMember2021-01-012021-06-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberaxs:OtherPrivatelyHeldInvestmentsMember2021-06-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberaxs:OtherPrivatelyHeldInvestmentsMember2021-06-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberaxs:OtherPrivatelyHeldInvestmentsMember2021-06-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDefaultRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberaxs:OtherPrivatelyHeldInvestmentsMember2021-06-300001214816us-gaap:MeasurementInputDefaultRateMemberus-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberaxs:OtherPrivatelyHeldInvestmentsMember2021-06-300001214816us-gaap:FairValueInputsLevel3Memberaxs:MeasurementInputLossAbsorptionYieldMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberaxs:OtherPrivatelyHeldInvestmentsMember2021-06-300001214816us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberaxs:MeasurementInputLossAbsorptionYieldMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberaxs:OtherPrivatelyHeldInvestmentsMember2021-06-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMemberaxs:OtherPrivatelyHeldInvestmentsMember2021-01-012021-06-300001214816us-gaap:FairValueInputsLevel3Membersrt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMemberaxs:OtherPrivatelyHeldInvestmentsMember2021-01-012021-06-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-06-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-06-300001214816us-gaap:FairValueInputsLevel3Memberus-gaap:MeasurementInputDiscountRateMembersrt:WeightedAverageMemberus-gaap:ValuationTechniqueDiscountedCashFlowMember2021-06-300001214816us-gaap:FairValueInputsLevel3Memberaxs:OtherPrivatelyHeldInvestmentsMemberus-gaap:MarketApproachValuationTechniqueMember2021-06-300001214816us-gaap:FixedMaturitiesMemberus-gaap:CorporateDebtSecuritiesMember2021-03-310001214816us-gaap:FixedMaturitiesMemberus-gaap:CorporateDebtSecuritiesMember2021-04-012021-06-300001214816us-gaap:FixedMaturitiesMemberus-gaap:CorporateDebtSecuritiesMember2021-06-300001214816us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2021-03-310001214816us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2021-04-012021-06-300001214816us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2021-06-300001214816us-gaap:FixedMaturitiesMemberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2021-03-310001214816us-gaap:FixedMaturitiesMemberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2021-04-012021-06-300001214816us-gaap:FixedMaturitiesMemberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2021-06-300001214816us-gaap:FixedMaturitiesMember2021-03-310001214816us-gaap:FixedMaturitiesMember2021-04-012021-06-300001214816us-gaap:FixedMaturitiesMember2021-06-300001214816us-gaap:CollateralizedLoanObligationsMemberaxs:AlternativeInvestmentsMember2021-03-310001214816us-gaap:CollateralizedLoanObligationsMemberaxs:AlternativeInvestmentsMember2021-04-012021-06-300001214816us-gaap:CollateralizedLoanObligationsMemberaxs:AlternativeInvestmentsMember2021-06-300001214816axs:AlternativeInvestmentsMemberaxs:OtherPrivatelyHeldInvestmentsMember2021-03-310001214816axs:AlternativeInvestmentsMemberaxs:OtherPrivatelyHeldInvestmentsMember2021-04-012021-06-300001214816axs:AlternativeInvestmentsMemberaxs:OtherPrivatelyHeldInvestmentsMember2021-06-300001214816axs:AlternativeInvestmentsMember2021-03-310001214816axs:AlternativeInvestmentsMember2021-04-012021-06-300001214816axs:AlternativeInvestmentsMember2021-06-300001214816us-gaap:OtherLiabilitiesMemberus-gaap:DerivativeMember2021-03-310001214816us-gaap:OtherLiabilitiesMemberus-gaap:DerivativeMember2021-04-012021-06-300001214816us-gaap:OtherLiabilitiesMemberus-gaap:DerivativeMember2021-06-300001214816us-gaap:FixedMaturitiesMemberus-gaap:CorporateDebtSecuritiesMember2020-12-310001214816us-gaap:FixedMaturitiesMemberus-gaap:CorporateDebtSecuritiesMember2021-01-012021-06-300001214816us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2020-12-310001214816us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2021-01-012021-06-300001214816us-gaap:FixedMaturitiesMemberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2020-12-310001214816us-gaap:FixedMaturitiesMemberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2021-01-012021-06-300001214816us-gaap:FixedMaturitiesMember2020-12-310001214816us-gaap:FixedMaturitiesMember2021-01-012021-06-300001214816us-gaap:CollateralizedLoanObligationsMemberaxs:AlternativeInvestmentsMember2020-12-310001214816us-gaap:CollateralizedLoanObligationsMemberaxs:AlternativeInvestmentsMember2021-01-012021-06-300001214816axs:AlternativeInvestmentsMemberaxs:OtherPrivatelyHeldInvestmentsMember2020-12-310001214816axs:AlternativeInvestmentsMemberaxs:OtherPrivatelyHeldInvestmentsMember2021-01-012021-06-300001214816axs:AlternativeInvestmentsMember2020-12-310001214816axs:AlternativeInvestmentsMember2021-01-012021-06-300001214816us-gaap:OtherLiabilitiesMemberus-gaap:DerivativeMember2020-12-310001214816us-gaap:OtherLiabilitiesMemberus-gaap:DerivativeMember2021-01-012021-06-300001214816us-gaap:FixedMaturitiesMemberus-gaap:CorporateDebtSecuritiesMember2020-03-310001214816us-gaap:FixedMaturitiesMemberus-gaap:CorporateDebtSecuritiesMember2020-04-012020-06-300001214816us-gaap:FixedMaturitiesMemberus-gaap:CorporateDebtSecuritiesMember2020-06-300001214816us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2020-03-310001214816us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2020-04-012020-06-300001214816us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2020-06-300001214816us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FixedMaturitiesMember2020-03-310001214816us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FixedMaturitiesMember2020-04-012020-06-300001214816us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FixedMaturitiesMember2020-06-300001214816us-gaap:FixedMaturitiesMemberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2020-03-310001214816us-gaap:FixedMaturitiesMemberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2020-04-012020-06-300001214816us-gaap:FixedMaturitiesMemberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2020-06-300001214816us-gaap:FixedMaturitiesMember2020-03-310001214816us-gaap:FixedMaturitiesMember2020-04-012020-06-300001214816us-gaap:FixedMaturitiesMember2020-06-300001214816us-gaap:CollateralizedLoanObligationsMemberaxs:AlternativeInvestmentsMember2020-03-310001214816us-gaap:CollateralizedLoanObligationsMemberaxs:AlternativeInvestmentsMember2020-04-012020-06-300001214816us-gaap:CollateralizedLoanObligationsMemberaxs:AlternativeInvestmentsMember2020-06-300001214816axs:AlternativeInvestmentsMemberaxs:OtherPrivatelyHeldInvestmentsMember2020-03-310001214816axs:AlternativeInvestmentsMemberaxs:OtherPrivatelyHeldInvestmentsMember2020-04-012020-06-300001214816axs:AlternativeInvestmentsMemberaxs:OtherPrivatelyHeldInvestmentsMember2020-06-300001214816axs:AlternativeInvestmentsMember2020-03-310001214816axs:AlternativeInvestmentsMember2020-04-012020-06-300001214816axs:AlternativeInvestmentsMember2020-06-300001214816us-gaap:OtherLiabilitiesMemberus-gaap:DerivativeMember2020-03-310001214816us-gaap:OtherLiabilitiesMemberus-gaap:DerivativeMember2020-04-012020-06-300001214816us-gaap:OtherLiabilitiesMemberus-gaap:DerivativeMember2020-06-300001214816us-gaap:FixedMaturitiesMemberus-gaap:CorporateDebtSecuritiesMember2019-12-310001214816us-gaap:FixedMaturitiesMemberus-gaap:CorporateDebtSecuritiesMember2020-01-012020-06-300001214816us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2019-12-310001214816us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FixedMaturitiesMember2020-01-012020-06-300001214816us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FixedMaturitiesMember2019-12-310001214816us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FixedMaturitiesMember2020-01-012020-06-300001214816us-gaap:FixedMaturitiesMemberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2019-12-310001214816us-gaap:FixedMaturitiesMemberus-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2020-01-012020-06-300001214816us-gaap:FixedMaturitiesMember2019-12-310001214816us-gaap:FixedMaturitiesMember2020-01-012020-06-300001214816us-gaap:CollateralizedLoanObligationsMemberaxs:AlternativeInvestmentsMember2019-12-310001214816us-gaap:CollateralizedLoanObligationsMemberaxs:AlternativeInvestmentsMember2020-01-012020-06-300001214816axs:AlternativeInvestmentsMemberaxs:OtherPrivatelyHeldInvestmentsMember2019-12-310001214816axs:AlternativeInvestmentsMemberaxs:OtherPrivatelyHeldInvestmentsMember2020-01-012020-06-300001214816axs:AlternativeInvestmentsMember2019-12-310001214816axs:AlternativeInvestmentsMember2020-01-012020-06-300001214816us-gaap:OtherLiabilitiesMemberus-gaap:DerivativeMember2019-12-310001214816us-gaap:OtherLiabilitiesMemberus-gaap:DerivativeMember2020-01-012020-06-300001214816us-gaap:CarryingReportedAmountFairValueDisclosureMember2021-06-300001214816us-gaap:CarryingReportedAmountFairValueDisclosureMember2020-12-310001214816us-gaap:EstimateOfFairValueFairValueDisclosureMember2021-06-300001214816us-gaap:EstimateOfFairValueFairValueDisclosureMember2020-12-310001214816us-gaap:ForeignExchangeForwardMemberaxs:InvestmentPortfolioMemberus-gaap:NondesignatedMember2021-06-300001214816us-gaap:OtherAssetsMemberus-gaap:ForeignExchangeForwardMemberaxs:InvestmentPortfolioMemberus-gaap:NondesignatedMember2021-06-300001214816us-gaap:ForeignExchangeForwardMemberaxs:InvestmentPortfolioMemberus-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMember2021-06-300001214816us-gaap:ForeignExchangeForwardMemberaxs:InvestmentPortfolioMemberus-gaap:NondesignatedMember2020-12-310001214816us-gaap:OtherAssetsMemberus-gaap:ForeignExchangeForwardMemberaxs:InvestmentPortfolioMemberus-gaap:NondesignatedMember2020-12-310001214816us-gaap:ForeignExchangeForwardMemberaxs:InvestmentPortfolioMemberus-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMember2020-12-310001214816us-gaap:ForeignExchangeForwardMemberaxs:UnderwritingPortfolioMemberus-gaap:NondesignatedMember2021-06-300001214816us-gaap:OtherAssetsMemberus-gaap:ForeignExchangeForwardMemberaxs:UnderwritingPortfolioMemberus-gaap:NondesignatedMember2021-06-300001214816us-gaap:ForeignExchangeForwardMemberaxs:UnderwritingPortfolioMemberus-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMember2021-06-300001214816us-gaap:ForeignExchangeForwardMemberaxs:UnderwritingPortfolioMemberus-gaap:NondesignatedMember2020-12-310001214816us-gaap:OtherAssetsMemberus-gaap:ForeignExchangeForwardMemberaxs:UnderwritingPortfolioMemberus-gaap:NondesignatedMember2020-12-310001214816us-gaap:ForeignExchangeForwardMemberaxs:UnderwritingPortfolioMemberus-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMember2020-12-310001214816axs:OtherUnderwritingRelatedDerivativesMemberaxs:UnderwritingPortfolioMemberus-gaap:NondesignatedMember2021-06-300001214816us-gaap:OtherAssetsMemberaxs:OtherUnderwritingRelatedDerivativesMemberaxs:UnderwritingPortfolioMemberus-gaap:NondesignatedMember2021-06-300001214816axs:OtherUnderwritingRelatedDerivativesMemberaxs:UnderwritingPortfolioMemberus-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMember2021-06-300001214816axs:OtherUnderwritingRelatedDerivativesMemberaxs:UnderwritingPortfolioMemberus-gaap:NondesignatedMember2020-12-310001214816us-gaap:OtherAssetsMemberaxs:OtherUnderwritingRelatedDerivativesMemberaxs:UnderwritingPortfolioMemberus-gaap:NondesignatedMember2020-12-310001214816axs:OtherUnderwritingRelatedDerivativesMemberaxs:UnderwritingPortfolioMemberus-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMember2020-12-310001214816us-gaap:OtherAssetsMemberus-gaap:NondesignatedMember2021-06-300001214816us-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMember2021-06-300001214816us-gaap:OtherAssetsMemberus-gaap:NondesignatedMember2020-12-310001214816us-gaap:NondesignatedMemberus-gaap:OtherLiabilitiesMember2020-12-310001214816us-gaap:ForeignExchangeForwardMemberaxs:InvestmentPortfolioMemberus-gaap:GainLossOnInvestmentsMember12021-04-012021-06-300001214816us-gaap:ForeignExchangeForwardMemberaxs:InvestmentPortfolioMemberus-gaap:GainLossOnInvestmentsMember12020-04-012020-06-300001214816us-gaap:ForeignExchangeForwardMemberaxs:InvestmentPortfolioMemberus-gaap:GainLossOnInvestmentsMember12021-01-012021-06-300001214816us-gaap:ForeignExchangeForwardMemberaxs:InvestmentPortfolioMemberus-gaap:GainLossOnInvestmentsMember12020-01-012020-06-300001214816us-gaap:ForeignCurrencyGainLossMemberus-gaap:ForeignExchangeForwardMemberaxs:UnderwritingPortfolioMember2021-04-012021-06-300001214816us-gaap:ForeignCurrencyGainLossMemberus-gaap:ForeignExchangeForwardMemberaxs:UnderwritingPortfolioMember2020-04-012020-06-300001214816us-gaap:ForeignCurrencyGainLossMemberus-gaap:ForeignExchangeForwardMemberaxs:UnderwritingPortfolioMember2021-01-012021-06-300001214816us-gaap:ForeignCurrencyGainLossMemberus-gaap:ForeignExchangeForwardMemberaxs:UnderwritingPortfolioMember2020-01-012020-06-300001214816axs:OtherUnderwritingRelatedDerivativesMemberaxs:UnderwritingPortfolioMemberus-gaap:OtherOperatingIncomeExpenseMember2021-04-012021-06-300001214816axs:OtherUnderwritingRelatedDerivativesMemberaxs:UnderwritingPortfolioMemberus-gaap:OtherOperatingIncomeExpenseMember2020-04-012020-06-300001214816axs:OtherUnderwritingRelatedDerivativesMemberaxs:UnderwritingPortfolioMemberus-gaap:OtherOperatingIncomeExpenseMember2021-01-012021-06-300001214816axs:OtherUnderwritingRelatedDerivativesMemberaxs:UnderwritingPortfolioMemberus-gaap:OtherOperatingIncomeExpenseMember2020-01-012020-06-300001214816us-gaap:CatastropheMember2021-01-012021-06-300001214816us-gaap:CatastropheMember2020-01-012020-06-300001214816axs:NovaeSyndicate2007Member2021-01-012021-06-300001214816axs:InsuranceMember2021-04-012021-06-300001214816axs:InsuranceMember2020-04-012020-06-300001214816axs:InsuranceMember2021-01-012021-06-300001214816axs:InsuranceMember2020-01-012020-06-300001214816axs:ReinsuranceMember2021-04-012021-06-300001214816axs:ReinsuranceMember2020-04-012020-06-300001214816axs:ReinsuranceMember2021-01-012021-06-300001214816axs:ReinsuranceMember2020-01-012020-06-300001214816axs:PropertyandOtherReserveClassMemberaxs:InsuranceMember2021-04-012021-06-300001214816axs:PropertyandOtherReserveClassMemberaxs:InsuranceMember2020-04-012020-06-300001214816axs:PropertyandOtherReserveClassMemberaxs:InsuranceMember2021-01-012021-06-300001214816axs:PropertyandOtherReserveClassMemberaxs:InsuranceMember2020-01-012020-06-300001214816axs:MarineMemberaxs:InsuranceMember2021-04-012021-06-300001214816axs:MarineMemberaxs:InsuranceMember2020-04-012020-06-300001214816axs:MarineMemberaxs:InsuranceMember2021-01-012021-06-300001214816axs:MarineMemberaxs:InsuranceMember2020-01-012020-06-300001214816axs:InsuranceMemberaxs:AviationMember2021-04-012021-06-300001214816axs:InsuranceMemberaxs:AviationMember2020-04-012020-06-300001214816axs:InsuranceMemberaxs:AviationMember2021-01-012021-06-300001214816axs:InsuranceMemberaxs:AviationMember2020-01-012020-06-300001214816axs:CreditAndPoliticalRiskMemberaxs:InsuranceMember2021-04-012021-06-300001214816axs:CreditAndPoliticalRiskMemberaxs:InsuranceMember2020-04-012020-06-300001214816axs:CreditAndPoliticalRiskMemberaxs:InsuranceMember2021-01-012021-06-300001214816axs:CreditAndPoliticalRiskMemberaxs:InsuranceMember2020-01-012020-06-300001214816axs:ProfessionalLinesMemberaxs:InsuranceMember2021-04-012021-06-300001214816axs:ProfessionalLinesMemberaxs:InsuranceMember2020-04-012020-06-300001214816axs:ProfessionalLinesMemberaxs:InsuranceMember2021-01-012021-06-300001214816axs:ProfessionalLinesMemberaxs:InsuranceMember2020-01-012020-06-300001214816axs:LiabilityLineMemberaxs:InsuranceMember2021-04-012021-06-300001214816axs:LiabilityLineMemberaxs:InsuranceMember2020-04-012020-06-300001214816axs:LiabilityLineMemberaxs:InsuranceMember2021-01-012021-06-300001214816axs:LiabilityLineMemberaxs:InsuranceMember2020-01-012020-06-300001214816axs:PropertyandOtherReserveClassMemberaxs:ReinsuranceMember2021-04-012021-06-300001214816axs:PropertyandOtherReserveClassMemberaxs:ReinsuranceMember2020-04-012020-06-300001214816axs:PropertyandOtherReserveClassMemberaxs:ReinsuranceMember2021-01-012021-06-300001214816axs:PropertyandOtherReserveClassMemberaxs:ReinsuranceMember2020-01-012020-06-300001214816axs:CreditandSuretyBusinessMemberaxs:ReinsuranceMember2021-04-012021-06-300001214816axs:CreditandSuretyBusinessMemberaxs:ReinsuranceMember2020-04-012020-06-300001214816axs:CreditandSuretyBusinessMemberaxs:ReinsuranceMember2021-01-012021-06-300001214816axs:CreditandSuretyBusinessMemberaxs:ReinsuranceMember2020-01-012020-06-300001214816axs:ProfessionalLinesMemberaxs:ReinsuranceMember2021-04-012021-06-300001214816axs:ProfessionalLinesMemberaxs:ReinsuranceMember2020-04-012020-06-300001214816axs:ProfessionalLinesMemberaxs:ReinsuranceMember2021-01-012021-06-300001214816axs:ProfessionalLinesMemberaxs:ReinsuranceMember2020-01-012020-06-300001214816axs:ReinsuranceMemberaxs:MotorMember2021-04-012021-06-300001214816axs:ReinsuranceMemberaxs:MotorMember2020-04-012020-06-300001214816axs:ReinsuranceMemberaxs:MotorMember2021-01-012021-06-300001214816axs:ReinsuranceMemberaxs:MotorMember2020-01-012020-06-300001214816axs:LiabilityLineMemberaxs:ReinsuranceMember2021-04-012021-06-300001214816axs:LiabilityLineMemberaxs:ReinsuranceMember2020-04-012020-06-300001214816axs:LiabilityLineMemberaxs:ReinsuranceMember2021-01-012021-06-300001214816axs:LiabilityLineMemberaxs:ReinsuranceMember2020-01-012020-06-300001214816axs:PerformanceRestrictedStockUnitsGrantedIn2021Memberaxs:PerformanceRestrictedStockUnitsMember2021-01-012021-06-300001214816axs:PerformanceRestrictedStockUnitsGrantedIn2021Membersrt:MinimumMemberaxs:PerformanceRestrictedStockUnitsMember2021-01-012021-06-300001214816srt:MaximumMemberaxs:PerformanceRestrictedStockUnitsGrantedIn2021Memberaxs:PerformanceRestrictedStockUnitsMember2021-01-012021-06-300001214816axs:PerformanceRestrictedStockUnitsMember2021-01-012021-06-30axs:trading_day0001214816axs:PerformanceRestrictedStockUnitsGrantedIn2020And2019Memberaxs:PerformanceRestrictedStockUnitsMember2021-01-012021-06-300001214816axs:PerformanceRestrictedStockUnitsGrantedIn2020And2019Membersrt:MinimumMemberaxs:PerformanceRestrictedStockUnitsMember2021-01-012021-06-300001214816axs:PerformanceRestrictedStockUnitsGrantedIn2020And2019Membersrt:MaximumMemberaxs:PerformanceRestrictedStockUnitsMember2021-01-012021-06-300001214816axs:PerformanceRestrictedStockUnitsGrantedIn2018AndPriorMemberaxs:PerformanceRestrictedStockUnitsMember2021-01-012021-06-300001214816axs:PerformanceRestrictedStockUnitsGrantedIn2018AndPriorMembersrt:MinimumMemberaxs:PerformanceRestrictedStockUnitsMember2021-01-012021-06-300001214816axs:PerformanceRestrictedStockUnitsGrantedIn2018AndPriorMembersrt:MaximumMemberaxs:PerformanceRestrictedStockUnitsMember2021-01-012021-06-300001214816axs:ShareSettledMemberus-gaap:PerformanceSharesMember2020-12-310001214816axs:ServiceBasedRestrictedStockAndRestrictedStockUnitsMemberaxs:ShareSettledMember2020-12-310001214816axs:ShareSettledMemberus-gaap:PerformanceSharesMember2021-01-012021-06-300001214816axs:ServiceBasedRestrictedStockAndRestrictedStockUnitsMemberaxs:ShareSettledMember2021-01-012021-06-300001214816axs:ShareSettledMemberus-gaap:PerformanceSharesMember2021-06-300001214816axs:ServiceBasedRestrictedStockAndRestrictedStockUnitsMemberaxs:ShareSettledMember2021-06-300001214816axs:ServiceBasedRestrictedStockAndRestrictedStockUnitsMemberaxs:CashSettledMember2020-12-310001214816axs:ServiceBasedRestrictedStockAndRestrictedStockUnitsMemberaxs:CashSettledMember2021-01-012021-06-300001214816axs:ServiceBasedRestrictedStockAndRestrictedStockUnitsMemberaxs:CashSettledMember2021-06-300001214816us-gaap:RestrictedStockUnitsRSUMember2021-01-012021-06-300001214816us-gaap:RestrictedStockUnitsRSUMember2020-01-012020-06-300001214816us-gaap:RestrictedStockUnitsRSUMemberaxs:CashSettledMember2021-06-300001214816us-gaap:RestrictedStockUnitsRSUMemberaxs:CashSettledMember2020-06-300001214816us-gaap:RestrictedStockUnitsRSUMember2021-06-300001214816us-gaap:RestrictedStockUnitsRSUMember2020-06-300001214816us-gaap:CommonStockMember2021-03-310001214816us-gaap:CommonStockMember2020-03-310001214816us-gaap:CommonStockMember2020-12-310001214816us-gaap:CommonStockMember2019-12-310001214816us-gaap:CommonStockMember2021-04-012021-06-300001214816us-gaap:CommonStockMember2020-04-012020-06-300001214816us-gaap:CommonStockMember2020-01-012020-06-300001214816us-gaap:CommonStockMember2021-06-300001214816us-gaap:CommonStockMember2020-06-300001214816axs:OpenMarketMemberus-gaap:CommonStockMember2021-04-012021-06-300001214816axs:OpenMarketMemberus-gaap:CommonStockMember2020-04-012020-06-300001214816axs:OpenMarketMemberus-gaap:CommonStockMember2021-01-012021-06-300001214816axs:OpenMarketMemberus-gaap:CommonStockMember2020-01-012020-06-300001214816axs:EmployeesMemberus-gaap:CommonStockMember2021-04-012021-06-300001214816axs:EmployeesMemberus-gaap:CommonStockMember2020-04-012020-06-300001214816axs:EmployeesMemberus-gaap:CommonStockMember2021-01-012021-06-300001214816axs:EmployeesMemberus-gaap:CommonStockMember2020-01-012020-06-300001214816us-gaap:SeriesEPreferredStockMember2021-04-012021-06-300001214816us-gaap:SeriesEPreferredStockMember2020-04-012020-06-300001214816us-gaap:SeriesEPreferredStockMember2020-01-012020-06-300001214816us-gaap:LetterOfCreditMember2021-03-310001214816axs:LOCFacilityTwoMemberus-gaap:LetterOfCreditMember2021-03-310001214816axs:LOCFacilityTwoMemberus-gaap:LetterOfCreditMember2021-03-300001214816axs:LOCFacilityMemberus-gaap:LetterOfCreditMember2021-03-300001214816axs:LOCFacilityMemberus-gaap:LetterOfCreditMember2021-03-310001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-04-012020-06-300001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2021-01-012021-06-300001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMemberus-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMember2020-01-012020-06-300001214816srt:DirectorMemberaxs:InvestmentInRelatedPartyMemberaxs:RialtoRealEstateFundIVMember2021-06-300001214816axs:StonePointCreditCorporationMemberaxs:InvestmentInRelatedPartyMember2021-06-300001214816axs:InvestmentInRelatedPartyMemberus-gaap:EquityMethodInvesteeMemberaxs:SeniorUnsecuredNotesDue2031Member2021-06-290001214816axs:InvestmentInRelatedPartyMemberus-gaap:EquityMethodInvesteeMemberaxs:SeniorUnsecuredNotesDue2031Member2021-06-292021-06-29
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 June 30, 2021
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 classTrading Symbol(s)Name of each exchange on which registered
Common shares, par value $0.0125 per shareAXSNew York Stock Exchange
Depositary Shares, each representing a 1/100th interest in a 5.50% Series E preferred shareAXS PRENew 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 July 23, 2021, there were 84,769,601 common shares outstanding, $0.0125 par value per share, of the registrant.


AXIS CAPITAL HOLDINGS LIMITED
INDEX TO FORM 10-Q




2

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", "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 catastrophes and other weather-related losses including losses related to the COVID-19 pandemic, measurements of potential losses in the fair market 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, our expectations regarding pricing and other market conditions, our growth prospects, and valuations of the potential impact of movements in interest rates, credit spreads, equity securities' prices and foreign currency 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 believe that these factors include, but are not limited to, the following: 
•the adverse impact of the ongoing COVID-19 pandemic on our business, results of operations, financial condition and liquidity;
•the cyclical nature of the 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;
•the impact of global climate change on our business, including the possibility that we do not adequately assess or reserve for the increased frequency and severity of natural catastrophes;
•losses from war, terrorism and political unrest or other unanticipated losses;
•actual claims exceeding loss reserves;
•general economic, capital and credit market conditions, including fluctuations in interest rates, credit spreads, equity securities' prices and/or foreign currency rates;
•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;
•the inability to purchase reinsurance or collect amounts due to us from reinsurance we have purchased;
•the loss of business provided to us by major brokers;
•breaches by third parties in our program business of their obligations to us;
•difficulties with technology and/or data security;
•the failure of our policyholders or intermediaries to pay premiums;
•the failure of our cedants to adequately evaluate risks;
•the inability to obtain additional capital on favorable terms, or at all;
•the loss of one or more of our key executives;
•a decline in our ratings with rating agencies;
•changes in accounting policies or practices;
•the use of industry models and changes to these models;
•changes in governmental regulations and potential government intervention in our industry;
•inadvertent failure to comply with certain laws and regulations relating to sanctions and foreign corrupt practices;

3
•changes in the political environment of certain countries in which we operate or underwrite business, including the United Kingdom's withdrawal from the European Union;
•changes in tax laws; and
•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. Readers are urged to carefully consider all such factors as the COVID-19 pandemic may have the effect of heightening many of the other risks and uncertainties described.

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

Website and Social Media Disclosure

We use our website (www.axiscapital.com) and our corporate Twitter (@AXIS_Capital) and LinkedIn (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.

4

ITEM 1.     CONSOLIDATED FINANCIAL STATEMENTS

 Page 
Consolidated Balance Sheets at June 30, 2021 (Unaudited) and December 31, 2020
Consolidated Statements of Operations for the three and six months ended June 30, 2021 and 2020 (Unaudited)
Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2021 and 2020 (Unaudited)
Consolidated Statements of Changes in Shareholders' Equity for the three and six months ended June 30, 2021 and 2020 (Unaudited)
Consolidated Statements of Cash Flows for the six months ended June 30, 2021 and 2020 (Unaudited)
Notes to Consolidated Financial Statements (Unaudited)
Note 1 - Basis of Presentation and Significant Accounting Policies
Note 2 - Segment Information
Note 3 - Investments
Note 4 - Fair Value Measurements
Note 5 - Derivative Instruments
Note 6 - Reserve for Losses and Loss Expenses
Note 7 - Earnings Per Common Share
Note 8 - Share-Based Compensation
Note 9 - Shareholders' Equity
Note 10 - Debt and Financing Arrangements
Note 11 - Commitments and Contingencies
Note 12 - Other Comprehensive Income (Loss)
Note 13 - Related Party Transactions
























5
AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED BALANCE SHEETS
JUNE 30, 2021 (UNAUDITED) AND DECEMBER 31, 2020  
20212020
 (in thousands)
Assets
Investments:
Fixed maturities, available for sale, at fair value
    (Amortized cost 2021: $11,638,359; 2020: $11,566,930
    Allowance for expected credit losses 2021: $84; 2020: $323)
$11,898,300 $12,041,799 
Fixed maturities, held to maturity, at amortized cost
    (Fair value 2021: $403,034
    Allowance for expected credit losses 2021: $nil)
403,370 — 
Equity securities, at fair value
    (Cost 2021: $472,214; 2020: $421,744)
588,196 518,445 
Mortgage loans, held for investment, at fair value
     (Allowance for expected credit losses 2021: $nil; 2020: $nil)
656,056 593,290 
Other investments, at fair value865,238 829,156 
Equity method investments133,169 114,209 
Short-term investments, at fair value112,862 161,897 
Total investments14,657,191 14,258,796 
Cash and cash equivalents999,899 902,831 
Restricted cash and cash equivalents589,544 600,401 
Accrued interest receivable63,215 65,020 
Insurance and reinsurance premium balances receivable
     (Allowance for expected credit losses 2021: $9,898; 2020: $8,836)
3,393,777 2,738,342 
Reinsurance recoverable on unpaid losses and loss expenses
     (Allowance for expected credit losses 2021: $26,209; 2020: $23,711)
4,626,454 4,496,641 
Reinsurance recoverable on paid losses and loss expenses467,180 434,201 
Deferred acquisition costs574,658 431,439 
Prepaid reinsurance premiums1,479,328 1,194,455 
Receivable for investments sold3,671 2,150 
Goodwill100,801 100,801 
Intangible assets214,286 219,633 
Value of business acquired1,798 3,854 
Operating lease right-of-use assets112,444 123,579 
Other assets297,484 305,544 
Total assets$27,581,730 $25,877,687 
Liabilities
Reserve for losses and loss expenses$14,157,353 $13,926,766 
Unearned premiums4,698,944 3,685,886 
Insurance and reinsurance balances payable1,409,772 1,092,042 
Debt1,310,328 1,309,695 
Payable for investments purchased205,895 104,777 
Operating lease liabilities130,174 140,263 
Other liabilities279,504 322,564 
Total liabilities22,191,970 20,581,993 
Shareholders’ equity
Preferred shares 550,000 550,000 
Common shares (shares issued 2021: 176,580; 2020: 176,580
    shares outstanding 2021: 84,767; 2020: 84,353)
2,206 2,206 
Additional paid-in capital2,326,288 2,330,054 
Accumulated other comprehensive income 226,317 414,395 
Retained earnings6,034,151 5,763,607 
Treasury shares, at cost (2021: 91,813; 2020: 92,227)
(3,749,202)(3,764,568)
Total shareholders’ equity 5,389,760 5,295,694 
Total liabilities and shareholders’ equity$27,581,730 $25,877,687 

See accompanying notes to Consolidated Financial Statements.

6
AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2021 AND 2020
 Three months endedSix months ended
2021202020212020
 (in thousands, except for per share amounts)
Revenues
Net premiums earned$1,156,941 $1,104,003 $2,260,663 $2,192,628 
Net investment income104,672 45,040 218,836 138,140 
Other insurance related income (loss)5,817 1,996 8,598 (6,710)
Net investment gains (losses):
Allowance for expected credit losses
150 13,761 239 (6,257)
Impairment losses— (112)— (1,302)
Other realized and unrealized investment gains (losses)73,143 39,394 102,697 (2,272)
Total net investment gains (losses)73,293 53,043 102,936 (9,831)
Total revenues1,340,723 1,204,082 2,591,033 2,314,227 
Expenses
Net losses and loss expenses666,473 676,261 1,381,190 1,584,335 
Acquisition costs219,070 228,502 437,941 467,152 
General and administrative expenses162,452 140,652 320,860 297,712 
Foreign exchange losses (gains)19,602 9,709 23,716 (51,974)
Interest expense and financing costs15,235 20,595 30,806 44,067 
Reorganization expenses— 392 — (591)
    Amortization of value of business acquired1,028 1,285 2,056 3,083 
    Amortization of intangible assets3,324 2,855 6,013 5,725 
Total expenses1,087,184 1,080,251 2,202,582 2,349,509 
Income (loss) before income taxes and interest in income (loss) of equity method investments253,539 123,831 388,451 (35,282)
Income tax expense(27,865)(10,893)(48,641)(6,026)
Interest in income (loss) of equity method investments9,799 7,102 18,960 (16,475)
Net income (loss)235,473 120,040 358,770 (57,783)
Preferred share dividends7,563 7,563 15,125 15,125 
Net income (loss) available (attributable) to common shareholders$227,910 $112,477 $343,645 $(72,908)
Per share data
Earnings (loss) per common share:
Earnings (loss) per common share$2.69 $1.33 $4.06 $(0.87)
Earnings (loss) per diluted common share$2.67 $1.33 $4.04 $(0.87)
Weighted average common shares outstanding84,764 84,303 84,640 84,198 
Weighted average diluted common shares outstanding85,267 84,600 85,117 84,198 


See accompanying notes to Consolidated Financial Statements.

7
AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2021 AND 2020
 
 Three months endedSix months ended
 2021202020212020
 (in thousands)
Net income (loss) $235,473 $120,040 $358,770 $(57,783)
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 recognized50,873 371,288 (120,971)117,968 
Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has been recognized(179)3,212 (237)(3,029)
Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income (loss)(42,720)(6,816)(71,601)(1,159)
Unrealized gains (losses) arising during the period, net of reclassification adjustment7,974 367,684 (192,809)113,780 
Foreign currency translation adjustment3,482 3,834 4,731 (3,891)
Total other comprehensive income (loss), net of tax11,456 371,518 (188,078)109,889 
Comprehensive income$246,929 $491,558 $170,692 $52,106 


See accompanying notes to Consolidated Financial Statements.

8
AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2021 AND 2020
Three months endedSix months ended
2021202020212020
 (in thousands)
Preferred shares
Balance at beginning of period$550,000 $550,000 $550,000 $775,000 
Shares repurchased— — — (225,000)
Balance at end of period550,000 $550,000 $550,000 $550,000 
Common shares (par value)
Balance at beginning and end of period2,206 2,206 2,206 2,206 
Additional paid-in capital
Balance at beginning of period2,316,147 2,307,998 2,330,054 2,317,212 
Treasury shares reissued(911)(456)(24,040)(19,151)
Share-based compensation expense11,052 9,812 20,274 19,293 
Balance at end of period2,326,288 2,317,354 2,326,288 2,317,354 
Accumulated other comprehensive income (loss)
Balance at beginning of period214,861 (89,919)414,395 171,710 
Unrealized gains (losses) on available for sale investments, net of tax:
Balance at beginning of period219,852 (72,383)420,635 181,521 
Unrealized gains (losses) arising during the period, net of reclassification adjustment7,974 367,684 (192,809)113,780 
Balance at end of period227,826 295,301 227,826 295,301 
Cumulative foreign currency translation adjustments, net of tax:
Balance at beginning of period(4,991)(17,536)(6,240)(9,811)
Foreign currency translation adjustment3,482 3,834 4,731 (3,891)
Balance at end of period(1,509)(13,702)(1,509)(13,702)
Balance at end of period226,317 281,599 226,317 281,599 
Retained earnings
Balance at beginning of period5,842,850 5,836,007 5,763,607 6,056,686 
Net income (loss)235,473 120,040 358,770 (57,783)
Preferred share dividends (1)
(7,563)(7,563)(15,125)(15,125)
Common share dividends (1)
(36,609)(35,455)(73,101)(70,749)
Balance at end of period6,034,151 5,913,029 6,034,151 5,913,029 
Treasury shares, at cost
Balance at beginning of period(3,749,674)(3,766,714)(3,764,568)(3,778,806)
Shares repurchased(439)(110)(9,819)(8,602)
Shares reissued911 456 25,185 21,040 
Balance at end of period(3,749,202)(3,766,368)(3,749,202)(3,766,368)
Total shareholders’ equity $5,389,760 $5,297,820 $5,389,760 $5,297,820 

(1) Refer to Note 9 'Shareholder's Equity' for details on dividends declared and paid related to the Company's common and preferred shares.



See accompanying notes to Consolidated Financial Statements.

9
AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 2021 AND 2020
Six months ended
20212020
 (in thousands)
Cash flows from operating activities:
Net income (loss)$358,770 $(57,783)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Net investment (gains) losses(102,936)9,831 
Net realized and unrealized (gains) losses on other investments(83,247)39,700 
Amortization of fixed maturities19,054 14,850 
Interest in (income) loss of equity method investments(18,960)16,475 
Amortization of value of business acquired2,056 3,083 
Other amortization and depreciation31,346 30,481 
Share-based compensation expense, net of cash payments13,950 7,125 
Changes in:
Accrued interest receivable1,760 9,223 
Reinsurance recoverable balances on unpaid and paid losses(161,894)(353,946)
Deferred acquisition costs(144,256)(92,026)
Prepaid reinsurance premiums(284,411)(250,988)
Reserve for losses and loss expenses229,099 438,746 
Unearned premiums1,014,854 797,402 
Insurance and reinsurance balances, net(338,258)(440,688)
Other items(2,000)(65,493)
Net cash provided by operating activities534,927 105,992 
Cash flows from investing activities:
Purchases of:
Fixed maturities, available for sale(7,528,567)(5,311,263)
Fixed maturities, held to maturity(117,175)— 
Equity securities(66,443)(15,724)
Mortgage loans(73,472)(95,764)
Other investments(125,534)(75,803)
Short-term investments(116,599)(134,822)
Proceeds from the sale of:
Fixed maturities, available for sale6,255,928 5,357,595 
Equity securities10,876 86,833 
Other investments172,499 80,235 
Short-term investments124,271 81,215 
Proceeds from the redemption of fixed maturities, available for sale960,936 796,594 
Proceeds from the redemption of fixed maturities, held to maturity118,897 — 
Proceeds from redemption of short-term investments40,868 57,948 
Proceeds from the repayment of mortgage loans

10,940 3,951 
Purchase of other assets(14,107)(28,470)
Net cash provided by (used in) investing activities(346,682)802,525 
Cash flows from financing activities:
Taxes paid on withholding shares(9,820)(8,602)
Dividends paid - common shares(74,306)(71,994)
Repurchase of preferred shares— (225,000)
Dividends paid - preferred shares(15,125)(16,706)
Redemption of senior notes— (500,000)
Net cash used in financing activities(99,251)(822,302)
Effect of exchange rate changes on foreign currency cash, cash equivalents and restricted cash(2,783)(13,839)
Increase in cash, cash equivalents and restricted cash86,211 72,376 
Cash, cash equivalents and restricted cash - beginning of period1,503,232 1,576,457 
Cash, cash equivalents and restricted cash - end of period$1,589,443 $1,648,833 
Supplemental disclosures of cash flow information:
Income taxes paid (refund)$29,849 $(408)
Interest paid$29,700 $34,820 

See accompanying notes to Consolidated Financial Statements.

10
Supplemental disclosures of cash flow information: In 2021, the transfer of securities with a fair value of $405 million from fixed maturities, available for sale to fixed maturities, held to maturity was treated as a non-cash activity in the consolidated statement of cash flows (refer to Note 3 'Investments').



See accompanying notes to Consolidated Financial Statements.

11

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, 2020, 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.
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
Changes to the Company's significant accounting policies subsequent to its Annual Report on Form 10-K for the year ended December 31, 2020 are noted below:
a)    Investments
Fixed Maturities, Held to Maturity, at Amortized Cost
Fixed maturities are classified as held to maturity when the Company has the positive intent and ability to hold the securities to maturity or redemption. Fixed maturities classified as held to maturity are reported at amortized cost and are presented net of an allowance for expected credit losses. The allowance for expected credit losses is estimated based on the Company’s analysis of projected lifetime losses. The allowance for expected credit losses is recognized in net investment gains (losses) in the consolidated statements of operations. Any adjustment to the allowance for expected credit losses is recognized in the period in which it is determined.
b)    Share-based Compensation
The Company is authorized to issue restricted shares, restricted stock units, performance restricted stock units, stock options, stock appreciation rights and other equity-based awards to its employees and directors. The Company's plan includes share-settled and cash-settled service awards and performance awards.
Restricted Stock Units - Share-Settled and Cash-Settled
The fair value of share-settled and cash-settled service awards is based on market value of the Company's common shares measured at the grant date and is expensed over the requisite service period. The fair value of the cash-settled service awards is recognized as a liability in the consolidated balance sheets and is remeasured at the end of each reporting period. The Company recognizes forfeitures when they occur.
Performance Restricted Stock Units - Share-Settled and Cash-Settled
The fair value of share-settled performance awards which include a market condition is measured on the grant date using a Monte Carlo simulation model which requires inputs including share price, expected volatility, expected term, expected dividend yield and risk-free interest rates. The fair value of share-settled and cash-settled performance awards which include a performance condition is based on market value of the Company's common shares measured at the grant date. The fair value of share-settled and cash-settled performance awards is recognized on a straight-line basis over the requisite service period. The fair value of the cash-settled performance awards is recognized as a liability in the consolidated balance sheets and is remeasured at the end of each reporting period. The Company recognizes forfeitures when they occur.

12

AXIS CAPITAL HOLDINGS LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

2.    SEGMENT INFORMATION




AXIS Capital'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. The Company does not allocate its assets by segment, with the exception of goodwill and intangible assets.

Insurance
The Company's insurance segment offers specialty insurance products to a variety of niche markets on a worldwide basis. The product lines in this segment are property, marine, terrorism, aviation, credit and political risk, professional lines, liability, accident and health, and discontinued lines - Novae.
 
Reinsurance
The Company's reinsurance segment provides treaty reinsurance to insurance companies on a worldwide basis. The product lines in this segment are catastrophe, property, credit and surety, professional lines, motor, liability, engineering, agriculture, marine and aviation, accident and health, and discontinued lines - Novae.
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:
  20212020
Three months ended and at June 30,InsuranceReinsuranceTotalInsuranceReinsuranceTotal
Gross premiums written$1,268,472$672,714$1,941,186$1,037,568$678,615$1,716,183
Net premiums written712,885490,9731,203,858602,761453,1731,055,934
Net premiums earned631,675525,2661,156,941577,019526,9841,104,003
Other insurance related income5525,2655,8177551,2411,996
Net losses and loss expenses(332,175)(334,298)(666,473)(337,367)(338,894)(676,261)
Acquisition costs(106,963)(112,107)(219,070)(116,259)(112,243)(228,502)
Underwriting-related general and administrative expenses(99,569)(29,392)(128,961)(89,751)(24,073)(113,824)
Underwriting income$93,520$54,734148,254$34,397$53,01587,412
Net investment income104,67245,040
Net investment gains73,29353,043
Corporate expenses(33,491)(26,828)
Foreign exchange losses(19,602)(9,709)
Interest expense and financing costs(15,235)(20,595)
Reorganization expenses