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SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION 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.
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 professional lines, property, liability, cyber, marine and aviation, accident and health, and credit and political risk.
Reinsurance
The Company's reinsurance segment provides treaty reinsurance to insurance companies on a worldwide basis. The product lines in this segment are liability, accident and health, professional lines, credit and surety, motor, agriculture, marine and aviation, and run-off lines which include catastrophe and property lines of business that the Company placed into run-off in 2022 and engineering lines of business that the Company placed into run-off in 2020.
The Company has identified its President and Chief Executive Officer as its chief operating decision maker ("CODM"). The CODM evaluates performance and decides how to allocate resources based on underwriting income (loss) for each of the Company's reportable segments. During quarterly Results Review meetings, an analysis of each reportable segment's underwriting income (loss) compared to the same period in the prior year, and compared to plan, is provided by business leaders to the CODM to facilitate the evaluation of segment performance.
The Company does not allocate its assets by segment, with the exception of goodwill and intangible assets.
The following tables present the underwriting results of the Company's reportable segments, as well as the carrying amounts of allocated goodwill and intangible assets:
At and year ended December 31, 2024InsuranceReinsuranceTotal
Gross premiums written$6,615,584 $2,390,304 $9,005,888 
Net premiums written4,250,545 1,506,806 5,757,351 
Net premiums earned3,926,036 1,380,199 5,306,235 
Other insurance related income94 30,627 30,721 
Current accident year net losses and loss expenses(2,261,629)(921,181)(3,182,810)
Net favorable prior year reserve development
16,209 8,114 24,323 
Acquisition costs(766,915)(303,636)(1,070,551)
Underwriting-related general and administrative expenses(485,929)(50,513)(536,442)
Underwriting income$427,866 $143,610 571,476 
Net investment income759,229 
Net investment gains (losses)(138,534)
Corporate expenses(129,760)
Foreign exchange gains50,822 
Interest expense and financing costs(67,766)
Reorganization expenses(26,312)
Amortization of intangible assets(10,917)
Income before income taxes and interest in income of equity method investments1,008,238 
Income tax benefit55,595 
Interest in income of equity method investments17,953 
Net income1,081,786 
Preferred share dividends30,250 
Net income available to common shareholders$1,051,536 
Current accident year loss ratio57.6 %66.7 %60.0 %
Prior year reserve development ratio(0.4 %)(0.5 %)(0.5 %)
Net losses and loss expenses ratio57.2 %66.2 %59.5 %
Acquisition cost ratio19.5 %22.0 %20.2 %
General and administrative expense ratio 12.4 %3.6 %12.6 %
Combined ratio89.1 %91.8 %92.3 %
Goodwill and intangible assets$242,465 $— $242,465 
At and year ended December 31, 2023InsuranceReinsuranceTotal
Gross premiums written$6,140,764 $2,215,761 $8,356,525 
Net premiums written3,758,720 1,343,605 5,102,325 
Net premiums earned3,461,700 1,622,081 5,083,781 
Other insurance related income (loss)(198)22,693 22,495 
Current accident year net losses and loss expenses(1,903,648)(1,077,572)(2,981,220)
Net favorable (adverse) prior year reserve development
(176,353)(235,529)(411,882)
Acquisition costs(648,463)(352,482)(1,000,945)
Underwriting-related general and administrative expenses(472,094)(79,373)(551,467)
Underwriting income (loss)$260,944 $(100,182)160,762 
Net investment income611,742 
Net investment gains (losses)(74,630)
Corporate expenses(132,979)
Foreign exchange (losses) gains(58,115)
Interest expense and financing costs(68,421)
Reorganization expenses(28,997)
Amortization of intangible assets(10,917)
Income before income taxes and interest in income of equity method investments398,445 
Income tax (expense) benefit(26,316)
Interest in income of equity method investments4,163 
Net income376,292 
Preferred share dividends30,250 
Net income available to common shareholders$346,042 
Current accident year loss ratio55.0 %66.4 %58.6 %
Prior year reserve development ratio5.1 %14.6 %8.1 %
Net losses and loss expenses ratio60.1 %81.0 %66.7 %
Acquisition cost ratio18.7 %21.7 %19.7 %
General and administrative expense ratio13.7 %4.9 %13.5 %
Combined ratio92.5 %107.6 %99.9 %
Goodwill and intangible assets$287,684 $— $287,684 
At and year ended December 31, 2022InsuranceReinsuranceTotal
Gross premiums written$5,585,581 $2,629,014 $8,214,595 
Net premiums written3,377,906 1,885,150 5,263,056 
Net premiums earned3,134,155 2,026,171 5,160,326 
Other insurance related income559 12,514 13,073 
Current accident year net losses and loss expenses(1,802,204)(1,465,739)(3,267,943)
Net favorable prior year reserve development
16,350 9,183 25,533 
Acquisition costs(577,838)(444,179)(1,022,017)
Underwriting-related general and administrative expenses(443,704)(106,585)(550,289)
Underwriting income$327,318 $31,365 358,683 
Net investment income418,829 
Net investment gains (losses)(456,789)
Corporate expenses(130,054)
Foreign exchange gains157,945 
Interest expense and financing costs(63,146)
Reorganization expenses(31,426)
Amortization of intangible assets(10,917)
Income before income taxes and interest in income of equity method investments243,125 
Income tax (expense) benefit(22,037)
Interest in income of equity method investments1,995 
Net income223,083 
Preferred share dividends30,250 
Net income available to common shareholders$192,833 
Current accident year loss ratio57.5 %72.3 %63.3 %
Prior year reserve development ratio(0.5 %)(0.4 %)(0.5 %)
Net losses and loss expenses ratio57.0 %71.9 %62.8 %
Acquisition cost ratio18.4 %21.9 %19.8 %
General and administrative expense ratio 14.2 %5.3 %13.2 %
Combined ratio89.6 %99.1 %95.8 %
Goodwill and intangible assets$298,601 $— $298,601 
 
The following table presents gross premiums written by the geographical location of the Company's subsidiaries:
Years ended December 31,202420232022
U.S.$4,864,074 $4,484,789 $4,342,707 
Ireland1,923,006 1,837,177 1,931,815 
Lloyd's of London1,998,217 1,759,990 1,567,458 
Bermuda220,591 274,569 372,615 
Gross premiums written$9,005,888 $8,356,525 $8,214,595 
The following table presents net premiums earned by segment and line of business:    
Years ended December 31,202420232022
Insurance
Professional lines$817,535 $764,558 $817,924 
Property1,139,308 878,849 755,986 
Liability494,561 496,381 459,775 
Cyber347,842 323,025 309,004 
Marine and aviation614,826 567,292 479,499 
Accident and health360,894 306,061 209,548 
Credit and political risk151,070 125,534 102,419 
Total Insurance3,926,036 3,461,700 3,134,155 
Reinsurance
Liability309,265 403,239 484,681 
Accident and health322,932 341,806 368,747 
Professional lines169,074 205,404 250,911 
Credit and surety231,780 236,408 192,926 
Motor123,545 155,942 205,774 
Agriculture126,549 121,628 122,289 
Marine and aviation64,609 65,658 78,504 
Run-off lines
Catastrophe13,412 33,963 156,232 
Property6,266 44,508 135,480 
Engineering12,767 13,525 30,627 
Total run-off lines32,445 91,996 322,339 
Total Reinsurance1,380,199 1,622,081 2,026,171 
Total$5,306,235 $5,083,781 $5,160,326