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

Document
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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 September 30, 2019
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 class
Trading Symbol(s)
Name of each exchange on which registered
Common shares, par value $0.0125 per share
AXS
New York Stock Exchange
5.50% Series D preferred shares
AXS PRD
New York Stock Exchange
Depositary Shares, each representing a 1/100th interest in a 5.50% Series E preferred share
AXS PRE
New 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 October 31, 2019, there were 83,957,597 Common Shares, $0.0125 par value per share, of the registrant outstanding.


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 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" and "intend" or similar expressions. These forward-looking statements are not historical facts, and are based upon 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, 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 results to differ materially from those indicated in such statements. We believe that these factors include, but are not limited to, the following: 
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 key executives;
a decline in our ratings with rating agencies;
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;
failure to comply with certain laws and regulations relating to sanctions and foreign corrupt practices;
increased competition;


3

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changes in the political environment of certain countries in which we operate or underwrite business including the United Kingdom's expected 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' and Item 7, 'Management’s Discussion and Analysis of Financial Condition and Results of Operations' included 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.

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, a part of this Quarterly Report on Form 10-Q.



4

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ITEM 1.     CONSOLIDATED FINANCIAL STATEMENTS

 
 
Page  
 
 
Consolidated Balance Sheets at September 30, 2019 (Unaudited) and December 31, 2018
Consolidated Statements of Operations for the three and nine months ended September 30, 2019 and 2018 (Unaudited)
Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2019 and 2018 (Unaudited)
Consolidated Statements of Changes in Shareholders' Equity for the three and nine months ended September 30, 2019 and 2018 (Unaudited)
Consolidated Statements of Cash Flows for the nine months ended September 30, 2019 and 2018 (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 - Leases
Note 13 - Transaction and Reorganization Expenses
Note 14 - Other Comprehensive Income (Loss)
Note 15 - Subsequent Events





5

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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 2019 (UNAUDITED) AND DECEMBER 31, 2018
 
 
2019
 
2018
 
(in thousands)
Assets
 
 
 
Investments:
 
 
 
Fixed maturities, available for sale, at fair value
(Amortized cost 2019: $12,407,704; 2018: $11,616,312)
$
12,616,241

 
$
11,435,347

Equity securities, at fair value
(Cost 2019: $380,645; 2018: $365,905)
429,903

 
381,633

Mortgage loans, held for investment, at fair value
407,790

 
298,650

Other investments, at fair value
779,200

 
787,787

Equity method investments
113,748

 
108,103

Short-term investments, at fair value
12,539

 
144,040

Total investments
14,359,421

 
13,155,560

Cash and cash equivalents
763,825

 
1,232,814

Restricted cash and cash equivalents
444,726

 
597,206

Accrued interest receivable
81,371

 
80,335

Insurance and reinsurance premium balances receivable
3,322,316

 
3,007,296

Reinsurance recoverable on unpaid losses and loss expenses
3,705,793

 
3,501,669

Reinsurance recoverable on paid losses and loss expenses
252,087

 
280,233

Deferred acquisition costs
586,440

 
566,622

Prepaid reinsurance premiums
1,243,040

 
1,013,573

Receivable for investments sold
9,711

 
32,627

Goodwill
102,003

 
102,003

Intangible assets
233,305

 
241,568

Value of business acquired
11,048

 
35,714

Operating lease right-of-use assets
116,560

 

Other assets
263,880

 
285,346

Total assets
$
25,495,526

 
$
24,132,566

Liabilities
 
 
 
Reserve for losses and loss expenses
$
12,498,507

 
$
12,280,769

Unearned premiums
4,153,003

 
3,635,758

Insurance and reinsurance balances payable
1,276,123

 
1,338,991

Senior notes
1,388,135

 
1,341,961

Payable for investments purchased
89,805

 
111,838

Operating lease liabilities
115,887

 

Other liabilities
388,196

 
393,178

Total liabilities
19,909,656

 
19,102,495

Shareholders’ equity
 
 
 
Preferred shares
775,000

 
775,000

Common shares (shares issued 2019: 176,580; 2018: 176,580
shares outstanding 2019: 83,947; 2018: 83,586)
2,206

 
2,206

Additional paid-in capital
2,309,483

 
2,308,583

Accumulated other comprehensive income (loss)
176,296

 
(177,110
)
Retained earnings
6,101,902

 
5,912,812

Treasury shares, at cost (2019: 92,633; 2018: 92,994 shares)
(3,779,017
)
 
(3,791,420
)
Total shareholders’ equity
5,585,870

 
5,030,071

Total liabilities and shareholders’ equity
$
25,495,526

 
$
24,132,566


See accompanying notes to Consolidated Financial Statements.

6

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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018

 
Three months ended
 
Nine months ended
 
2019
 
2018
 
2019
 
2018
 
(in thousands, except for per share amounts)
Revenues
 
 
 
 
 
 
 
Net premiums earned
$
1,157,307

 
$
1,224,075

 
$
3,415,126

 
$
3,577,026

Net investment income
115,763

 
114,421

 
361,014

 
325,380

Other insurance related income
1,533

 
8,475

 
11,385

 
18,811

Net investment gains (losses):
 
 
 
 
 
 
 
Other-than-temporary impairment ("OTTI") losses
(1,458
)
 
(5,546
)
 
(6,328
)
 
(7,634
)
Other realized and unrealized investment gains (losses)
15,985

 
(12,082
)
 
54,850

 
(69,917
)
Total net investment gains (losses)
14,527

 
(17,628
)
 
48,522

 
(77,551
)
Total revenues
1,289,130

 
1,329,343

 
3,836,047

 
3,843,666

 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
Net losses and loss expenses
850,913

 
794,959

 
2,187,403

 
2,162,945

Acquisition costs
260,026

 
248,314

 
762,807

 
709,527

General and administrative expenses
155,522

 
154,894

 
496,008

 
489,944

Foreign exchange losses (gains)
(59,543
)
 
8,305

 
(64,868
)
 
2,066

Interest expense and financing costs
18,042

 
16,897

 
49,545

 
50,758

Transaction and reorganization expenses
11,215

 
16,300

 
29,310

 
48,125

    Amortization of value of business acquired
4,368

 
39,018

 
24,666

 
149,535

    Amortization of intangible assets
2,831

 
1,753

 
8,744

 
8,564

Total expenses
1,243,374

 
1,280,440

 
3,493,615

 
3,621,464

 
 
 
 
 
 
 
 
Income before income taxes and interest in income of equity method investments
45,756

 
48,903

 
342,432

 
222,202

Income tax (expense) benefit
(8,147
)
 
3,525

 
(23,850
)
 
3,565

Interest in income of equity method investments
792

 
1,667

 
5,645

 
5,045

Net income
38,401

 
54,095

 
324,227

 
230,812

Preferred share dividends
10,656

 
10,656

 
31,969

 
31,969

Net income available to common shareholders
$
27,745

 
$
43,439

 
$
292,258

 
$
198,843

 
 
 
 
 
 
 
 
Per share data
 
 
 
 
 
 
 
Earnings per common share:
 
 
 
 
 
 
 
Earnings per common share
$
0.33

 
$
0.52

 
$
3.48

 
$
2.38

Earnings per diluted common share
$
0.33

 
$
0.52

 
$
3.46

 
$
2.37

Weighted average common shares outstanding
83,947

 
83,558

 
83,872

 
83,474

Weighted average diluted common shares outstanding
84,582

 
84,107

 
84,420

 
83,939

 
 
 
 
 
 
 
 



See accompanying notes to Consolidated Financial Statements.

7

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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018
 
 
Three months ended
 
Nine months ended
 
2019
 
2018
 
2019
 
2018
 
(in thousands)
Net income
$
38,401

 
$
54,095

 
$
324,227

 
$
230,812

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
Available for sale investments:
 
 
 
 
 
 
 
Unrealized investment gains (losses) arising during the period
39,569

 
(26,061
)
 
361,220

 
(257,521
)
Adjustment for reclassification of net realized investment (gains) losses and OTTI losses recognized in net income
(14,808
)
 
25,924

 
(8,423
)
 
77,189

Unrealized investment gains (losses) arising during the period, net of reclassification adjustment
24,761

 
(137
)
 
352,797

 
(180,332
)
Foreign currency translation adjustment
(4,610
)
 
994

 
609

 
(6,864
)
Total other comprehensive income (loss), net of tax
20,151

 
857

 
353,406

 
(187,196
)
Comprehensive income
$
58,552

 
$
54,952

 
$
677,633

 
$
43,616




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 NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018
 
Three months ended
 
Nine months ended
 
2019
 
2018
 
2019
 
2018
 
(in thousands)
Preferred shares
 
 
 
 
 
 
 
Balance at beginning and end of period
775,000

 
775,000

 
$
775,000

 
$
775,000

 
 
 
 
 
 
 
 
Common shares (par value)
 
 
 
 
 
 
 
Balance at beginning and end of period
2,206

 
2,206

 
2,206

 
2,206

 
 
 
 
 
 
 
 
Additional paid-in capital
 
 
 
 
 
 
 
Balance at beginning of period
2,303,592

 
2,295,633

 
2,308,583

 
2,299,166

Treasury shares reissued
(57
)
 
(56
)
 
(20,114
)
 
(21,935
)
Share-based compensation expense
5,948

 
8,530

 
21,014

 
26,876

Balance at end of period
2,309,483

 
2,304,107

 
2,309,483

 
2,304,107

 
 
 
 
 
 
 
 
Accumulated other comprehensive income (loss)
 
 
 
 
 
 
 
Balance at beginning of period
156,145

 
(163,168
)
 
(177,110
)
 
92,382

Unrealized gains (losses) on available for sale investments, net of tax:
 
 
 
 
 
 
 
Balance at beginning of period
159,671

 
(157,730
)
 
(168,365
)
 
89,962

Cumulative effect of adoption of ASU No. 2018-02


 

 

 
2,106

Cumulative effect of adoption of ASU No. 2016-01, net of taxes

 

 

 
(69,604
)
Unrealized gains (losses) arising during the period, net of reclassification adjustment
24,761

 
(138
)
 
352,797

 
(180,332
)
Balance at end of period
184,432

 
(157,868
)
 
184,432

 
(157,868
)
Cumulative foreign currency translation adjustments, net of tax:
 
 
 
 
 
 
 
Balance at beginning of period
(3,526
)
 
(5,438
)
 
(8,745
)
 
2,420

Foreign currency translation adjustment
(4,610
)
 
994

 
609

 
(6,864
)
Balance at end of period
(8,136
)
 
(4,444
)
 
(8,136
)
 
(4,444
)
Balance at end of period
176,296

 
(162,312
)
 
176,296

 
(162,312
)
 
 
 
 
 
 
 
 
Retained earnings
 
 
 
 
 
 
 
Balance at beginning of period
6,108,577

 
6,135,625

 
5,912,812

 
5,979,666

Cumulative effect of adoption of ASU No. 2018-02

 

 

 
(2,106
)
Cumulative effect of adoption of ASU No. 2016-01, net of taxes

 

 

 
69,604

Net income
38,401

 
54,095

 
324,227

 
230,812

Preferred share dividends
(10,656
)
 
(10,656
)
 
(31,969
)
 
(31,969
)
Common share dividends
(34,420
)
 
(33,582
)
 
(103,168
)
 
(100,525
)
Balance at end of period
6,101,902

 
6,145,482

 
6,101,902

 
6,145,482

 
 
 
 
 
 
 
 
Treasury shares, at cost
 
 
 
 
 
 
 
Balance at beginning of period
(3,779,043
)
 
(3,792,291
)
 
(3,791,420
)
 
(3,807,156
)
Shares repurchased
(31
)
 
(23
)
 
(9,445
)
 
(8,699
)
Shares reissued
57

 
103

 
21,848

 
23,644

Balance at end of period
(3,779,017
)
 
(3,792,211
)
 
(3,779,017
)
 
(3,792,211
)
 
 
 
 
 
 
 
 
Total shareholders’ equity
$
5,585,870

 
$
5,272,272

 
$
5,585,870

 
$
5,272,272

 
 
 
 
 
 
 
 


    


See accompanying notes to Consolidated Financial Statements.

9

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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2019 AND 2018
 
Nine months ended
 
2019
 
2018
 
(in thousands)
Cash flows from operating activities:
 
 
 
Net income
$
324,227

 
$
230,812

Adjustments to reconcile net income to net cash used in operating activities:
 
 
 
Net investment (gains) losses
(48,522
)
 
71,799

Net realized and unrealized gains on other investments
(49,271
)
 
(41,924
)
Amortization of fixed maturities
13,616

 
20,547

Interest in income of equity method investments
(5,645
)
 
(3,557
)
Amortization of value of business acquired
24,666

 
149,535

Other amortization and depreciation
56,964

 
32,934

Share-based compensation expense, net of cash payments
21,160

 
26,145

Changes in:
 
 
 
Accrued interest receivable
(1,291
)
 
1,085

Reinsurance recoverable balances on unpaid and paid losses
(165,247
)
 
(419,226
)
Deferred acquisition costs
(20,249
)
 
(214,500
)
Prepaid reinsurance premiums
(228,973
)
 
(311,498
)
Reserve for losses and loss expenses
216,086

 
179,018

Unearned premiums
517,798

 
632,912

Insurance and reinsurance balances, net
(377,826
)
 
(290,728
)
Other items
(35,978
)
 
67,813

Net cash provided by operating activities
241,515

 
131,167

 
 
 
 
Cash flows from investing activities:
 
 
 
Purchases of:
 
 
 
Fixed maturities
(7,705,671
)
 
(6,707,576
)
Equity securities
(45,086
)
 
(59,040
)
Mortgage loans
(129,711
)
 
(78,079
)
Other investments
(166,728
)
 
(79,319
)
Short-term investments
(126,960
)
 
(285,103
)
Proceeds from the sale of:
 
 
 
Fixed maturities
6,022,475

 
5,956,644

Equity securities
32,682

 
223,098

Other investments
222,982

 
211,395

Short-term investments
243,293

 
153,687

Proceeds from redemption of fixed maturities
885,128

 
982,010

Proceeds from redemption of short-term investments
15,794

 
37,831

Proceeds from the repayment of mortgage loans

20,759

 
70,481

Purchase of other assets
(41,800
)
 
(16,918
)
Net cash provided by (used in) investing activities
(772,843
)
 
409,111

 
 
 
 
Cash flows from financing activities:
 
 
 
Taxes paid on withholding shares
(9,445
)
 
(8,699
)
Dividends paid - common shares
(103,526
)
 
(100,770
)
Dividends paid - preferred shares
(31,969
)
 
(31,969
)
Net proceeds from issuance of senior notes
296,334

 

Redemption of senior notes
(250,000
)
 

Net cash used in financing activities
(98,606
)
 
(141,438
)
 
 
 
 
Effect of exchange rate changes on foreign currency cash, cash equivalents, and restricted cash
8,465

 
(10,228
)
Increase (decrease) in cash, cash equivalents, and restricted cash
(621,469
)
 
388,612

Cash, cash equivalents, and restricted cash - beginning of period
1,830,020

 
1,363,786

Cash, cash equivalents, and restricted cash - end of period
$
1,208,551

 
$
1,752,398

 
 
 
 
Supplemental disclosures of cash flow information:
 
 
 
Income taxes paid
$
12,149

 
$
12,108

Interest paid
$
37,875

 
$
42,856

Supplemental disclosures of cash flow information: In 2018, total consideration paid for an agreement for the Reinsurance to Close ("RITC") of the 2015 and prior years of account of Syndicate 2007 was $819 million of which $600 million was settled by way of a transfer of securities and was treated as a non-cash activity in the consolidated statement of cash flows (refer to Note 6 'Reserve for Losses and Loss Expenses').

See accompanying notes to Consolidated Financial Statements.

10

Table of Contents

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, 2018, 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. These reclassifications did not impact results of operations, financial condition or liquidity.

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 no notable change to the Company's significant accounting policies subsequent to its Annual Report on Form 10-K for the year ended December 31, 2018.

New Accounting Standards Adopted in 2019

Leases

Effective January 1, 2019, the Company adopted ASU 2016-02, "Leases (Topic 842)", which provides a new comprehensive model for lease accounting. Topic 842 requires a lessee to recognize a liability to make lease payments (the lease liability) and a right-of-use asset representing its right to use the underlying asset for the lease term. The adoption of this standard resulted in the recognition of lease liabilities and right-of-use assets of $144 million in the Company's consolidated balance sheet at March 31, 2019, related to office property and equipment leases.

In addition, the Company adopted ASU 2018-11, "Leases (Topic 842) - Targeted Improvements", which provides an additional (and optional) transition method to adopt the new lease guidance. Under the alternative transition method, the Company's reporting for the comparative periods presented in its financial statements will be in accordance with the pre-effective date lease accounting requirements (Topic 840).

The Company also elected the package of practical expedients permitted under the transition guidance of Topic 842, which were elected as a package and applied consistently to all leases. At the adoption date, the package of practical expedients permitted the Company not to reassess the following:

1.
whether any expired or existing contracts are or contain leases;
2.
the lease classification for any expired or existing leases; and
3.
initial direct costs for any existing leases.

In addition to electing the package of practical expedients, the Company made an accounting policy election to account for non-lease components separately from lease components. As a result, the non-lease components associated with the Company's leases are not included in the lease liabilities and right-of-use assets in the Company's consolidated balance at September 30, 2019.
 


11

Table of Contents

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

1.
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)

Further, the Company made an accounting policy election not to record office property and equipment leases with an initial term of 12 months or less (short-term) in the Company's consolidated balance sheets. For the nine months ended September 30, 2019, the Company recognized expense for short-term leases of $1.0 million in the Company's consolidated statements of operations. The adoption of this guidance did not impact the Company's retained earnings or liquidity and did not have a material impact on its results of operations.

Premium Amortization on Purchased Callable Debt Securities

Effective January 1, 2019, the Company adopted ASU 2017-08 "Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20) - Premium Amortization on Purchased Callable Debt Securities" which shortens the amortization period for certain purchased callable debt securities held at a premium. The adoption of this guidance did not impact the Company's results of operations, financial condition or liquidity.

Changes to Disclosures on Fair Value Measurement

Effective January 1, 2019, the Company adopted ASU 2018-13 "Fair Value Measurement (Topic 820) - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement" which aims to improve the effectiveness of fair value measurement disclosures. The adoption of this guidance did not impact the Company's results of operations, financial condition or liquidity.

Recently Issued Accounting Standards Not Yet Adopted

Measurement of Credit Losses on Financial Instruments

In June 2016, the FASB issued ASU 2016-13, "Financial Instruments - Credit Losses (Topic 326) - Measurement of Credit Losses on Financial Instruments" which replaces 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 Company's insurance and reinsurance premium balances receivable and its reinsurance recoverable on unpaid and paid losses and loss expenses are its most significant financial assets within the scope of ASU 2016-13. 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. This guidance is effective for interim and annual periods beginning after December 15, 2019. The Company does not anticipate that the adoption of this guidance will have a material impact on its results of operations, financial condition or liquidity.

The Company will also be impacted by the targeted changes to the impairment model for available for sale securities introduced in ASU 2016-13. Credit losses relating to available for sale debt securities will be recorded through an allowance for credit losses. This guidance is effective for interim and annual periods beginning after December 15, 2019. The Company is currently evaluating the impact of this guidance on its results of operations, financial condition and liquidity.




12

Table of Contents

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.

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:
 
  
2019
 
2018
 
 
Three months ended and at September 30,
Insurance
 
Reinsurance
 
Total
 
Insurance
 
Reinsurance
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross premiums written
$
894,902

 
$
511,604

 
$
1,406,506

 
$
969,364

 
$
454,343

 
$
1,423,707

 
 
Net premiums written
517,050

 
339,031

 
856,081

 
602,070

 
317,868

 
919,938

 
 
Net premiums earned
536,451

 
620,856

 
1,157,307

 
614,795

 
609,280

 
1,224,075

 
 
Other insurance related income
733

 
800

 
1,533

 
1,526

 
6,949

 
8,475

 
 
Net losses and loss expenses
(338,966
)
 
(511,947
)
 
(850,913
)
 
(