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Section 1: 10-Q (10-Q)

axs-20200630
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Table of Contents

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, 2020
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)
(441496-2600
(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 24, 2020, there were 84,306,657 common shares outstanding, $0.0125 par value per share, of the registrant.


Table of Contents


AXIS CAPITAL HOLDINGS LIMITED
INDEX TO FORM 10-Q


 
Page
 PART I 
Item 1.
Item 2.
Item 3.
Item 4.
PART II
Item 1.
Item 1A.
Item 2.
Item 5.
Item 6.


2

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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 of losses related to catastrophes and other large 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 estimated synergies and the success of the integration of acquired entities, our expectations regarding the estimated benefits and synergies related to our transformation program, our expectations regarding pricing and other market conditions, our growth prospects, and valuations of the potential impact of movements in interest rates, equity securities' prices, credit spreads and foreign currency rates.
Forward-looking statements only reflect our expectations and are not guarantees of performance. 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 our loss reserves;
general economic, capital and credit market conditions;
the failure of any of the loss limitation methods we employ;
the effects of emerging claims, coverage and regulatory issues, including uncertainty related to coverage definitions, limits, terms and conditions;
our inability to purchase reinsurance or collect amounts due to us;
the breach by third parties in our program business of their obligations to us;
difficulties with technology and/or data security;
the failure of our policyholders and intermediaries to pay premiums;
the failure of our cedants to adequately evaluate risks;
inability to obtain additional capital on favorable terms, or at all;
the loss of one or more of our key executives;
a decline in our ratings with rating agencies;
the loss of business provided to us by our major brokers and credit risk due to our reliance on brokers;
changes in accounting policies or practices;
the use of industry catastrophe models and changes to these models;

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changes in governmental regulations and potential government intervention in our industry;
failure to comply with certain laws and regulations relating to sanctions and foreign corrupt practices;
increased competition;
changes in the political environment of certain countries in which we operate or underwrite business including the United Kingdom's withdrawal from the European Union;
fluctuations in interest rates, credit spreads, equity securities' prices and/or currency values;
the failure to successfully integrate acquired businesses or to realize the expected synergies resulting from such acquisitions;
the failure to realize the expected benefits or synergies relating to our transformation initiative;
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 and under Part II, Item 1A, 'Risk Factors' herein 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 when enrolled in our "E-mail Alerts" program 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.

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ITEM 1.  CONSOLIDATED FINANCIAL STATEMENTS



 Page  
Consolidated Balance Sheets at June 30, 2020 (Unaudited) and December 31, 2019
Consolidated Statements of Operations for the three and six months ended June 30, 2020 and 2019 (Unaudited)
Consolidated Statements of Comprehensive Income for the three and six months ended June 30, 2020 and 2019 (Unaudited)
Consolidated Statements of Changes in Shareholders' Equity for the three and six months ended June 30, 2020 and 2019 (Unaudited)
Consolidated Statements of Cash Flows for the six months ended June 30, 2020 and 2019 (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 - Reorganization Expenses
Note 13 - Other Comprehensive Income (Loss)





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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED BALANCE SHEETS
JUNE 30, 2020 (UNAUDITED) AND DECEMBER 31, 2019
 
20202019
 (in thousands)
Assets
Investments:
Fixed maturities, available for sale, at fair value
    (Amortized cost 2020: $11,715,885; 2019: $12,263,240
    Allowance for expected credit losses 2020: $6,257)
$12,046,415  $12,468,205  
Equity securities, at fair value
    (Cost 2020: $340,510; 2019: $398,956)
378,860  474,207  
Mortgage loans, held for investment, at fair value
     (Allowance for expected credit losses 2020: $nil)
524,757  432,748  
Other investments, at fair value768,635  770,923  
Equity method investments101,346  117,821  
Short-term investments, at fair value34,337  38,471  
Total investments13,854,350  14,302,375  
Cash and cash equivalents1,086,829  1,241,109  
Restricted cash and cash equivalents562,004  335,348  
Accrued interest receivable68,880  78,085  
Insurance and reinsurance premium balances receivable
     (Allowance for expected credit losses 2020: $10,041)
3,527,147  3,071,390  
Reinsurance recoverable on unpaid losses and loss expenses
     (Allowance for expected credit losses 2020: $20,987)
4,160,521  3,877,756  
Reinsurance recoverable on paid losses and loss expenses395,990  327,795  
Deferred acquisition costs583,484  492,119  
Prepaid reinsurance premiums1,352,090  1,101,889  
Receivable for investments sold2,985  35,659  
Goodwill102,003  102,003  
Intangible assets225,092  230,550  
Value of business acquired5,909  8,992  
Operating lease right-of-use assets136,815  111,092  
Other assets295,074  287,892  
Total assets$26,359,173  $25,604,054  
Liabilities
Reserve for losses and loss expenses$13,179,166  $12,752,081  
Unearned premiums4,418,728  3,626,246  
Insurance and reinsurance balances payable1,365,799  1,349,082  
Debt1,309,076  1,808,157  
Payable for investments purchased350,347  32,985  
Operating lease liabilities141,621  115,584  
Other liabilities296,616  375,911  
Total liabilities21,061,353  20,060,046  
Shareholders’ equity
Preferred shares 550,000  775,000  
Common shares (shares issued 2020: 176,580; 2019: 176,580
    shares outstanding 2020: 84,306; 2019: 83,959)
2,206  2,206  
Additional paid-in capital2,317,354  2,317,212  
Accumulated other comprehensive income 281,599  171,710  
Retained earnings5,913,029  6,056,686  
Treasury shares, at cost (2020: 92,274; 2019: 92,621 shares)
(3,766,368) (3,778,806) 
Total shareholders’ equity 5,297,820  5,544,008  
Total liabilities and shareholders’ equity$26,359,173  $25,604,054  

See accompanying notes to Consolidated Financial Statements.

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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2020 AND 2019

 Three months endedSix months ended
2020201920202019
 (in thousands, except for per share amounts)
Revenues
Net premiums earned$1,104,003  $1,123,607  $2,192,628  $2,257,819  
Net investment income45,040  137,949  138,140  245,254  
Other insurance related income (loss)1,996  2,925  (6,710) 9,852  
Net investment gains (losses):
Allowance for expected credit losses
13,761    (6,257)   
Impairment losses(112)   (1,302)   
Other-than-temporary impairment ("OTTI") losses  (834)   (4,870) 
Other realized and unrealized investment gains (losses)39,394  22,059  (2,272) 38,866  
Total net investment gains (losses)53,043  21,225  (9,831) 33,996  
Total revenues1,204,082  1,285,706  2,314,227  2,546,921  
Expenses
Net losses and loss expenses676,261  672,463  1,584,335  1,336,491  
Acquisition costs228,502  242,363  467,152  502,781  
General and administrative expenses140,652  165,395  297,712  340,486  
Foreign exchange losses (gains)9,709  (12,381) (51,974) (5,325) 
Interest expense and financing costs20,595  15,607  44,067  31,502  
Reorganization expenses392  3,276  (591) 18,096  
    Amortization of value of business acquired1,285  7,194  3,083  20,298  
    Amortization of intangible assets2,855  2,912  5,725  5,914  
Total expenses1,080,251  1,096,829  2,349,509  2,250,243  
Income (loss) before income taxes and interest in income (loss) of equity method investments123,831  188,877  (35,282) 296,678  
Income tax expense(10,893) (14,469) (6,026) (15,703) 
Interest in income (loss) of equity method investments7,102  2,635  (16,475) 4,853  
Net income (loss)120,040  177,043  (57,783) 285,828  
Preferred share dividends7,563  10,656  15,125  21,313  
Net income (loss) available (attributable) to common shareholders$112,477  $166,387  $(72,908) $264,515  
Per share data
Earnings (loss) per common share:
Earnings (loss) per common share$1.33  $1.98  $(0.87) $3.16  
Earnings (loss) per diluted common share$1.33  $1.97  $(0.87) $3.14  
Weighted average common shares outstanding84,303  83,941  84,198  83,834  
Weighted average diluted common shares outstanding84,600  84,401  84,198  84,338  


See accompanying notes to Consolidated Financial Statements.

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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2020 AND 2019
 
 Three months endedSix months ended
 2020201920202019
 (in thousands)
Net income (loss) $120,040  $177,043  $(57,783) $285,828  
Other comprehensive income, net of tax:
Available for sale investments:
Unrealized gains arising during the period for which an allowance for expected credit losses has not been recognized371,288  131,442  117,968  321,651  
Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has been recognized3,212    (3,029)   
Adjustment for reclassification of net realized (gains) losses, impairment losses and OTTI losses recognized in net income (loss)(6,816) (6,949) (1,159) 6,385  
Unrealized gains arising during the period, net of reclassification adjustment367,684  124,493  113,780  328,036  
Foreign currency translation adjustment3,834  2,556  (3,891) 5,219  
Total other comprehensive income, net of tax371,518  127,049  109,889  333,255  
Comprehensive income$491,558  $304,092  $52,106  $619,083  


See accompanying notes to Consolidated Financial Statements.

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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2020 AND 2019

Three months endedSix months ended
2020201920202019
 (in thousands)
Preferred shares
Balance at beginning of period$550,000  $775,000  $775,000  $775,000  
Shares repurchased    (225,000)   
Balance at end of period550,000  $775,000  $550,000  $775,000  
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 period2,307,998  2,296,639  2,317,212  2,308,583  
Treasury shares reissued(456) (756) (19,151) (20,058) 
Share-based compensation expense9,812  7,709  19,293  15,067  
Balance at end of period2,317,354  2,303,592  2,317,354  2,303,592  
Accumulated other comprehensive income
Balance at beginning of period(89,919) 29,096  171,710  (177,110) 
Unrealized gains (losses) on available for sale investments, net of tax:
Balance at beginning of period(72,383) 35,178  181,521  (168,365) 
Unrealized gains arising during the period, net of reclassification adjustment367,684  124,493  113,780  328,036  
Balance at end of period295,301  159,671  295,301  159,671  
Cumulative foreign currency translation adjustments, net of tax:
Balance at beginning of period(17,536) (6,082) (9,811) (8,745) 
Foreign currency translation adjustment3,834  2,556  (3,891) 5,219  
Balance at end of period(13,702) (3,526) (13,702) (3,526) 
Balance at end of period281,599  156,145  281,599  156,145  
Retained earnings
Balance at beginning of period5,836,007  5,976,603  6,056,686  5,912,812  
Net income (loss)120,040  177,043  (57,783) 285,828  
Preferred share dividends(7,563) (10,656) (15,125) (21,313) 
Common share dividends(35,455) (34,413) (70,749) (68,750) 
Balance at end of period5,913,029  6,108,577  5,913,029  6,108,577  
Treasury shares, at cost
Balance at beginning of period(3,766,714) (3,779,388) (3,778,806) (3,791,420) 
Shares repurchased(110) (411) (8,602) (9,414) 
Shares reissued456  756  21,040  21,791  
Balance at end of period(3,766,368) (3,779,043) (3,766,368) (3,779,043) 
Total shareholders’ equity $5,297,820  $5,566,477  $5,297,820  $5,566,477  





See accompanying notes to Consolidated Financial Statements.

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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE SIX MONTHS ENDED JUNE 30, 2020 AND 2019
Six months ended
20202019
 (in thousands)
Cash flows from operating activities:
Net income (loss)$(57,783) $285,828  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Net investment (gains) losses9,831  (33,996) 
Net realized and unrealized (gains) losses on other investments39,700  (38,128) 
Amortization of fixed maturities14,850  8,592  
Interest in (income) loss of equity method investments16,475  (4,853) 
Amortization of value of business acquired3,083  20,298  
Other amortization and depreciation30,481  41,444  
Share-based compensation expense, net of cash payments7,125  9,100  
Changes in:
Accrued interest receivable9,223  (2,244) 
Reinsurance recoverable balances on unpaid and paid losses(353,946) (146,353) 
Deferred acquisition costs(92,026) (91,193) 
Prepaid reinsurance premiums(250,988) (279,659) 
Reserve for losses and loss expenses438,746  (21,446) 
Unearned premiums797,402  869,640  
Insurance and reinsurance balances, net(440,688) (580,450) 
Other items(65,493) (53,163) 
Net cash provided by (used in) operating activities105,992  (16,583) 
Cash flows from investing activities:
Purchases of:
Fixed maturities(5,311,263) (5,014,725) 
Equity securities