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Section 1: 10-Q (FORM 10-Q)

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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 March 31, 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 May 8, 2020, there were 84,302,286 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

Table of Contents



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 recent COVID-19 outbreak and resulting pandemic;
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;
changes in governmental regulations and potential government intervention in our industry;

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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 ("U.K.") 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 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 and we note that the COVID-19 pandemic may have the effect of heightening many of the 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, however, part of this Quarterly Report on Form 10-Q.


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ITEM 1.  CONSOLIDATED FINANCIAL STATEMENTS



 Page  
Consolidated Balance Sheets at March 31, 2020 (Unaudited) and December 31, 2019
Consolidated Statements of Operations for the three months ended March 31, 2020 and 2019 (Unaudited)
Consolidated Statements of Comprehensive Income for the three months ended March 31, 2020 and 2019 (Unaudited)
Consolidated Statements of Changes in Shareholders' Equity for the three months ended March 31, 2020 and 2019 (Unaudited)
Consolidated Statements of Cash Flows for the three months ended March 31, 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
MARCH 31, 2020 (UNAUDITED) AND DECEMBER 31, 2019
 
20202019
 (in thousands)
Assets
Investments:
Fixed maturities, available for sale, at fair value
    (Amortized cost 2020: $12,166,126; 2019: $12,263,240
    Allowance for expected credit losses 2020: $20,019)
$12,076,186  $12,468,205  
Equity securities, at fair value
    (Cost 2020: $390,941; 2019: $398,956)
404,945  474,207  
Mortgage loans, held for investment, at fair value
     (Allowance for expected credit losses 2020: $nil)
517,181  432,748  
Other investments, at fair value797,808  770,923  
Equity method investments94,244  117,821  
Short-term investments, at fair value77,101  38,471  
Total investments13,967,465  14,302,375  
Cash and cash equivalents755,961  1,241,109  
Restricted cash and cash equivalents485,102  335,348  
Accrued interest receivable76,569  78,085  
Insurance and reinsurance premium balances receivable
     (Allowance for expected credit losses 2020: $7,924)
3,485,043  3,071,390  
Reinsurance recoverable on unpaid losses and loss expenses
     (Allowance for expected credit losses 2020: $18,954)
4,101,579  3,877,756  
Reinsurance recoverable on paid losses and loss expenses357,185  327,795  
Deferred acquisition costs611,229  492,119  
Prepaid reinsurance premiums1,281,808  1,101,889  
Receivable for investments sold34,137  35,659  
Goodwill102,003  102,003  
Intangible assets227,821  230,550  
Value of business acquired7,194  8,992  
Operating lease right-of-use assets140,149  111,092  
Other assets315,523  287,892  
Total assets$25,948,768  $25,604,054  
Liabilities
Reserve for losses and loss expenses$13,082,273  $12,752,081  
Unearned premiums4,395,240  3,626,246  
Insurance and reinsurance balances payable1,263,389  1,349,082  
Debt1,808,645  1,808,157  
Payable for investments purchased123,678  32,985  
Operating lease liabilities143,071  115,584  
Other liabilities292,894  375,911  
Total liabilities21,109,190  20,060,046  
Shareholders’ equity
Preferred shares 550,000  775,000  
Common shares (shares issued 2020: 176,580; 2019: 176,580
    shares outstanding 2020: 84,298; 2019: 83,959)
2,206  2,206  
Additional paid-in capital2,307,998  2,317,212  
Accumulated other comprehensive income (loss)(89,919) 171,710  
Retained earnings5,836,007  6,056,686  
Treasury shares, at cost (2020: 92,282; 2019: 92,621 shares)
(3,766,714) (3,778,806) 
Total shareholders’ equity 4,839,578  5,544,008  
Total liabilities and shareholders’ equity$25,948,768  $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 MONTHS ENDED MARCH 31, 2020 AND 2019

 Three months ended
20202019
 (in thousands, except for per share amounts)
Revenues
Net premiums earned$1,088,625  $1,134,212  
Net investment income93,101  107,303  
Other insurance related income (loss) (8,707) 6,929  
Net investment gains (losses): 
Allowance for expected credit losses
(20,019)   
Impairment losses(1,190)   
Other-than-temporary impairment ("OTTI") losses  (4,036) 
Other realized and unrealized investment gains (losses)(41,668) 16,803  
Total net investment gains (losses) (62,877) 12,767  
Total revenues1,110,142  1,261,211  
Expenses
Net losses and loss expenses908,073  664,028  
Acquisition costs238,650  260,418  
General and administrative expenses157,060  175,091  
Foreign exchange losses (gains)(61,683) 7,056  
Interest expense and financing costs23,472  15,895  
Reorganization expenses(982) 14,820  
    Amortization of value of business acquired1,799  13,104  
    Amortization of intangible assets2,870  3,003  
Total expenses1,269,259  1,153,415  
Income (loss) before income taxes and interest in income (loss) of equity method investments (159,117) 107,796  
Income tax (expense) benefit 4,867  (1,234) 
Interest in income (loss) of equity method investments (23,577) 2,219  
Net income (loss) (177,827) 108,781  
Preferred share dividends7,563  10,656  
Net income (loss) available (attributable) to common shareholders $(185,390) $98,125  
Per share data
Earnings (loss) per common share:
Earnings (loss) per common share $(2.20) $1.17  
Earnings (loss) per diluted common share $(2.20) $1.16  
Weighted average common shares outstanding  84,094  83,725  
Weighted average diluted common shares outstanding  84,094  84,272  


See accompanying notes to Consolidated Financial Statements.

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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND 2019
 
 Three months ended
 20202019
 (in thousands)
Net income (loss)  $(177,827) $108,781  
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 (242,962) 190,173  
Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has been recognized (16,590)   
Adjustment for reclassification of net realized (gains) losses, impairment losses and OTTI losses recognized in net income (loss)5,648  13,370  
Unrealized gains (losses) arising during the period, net of reclassification adjustment (253,904) 203,543  
Foreign currency translation adjustment(7,725) 2,662  
Total other comprehensive income (loss), net of tax (261,629) 206,205  
Comprehensive income (loss) $(439,456) $314,986  


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 MONTHS ENDED MARCH 31, 2020 AND 2019
Three months ended
20202019
 (in thousands)
Preferred shares
Balance at beginning of period$775,000  $775,000  
Shares repurchased(225,000)   
Balance at end of period550,000  $775,000  
Common shares (par value)
Balance at beginning and end of period2,206  2,206  
Additional paid-in capital
Balance at beginning of period2,317,212  2,308,583  
Treasury shares reissued(18,695) (19,302) 
Share-based compensation expense9,481  7,358  
Balance at end of period2,307,998  2,296,639  
Accumulated other comprehensive income (loss)
Balance at beginning of period171,710  (177,110) 
Unrealized gains (losses) on available for sale investments, net of tax:
Balance at beginning of period181,521  (168,365) 
Unrealized gains (losses) arising during the period, net of reclassification adjustment (253,904) 203,543  
Balance at end of period(72,383) 35,178  
Cumulative foreign currency translation adjustments, net of tax:
Balance at beginning of period(9,811) (8,745) 
Foreign currency translation adjustment(7,725) 2,663  
Balance at end of period(17,536) (6,082) 
Balance at end of period(89,919) 29,096  
Retained earnings
Balance at beginning of period6,056,686  5,912,812  
Net income (loss) (177,827) 108,781  
Preferred share dividends(7,563) (10,656) 
Common share dividends  (35,289) (34,334) 
Balance at end of period5,836,007  5,976,603  
Treasury shares, at cost
Balance at beginning of period(3,778,806) (3,791,420) 
Shares repurchased(8,492) (9,003) 
Shares reissued20,584  21,035  
Balance at end of period(3,766,714) (3,779,388) 
Total shareholders’ equity $4,839,578  $5,300,156  







See accompanying notes to Consolidated Financial Statements.

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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND 2019
Three months ended
20202019
 (in thousands)
Cash flows from operating activities:
Net income (loss) $(177,827) $108,781  
Adjustments to reconcile net income (loss) to net cash used in operating activities: 
Net investment (gains) losses 62,877  (12,767) 
Net realized and unrealized (gains) losses on other investments 2,119  (6,528) 
Amortization of fixed maturities  6,359  5,832  
Interest in (income) loss of equity method investments 23,577  (2,219) 
Amortization of value of business acquired  1,799  13,104  
Other amortization and depreciation15,612  23,742  
Share-based compensation expense, net of cash payments(4,650) (3,679) 
Changes in:
Accrued interest receivable1,234  1,544  
Reinsurance recoverable balances on unpaid and paid losses(260,131) (98,425) 
Deferred acquisition costs(119,796) (136,906) 
Prepaid reinsurance premiums(181,055) (260,567) 
Reserve for losses and loss expenses348,285  4,829  
Unearned premiums774,703  903,253  
Insurance and reinsurance balances, net(502,437) (559,150) 
Other items(40,413) (38,536) 
Net cash used in operating activities  (49,744) (57,692) 
Cash flows from investing activities:
Purchases of:
Fixed maturities(2,777,053) (2,425,086) 
Equity securities(16,132) (23,503) 
Mortgage loans(84,738) (14,965) 
Other investments(20,858) (70,039) 
Short-term investments(94,352) (85,045) 
Proceeds from the sale of:
Fixed maturities2,506,490  1,978,928  
Equity securities10,308  14,875  
Other investments32,355  67,865  
Short-term investments54,105  185,445  
Proceeds from redemption of fixed maturities424,207  278,150  
Proceeds from redemption of short-term investments1,775  2,413  
Proceeds from the repayment of mortgage loans

399  243  
Purchase of other assets(13,485) (12,051) 
Net cash provided by (used in) investing activities 23,021  (102,770) 
Cash flows from financing activities:
Taxes paid on withholding shares  (8,491) (9,003) 
Dividends paid - common shares  (37,318) (36,260) 
Repurchase of preferred shares  (225,000)   
Dividends paid - preferred shares  (9,144) (10,656) 
Net cash used in financing activities  (279,953) (55,919) 
Effect of exchange rate changes on foreign currency cash, cash equivalents and restricted cash(28,718) (7,381) 
Decrease in cash, cash equivalents and restricted cash  (335,394) (223,762) 
Cash, cash equivalents and restricted cash - beginning of period1,576,457  1,830,020  
Cash, cash equivalents and restricted cash - end of period$1,241,063  $1,606,258  
Supplemental disclosures of cash flow information:  
Income taxes paid (refund) $(2,131) $1,321  
Interest paid  $13,133  $  


See accompanying notes to Consolidated Financial Statements.

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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, 2019, 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, except per share amounts. All amounts are reported in U.S. dollars.

Significant Accounting Policies
There was one notable change to the Company's significant accounting policies subsequent to its Annual Report on Form 10-K for the year ended December 31, 2019.

Measurement of Credit Losses on Financial Instruments

Effective January 1, 2020, the Company adopted ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments," using the modified retrospective approach for insurance and reinsurance premium balances receivable, reinsurance recoverable on unpaid losses and loss expenses and mortgage loans, held for investment. The Company assessed that the impact of adoption of ASU 2016-13 was $nil. This guidance replaced the "incurred loss" impairment methodology with an approach based on "expected losses" to estimate credit losses on certain types of financial instruments and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The guidance requires financial assets to be presented at the net amount expected to be collected. The allowance for credit losses is a valuation account that is deducted from the cost of the financial asset to present the net carrying value at the amount expected to be collected on the financial asset.
Insurance and reinsurance premium balances receivable of $3,485 million and $3,071 million at March 31, 2020 and December 31, 2019, respectively, were presented net of an allowance for expected credit losses. The allowance for expected credit losses was estimated based on the Company's analysis of amounts outstanding, historical delinquencies and write-offs, and current economic conditions together with reasonable and supportable forecasts of short-term economic conditions, giving consideration to the potential impact from the COVID-19 pandemic. At March 31, 2020, the allowance for credit losses expected to be recognized over the life of premium balances receivable was $8 million, compared to an allowance for uncollectible premium balances receivable of $7 million at December 31, 2019. The allowance for expected credit losses is recognized in net income (loss). Any adjustment to the allowance for expected credit losses is recognized in the period in which it is determined. Write-offs of premium balances receivable together with associated allowances for expected credit losses are recognized in the period in which balances are deemed uncollectible. The Company does not have a history of significant write-offs.

Reinsurance recoverable on unpaid losses and loss expenses of $4,102 million and $3,878 million at March 31, 2020 and December 31, 2019, respectively, were presented net of an allowance for expected credit losses. The allowance for expected credit losses was estimated based on the Company's analysis of amounts outstanding, historical delinquencies and write-offs, and disputes. In addition, the Company used a default analysis based on the reinsurers' credit rating and the length of collection periods to estimate allowances for credit expected losses on the remainder of the reinsurance recoverable balance. The default analysis considered current and forecasted economic conditions including the potential impact from the COVID-19 pandemic. At March 31, 2020, the allowance for credit losses expected to be recognized over the life of the reinsurance recoverable balances was $19 million, compared to an allowance for estimated uncollectible reinsurance recoverable balances of $18 million at December 31, 2019. The allowance for expected credit losses is recognized in net income (loss). Any adjustment to the allowance for expected credit losses is recognized in

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

1. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
the period in which it is determined. Write-offs of reinsurance recoverable balances together with associated allowances for expected credit losses are recognized in the period in which balances are deemed uncollectible. The Company does not have a history of significant write-offs.

Mortgage loans, held for investment of $517 million and $433 million at March 31, 2020 and December 31, 2019, respectively, were presented net of an allowance for expected credit losses. The allowance for expected credit losses was estimated based on the Company’s analysis of projected lifetime losses. These projections take into account the Company’s experience with loan losses, defaults and loss severity, and loss expectations for loans with similar risk characteristics. These evaluations are revised as conditions change and new information becomes available. At March 31, 2020 and December 31, 2019, the allowance for credit losses expected to be recognized over the life of our mortgage loans was $nil. The allowance for expected credit losses is recognized in net investment gains (losses). Any adjustment to the allowance for expected credit losses is recognized in the period in which it is determined.

Effective January 1, 2020, the Company adopted the targeted changes to the impairment model for available for sale securities introduced in ASU 2016-13 using the prospective transition approach. The updated guidance amends the previous other-than-temporary impairment model by requiring the recognition of impairments related to credit losses through an allowance account and limits the amount of credit loss to the difference between a security's amortized cost basis and its fair value. In addition, the length of time a security has been in an unrealized loss position no longer impacts the determination of whether a credit loss exists.
An available for sale fixed maturity is impaired if the fair value of the investment is below amortized cost. If a fixed maturity is impaired and the Company intends to sell the security or it is more likely than not that the Company will be required to sell the security before its anticipated recovery, the full amount of the impairment loss is charged to net income and is included in net investment gains (losses). In instances where the Company intends to hold the impaired fixed maturity, and it does not anticipate to fully recover the amortized cost, an allowance for expected credit losses is established. At March 31, 2020, the allowance for expected credit losses was $20 million. The allowance for expected credit losses is charged to net income and is included in net investment gains (losses). The non-credit impairment amount of the loss is recognized in other comprehensive income.
On a quarterly basis, the Company assesses whether unrealized losses on fixed maturities represent credit impairments by considering the following factors:
a. the extent to which the fair value is less than amortized cost;
b. adverse conditions related to the security, industry, or geographical area;
c. downgrades in the security's credit rating by a credit rating agency; and
d. failure of the issuer to make scheduled principal or interest payments.
If a security is assessed to be credit impaired, it is subject to a discounted cash flow analysis by comparing the present value of expected future cash flows with the amortized cost basis. If the present value of expected cash flows is less than the amortized cost, a credit loss exists and an allowance for expected credit losses is recognized. If the present value of expected future cash flows is equal to or greater than the amortized cost basis, an expected credit loss does not exist.
The Company reports accrued interest receivable related to available for sale debt securities separately and has elected not to measure an allowance for expected credit losses for accrued interest receivable. Write-offs of accrued interest receivable balances are recognized in net investment gains (losses) in the period in which they are deemed uncollectible.


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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, as it evaluates the underwriting results of each segment separately from the results of its investment portfolio.

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, professional lines, credit and surety, motor, liability, agriculture, engineering, marine and other, accident and health, and discontinued lines - Novae.

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

2. SEGMENT INFORMATION (CONTINUED)
The following tables present the underwriting results of the Company's reportable segments, as well as the carrying values of allocated goodwill and intangible assets:
  20202019
Three months ended and at March 31,InsuranceReinsuranceTotalInsuranceReinsuranceTotal
Gross premiums written$940,715  $1,490,443  $2,431,158  $851,096  $1,732,130  $2,583,226  
Net premiums written581,650  1,097,394  1,679,044  529,239  1,247,820  1,777,059  
Net premiums earned562,064  526,561  1,088,625  556,762  577,450  1,134,212  
Other insurance related income (loss)647  (9,354) (8,707) 1,742  5,187  6,929  
Net losses and loss expenses(471,812) (436,261) (908,073) (313,776) (350,252) (664,028) 
Acquisition costs(112,751) (125,899) (238,650) (117,775) (142,643) (260,418) 
General and administrative expenses(100,778) (29,184) (129,962) (106,034) (32,839) (138,873) 
Underwriting income (loss) $(122,630) $(74,137) (196,767) $20,919  $56,903  77,822  
Net investment income  93,101  107,303  
Net investment gains (losses) (62,877) 12,767  
Corporate expenses  (27,098) (36,218) 
Foreign exchange (losses) gains 61,683  (7,056) 
Interest expense and financing costs(23,472) (15,895) 
Reorganization expenses  982  (14,820) 
Amortization of value of business acquired(1,799) (13,104) 
Amortization of intangible assets(