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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, 2022
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 22, 2022, there were 84,656,509 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 including our exit from property reinsurance business, our expectations regarding pricing, other market conditions and economic conditions including inflation, our growth prospects, and valuations of the potential impact of movements in interest rates, credit spreads, equity securities' prices, and foreign currency exchange rates.
Forward-looking statements only reflect our expectations and are not guarantees of performance. These statements involve risks, uncertainties and assumptions. Accordingly, there are or will be important factors that could cause actual events or results to differ materially from those indicated in such statements. We 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 including losses related to the Russian invasion of Ukraine, 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 exchange rates;
•the adverse impact of inflation;
•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;

3
•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;
•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 LinkedIn (AXIS Capital) and Twitter (@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. 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, 2022 (Unaudited) and December 31, 2021
Consolidated Statements of Operations for the three and six months ended June 30, 2022 and 2021 (Unaudited)
Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2022 and 2021 (Unaudited)
Consolidated Statements of Changes in Shareholders' Equity for the three and six months ended June 30, 2022 and 2021 (Unaudited)
Consolidated Statements of Cash Flows for the six months ended June 30, 2022 and 2021 (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
Note 14 - Reorganization Expenses
























5
AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED BALANCE SHEETS
JUNE 30, 2022 (UNAUDITED) AND DECEMBER 31, 2021  
20222021
 (in thousands)
Assets
Investments:
Fixed maturities, available for sale, at fair value
    (Amortized cost 2022: $12,086,129; 2021: $12,241,782
    Allowance for expected credit losses 2022: $7,294; 2021: $313)
$11,304,682 $12,313,200 
Fixed maturities, held to maturity, at amortized cost
    (Fair value 2022: $619,891; 2021: $445,033
    Allowance for expected credit losses 2022: $nil; 2021: $nil)
641,428 446,016 
Equity securities, at fair value
    (Cost 2022: $523,198; 2021: $528,864)
522,161 655,675 
 Mortgage loans, held for investment, at fair value
     (Allowance for expected credit losses 2022: $nil; 2021: $nil)
656,112 594,088 
Other investments, at fair value981,774 947,982 
Equity method investments158,893 146,293 
Short-term investments, at fair value65,683 31,063 
Total investments14,330,733 15,134,317 
Cash and cash equivalents844,910 844,592 
Restricted cash and cash equivalents653,018 473,098 
Accrued interest receivable73,873 64,350 
Insurance and reinsurance premium balances receivable
     (Allowance for expected credit losses 2022: $10,967; 2021: $7,567)
3,174,117 2,622,676 
Reinsurance recoverable on unpaid losses and loss expenses
     (Allowance for expected credit losses 2022: $28,401; 2021: $29,554)
5,008,583 5,017,611 
Reinsurance recoverable on paid losses and loss expenses510,613 642,215 
Deferred acquisition costs576,237 465,593 
Prepaid reinsurance premiums1,656,643 1,377,358 
Receivable for investments sold10,421 4,555 
Goodwill100,801 100,801 
Intangible assets203,259 208,717 
Operating lease right-of-use assets94,451 103,295 
Other assets381,768 309,792 
Total assets$27,619,427 $27,368,970 
Liabilities
Reserve for losses and loss expenses$14,398,039 $14,653,094 
Unearned premiums4,963,138 4,090,676 
Insurance and reinsurance balances payable1,624,184 1,324,620 
Debt1,311,637 1,310,975 
Payable for investments purchased186,921 31,543 
Operating lease liabilities105,129 119,512 
Other liabilities327,748 427,894 
Total liabilities22,916,796 21,958,314 
Shareholders’ equity
Preferred shares 550,000 550,000 
Common shares (shares issued 2022: 176,580; 2021: 176,580
    shares outstanding 2022: 84,655; 2021: 84,774)
2,206 2,206 
Additional paid-in capital2,341,507 2,346,179 
Accumulated other comprehensive income (loss)(724,114)56,536 
Retained earnings6,298,680 6,204,745 
Treasury shares, at cost (2022: 91,925; 2021: 91,806)
(3,765,648)(3,749,010)
Total shareholders’ equity 4,702,631 5,410,656 
Total liabilities and shareholders’ equity$27,619,427 $27,368,970 

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, 2022 AND 2021

 Three months endedSix months ended
2022202120222021
 (in thousands, except for per share amounts)
Revenues
Net premiums earned$1,277,052 $1,156,941 $2,535,297 $2,260,663 
Net investment income92,214 104,672 183,569 218,836 
Other insurance related income2,213 5,817 8,906 8,598 
Net investment gains (losses):
Allowance for expected credit losses
(6,911)150 (6,981)239 
Impairment losses(473)— (582)— 
Other realized and unrealized investment gains (losses)(165,879)73,143 (260,208)102,697 
Total net investment gains (losses)(173,263)73,293 (267,771)102,936 
Total revenues1,198,216 1,340,723 2,460,001 2,591,033 
Expenses
Net losses and loss expenses769,587 666,473 1,502,285 1,381,190 
Acquisition costs257,582 219,070 505,932 437,941 
General and administrative expenses165,586 162,452 334,627 320,860 
Foreign exchange losses (gains)(57,000)19,602 (101,274)23,716 
Interest expense and financing costs15,241 15,235 30,805 30,806 
Reorganization expenses15,728 — 15,728 — 
    Amortization of value of business acquired— 1,028 — 2,056 
    Amortization of intangible assets2,729 3,324 5,458 6,013 
Total expenses1,169,453 1,087,184 2,293,561 2,202,582 
Income before income taxes and interest in income of equity method investments28,763 253,539 166,440 388,451 
Income tax (expense) benefit4,965 (27,865)4,942 (48,641)
Interest in income of equity method investments1,050 9,799 12,600 18,960 
Net income34,778 235,473 183,982 358,770 
Preferred share dividends7,563 7,563 15,125 15,125 
Net income available to common shareholders$27,215 $227,910 $168,857 $343,645 
Per share data
Earnings per common share:
Earnings per common share$0.32 $2.69 $1.98 $4.06 
Earnings per diluted common share$0.32 $2.67 $1.97 $4.04 
Weighted average common shares outstanding85,173 84,764 85,068 84,640 
Weighted average diluted common shares outstanding85,843 85,267 85,826 85,117 


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, 2022 AND 2021
 
 Three months endedSix months ended
 2022202120222021
 (in thousands)
Net income$34,778 $235,473 $183,982 $358,770 
Other comprehensive income (loss), net of tax:
Available for sale investments:
Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has not been recognized(461,946)50,873 (901,771)(120,971)
Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has been recognized(2,039)(179)(5,167)(237)
Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income (loss)84,364 (42,720)129,706 (71,601)
Unrealized gains (losses) arising during the period, net of reclassification adjustment(379,621)7,974 (777,232)(192,809)
Foreign currency translation adjustment(6,193)3,482 (3,418)4,731 
Total other comprehensive income (loss), net of tax(385,814)11,456 (780,650)(188,078)
Comprehensive income (loss)$(351,036)$246,929 $(596,668)$170,692 


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, 2022 AND 2021

Three months endedSix months ended
2022202120222021
 (in thousands)
Preferred shares
Balance at beginning and end of period$550,000 $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 period2,328,986 2,316,147 2,346,179 2,330,054 
Treasury shares reissued(772)(911)(30,150)(24,040)
Share-based compensation expense13,293 11,052 25,478 20,274 
Balance at end of period2,341,507 2,326,288 2,341,507 2,326,288 
Accumulated other comprehensive income (loss)
Balance at beginning of period(338,300)214,861 56,536 414,395 
Unrealized gains (losses) on available for sale investments, net of tax:
Balance at beginning of period(335,456)219,852 62,155 420,635 
Unrealized gains (losses) arising during the period, net of reclassification adjustment(379,621)7,974 (777,232)(192,809)
Balance at end of period(715,077)227,826 (715,077)227,826 
Cumulative foreign currency translation adjustments, net of tax:
Balance at beginning of period(2,844)(4,991)(5,619)(6,240)
Foreign currency translation adjustment(6,193)3,482 (3,418)4,731 
Balance at end of period(9,037)(1,509)(9,037)(1,509)
Balance at end of period(724,114)226,317 (724,114)226,317 
Retained earnings
Balance at beginning of period6,308,712 5,842,850 6,204,745 5,763,607 
Net income34,778 235,473 183,982 358,770 
Preferred share dividends (1)
(7,563)(7,563)(15,125)(15,125)
Common share dividends (1)
(37,247)(36,609)(74,922)(73,101)
Balance at end of period6,298,680 6,034,151 6,298,680 6,034,151 
Treasury shares, at cost
Balance at beginning of period(3,731,064)(3,749,674)(3,749,010)(3,764,568)
Shares repurchased(35,356)(439)(48,333)(9,819)
Shares reissued772 911 31,695 25,185 
Balance at end of period(3,765,648)(3,749,202)(3,765,648)(3,749,202)
Total shareholders’ equity $4,702,631 $5,389,760 $4,702,631 $5,389,760 

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



See accompanying notes to Consolidated Financial Statements.

9
AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 2022 AND 2021
Six months ended
20222021
 (in thousands)
Cash flows from operating activities:
Net income$183,982 $358,770 
Adjustments to reconcile net income to net cash provided by operating activities:
Net investment (gains) losses267,771 (102,936)
Net realized and unrealized gains (losses) on other investments(39,419)(83,247)
Amortization of fixed maturities19,883 19,054 
Interest in income of equity method investments(12,600)(18,960)
Amortization of value of business acquired— 2,056 
Other amortization and depreciation31,057 31,346 
Share-based compensation expense, net of cash payments21,726 13,950 
Changes in:
Accrued interest receivable(9,615)1,760 
Reinsurance recoverable on unpaid losses and loss expenses4,487 (129,756)
Reinsurance recoverable on paid losses and loss expenses131,422 (32,138)
Deferred acquisition costs(113,313)(144,256)
Prepaid reinsurance premiums(278,853)(284,411)
Reserve for losses and loss expenses(244,488)229,099 
Unearned premiums880,348 1,014,854 
Insurance and reinsurance balances, net(256,531)(338,258)
Other items(72,091)(2,000)
Net cash provided by operating activities513,766 534,927 
Cash flows from investing activities:
Purchases of:
Fixed maturities, available for sale(3,947,249)(7,528,567)
Fixed maturities, held to maturity(198,904)(117,175)
Equity securities(49,924)(66,443)
Mortgage loans(101,264)(73,472)
Other investments(103,729)(125,534)
Short-term investments(90,430)(116,599)
Proceeds from the sale of:
Fixed maturities, available for sale3,419,822 6,255,928 
Equity securities55,287 10,876 
Other investments102,257 172,499 
Short-term investments37,798 124,271 
Proceeds from the redemption of fixed maturities, available for sale670,456 960,936 
Proceeds from the redemption of fixed maturities, held to maturity3,500 118,897 
Proceeds from redemption of short-term investments18,030 40,868 
Proceeds from the repayment of mortgage loans39,596 10,940 
Purchase of other assets(17,047)(14,107)
Net cash used in investing activities(161,801)(346,682)
Cash flows from financing activities:
Repurchase of common shares - open market(34,987)— 
Taxes paid on withholding shares(13,346)(9,820)
Dividends paid - common shares(76,447)(74,306)
Dividends paid - preferred shares(15,125)(15,125)
Net cash used in financing activities(139,905)(99,251)
Effect of exchange rate changes on foreign currency cash, cash equivalents and restricted cash(31,822)(2,783)
Increase in cash, cash equivalents and restricted cash180,238 86,211 
Cash, cash equivalents and restricted cash - beginning of period1,317,690 1,503,232 
Cash, cash equivalents and restricted cash - end of period$1,497,928 $1,589,443 
See accompanying notes to Consolidated Financial Statements.

10
Supplemental disclosures of cash flow information:
Income taxes paid$12,865 $29,849 
Interest paid$29,700 $29,700 

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, 2021, as filed with the SEC.

In the opinion of management, these financial statements reflect all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the Company's financial position and results of operations for the periods presented.

The results of operations for any interim period are not necessarily indicative of the results for a full year. All inter-company accounts and transactions have been eliminated.

To facilitate comparison of information across periods, certain reclassifications have been made to prior year amounts to conform to the current year's presentation.

Tabular dollar and share amounts are in thousands, with the exception of per share amounts. All amounts are reported in U.S. dollars.

Significant Accounting Policies

There were no notable changes to the Company's significant accounting policies subsequent to its Annual Report on Form 10-K for the year ended December 31, 2021.


12

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

2.    SEGMENT INFORMATION
The Company's underwriting operations are organized around its global underwriting platforms, AXIS Insurance and AXIS Re. The Company has determined that it has two reportable segments, insurance and reinsurance. 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, and accident and health.

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, and accident and health.
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:












13

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

2.    SEGMENT INFORMATION (CONTINUED)
  20222021
Three months ended and at June 30,InsuranceReinsuranceTotalInsuranceReinsuranceTotal
Gross premiums written$1,469,622$643,861$2,113,483$1,268,472$672,714$1,941,186
Net premiums written869,419447,4281,316,847712,885490,9731,203,858
Net premiums earned768,724508,3281,277,052631,675525,2661,156,941
Other insurance related income2371,9762,2135525,2655,817
Net losses and loss expenses(421,836)(347,751)(769,587)(332,175)(334,298)(666,473)
Acquisition costs(144,732)(112,850)(257,582)(106,963)(112,107)(219,070)
Underwriting-related general and administrative expenses(108,577)(26,826)(135,403)(99,569)(29,392)(128,961)
Underwriting income$93,816$22,877116,693$93,520$54,734148,254
Net investment income92,214104,672
Net investment gains (losses)(173,263)73,293
Corporate expenses(30,183)(33,491)
Foreign exchange (losses) gains57,000(19,602)
Interest expense and financing costs(15,241)(15,235)
Reorganization expenses(15,728)