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Section 1: 10-Q (10-Q)

axs-20200930
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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 September 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 October 26, 2020, there were 84,321,136 common shares outstanding, $0.0125 par value per share, of the registrant.
1

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 for 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, credit spreads, equity securities' prices 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;
inadvertent 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 foreign 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 September 30, 2020 (Unaudited) and December 31, 2019
Consolidated Statements of Operations for the three and nine months ended September 30, 2020 and 2019 (Unaudited)
Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2020 and 2019 (Unaudited)
Consolidated Statements of Changes in Shareholders' Equity for the three and nine months ended September 30, 2020 and 2019 (Unaudited)
Consolidated Statements of Cash Flows for the nine months ended September 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
SEPTEMBER 30, 2020 (UNAUDITED) AND DECEMBER 31, 2019
 
20202019
 (in thousands)
Assets
Investments:
Fixed maturities, available for sale, at fair value
    (Amortized cost 2020: $12,201,832; 2019: $12,263,240
    Allowance for expected credit losses 2020: $2,498)
$12,609,241 $12,468,205 
Equity securities, at fair value
    (Cost 2020: $356,176; 2019: $398,956)
417,886 474,207 
Mortgage loans, held for investment, at fair value
     (Allowance for expected credit losses 2020: $nil)
544,095 432,748 
Other investments, at fair value760,206 770,923 
Equity method investments104,242 117,821 
Short-term investments, at fair value69,996 38,471 
Total investments14,505,666 14,302,375 
Cash and cash equivalents1,000,781 1,241,109 
Restricted cash and cash equivalents440,035 335,348 
Accrued interest receivable70,013 78,085 
Insurance and reinsurance premium balances receivable
     (Allowance for expected credit losses 2020: $10,727)
3,131,791 3,071,390 
Reinsurance recoverable on unpaid losses and loss expenses
     (Allowance for expected credit losses 2020: $22,825)
4,337,683 3,877,756 
Reinsurance recoverable on paid losses and loss expenses373,431 327,795 
Deferred acquisition costs520,706 492,119 
Prepaid reinsurance premiums1,278,672 1,101,889 
Receivable for investments sold17,513 35,659 
Goodwill102,003 102,003 
Intangible assets222,362 230,550 
Value of business acquired4,881 8,992 
Operating lease right-of-use assets131,776 111,092 
Other assets315,683 287,892 
Total assets$26,452,996 $25,604,054 
Liabilities
Reserve for losses and loss expenses$13,653,488 $12,752,081 
Unearned premiums4,070,649 3,626,246 
Insurance and reinsurance balances payable1,244,846 1,349,082 
Debt1,309,384 1,808,157 
Payable for investments purchased458,111 32,985 
Operating lease liabilities140,058 115,584 
Other liabilities310,565 375,911 
Total liabilities21,187,101 20,060,046 
Shareholders’ equity
Preferred shares 550,000 775,000 
Common shares (shares issued 2020: 176,580; 2019: 176,580
    shares outstanding 2020: 84,309; 2019: 83,959)
2,206 2,206 
Additional paid-in capital2,325,196 2,317,212 
Accumulated other comprehensive income 350,111 171,710 
Retained earnings5,804,637 6,056,686 
Treasury shares, at cost (2020: 92,271; 2019: 92,621 shares)
(3,766,255)(3,778,806)
Total shareholders’ equity 5,265,895 5,544,008 
Total liabilities and shareholders’ equity$26,452,996 $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 NINE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019

 Three months endedNine months ended
2020201920202019
 (in thousands, except for per share amounts)
Revenues
Net premiums earned$1,091,312 $1,157,307 $3,283,941 $3,415,126 
Net investment income101,956 115,763 240,098 361,014 
Other insurance related income (loss)1,440 1,533 (5,270)11,385 
Net investment gains:
Allowance for expected credit losses
3,759  (2,498) 
Impairment losses(184) (1,486) 
Other-than-temporary impairment ("OTTI") losses (1,458) (6,328)
Other realized and unrealized investment gains 52,034 15,985 49,761 54,850 
Total net investment gains55,609 14,527 45,777 48,522 
Total revenues1,250,317 1,289,130 3,564,546 3,836,047 
Expenses
Net losses and loss expenses879,677 850,913 2,464,012 2,187,403 
Acquisition costs230,564 260,026 697,716 762,807 
General and administrative expenses138,823 155,522 436,538 496,008 
Foreign exchange losses (gains)60,734 (59,543)8,760 (64,868)
Interest expense and financing costs15,574 18,042 59,641 49,545 
Reorganization expenses1,413 11,215 822 29,310 
    Amortization of value of business acquired1,028 4,368 4,111 24,666 
    Amortization of intangible assets2,838 2,831 8,564 8,744 
Total expenses1,330,651 1,243,374 3,680,164 3,493,615 
Income (loss) before income taxes and interest in income (loss) of equity method investments(80,334)45,756 (115,618)342,432 
Income tax (expense) benefit12,056 (8,147)6,030 (23,850)
Interest in income (loss) of equity method investments2,896 792 (13,579)5,645 
Net income (loss)(65,382)38,401 (123,167)324,227 
Preferred share dividends7,563 10,656 22,688 31,969 
Net income (loss) available (attributable) to common shareholders$(72,945)$27,745 $(145,855)$292,258 
Per share data
Earnings (loss) per common share:
Earnings (loss) per common share$(0.87)$0.33 $(1.73)$3.48 
Earnings (loss) per diluted common share$(0.87)$0.33 $(1.73)$3.46 
Weighted average common shares outstanding84,308 83,947 84,235 83,872 
Weighted average diluted common shares outstanding84,308 84,582 84,235 84,420 


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 NINE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019
 
 Three months endedNine months ended
 2020201920202019
 (in thousands)
Net income (loss) $(65,382)$38,401 $(123,167)$324,227 
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 recognized95,112 39,569 210,383 361,220 
Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has been recognized220  (112) 
Adjustment for reclassification of net realized gains, impairment losses and OTTI losses recognized in net income (loss)(29,130)(14,808)(30,289)(8,423)
Unrealized gains arising during the period, net of reclassification adjustment66,202 24,761 179,982 352,797 
Foreign currency translation adjustment2,310 (4,610)(1,581)609 
Total other comprehensive income, net of tax68,512 20,151 178,401 353,406 
Comprehensive income$3,130 $58,552 $55,234 $677,633 


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, 2020 AND 2019

Three months endedNine 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 period2,317,354 2,303,592 2,317,212 2,308,583 
Treasury shares reissued(197)(57)(19,348)(20,114)
Share-based compensation expense8,039 5,948 27,332 21,014 
Balance at end of period2,325,196 2,309,483 2,325,196 2,309,483 
Accumulated other comprehensive income
Balance at beginning of period281,599 156,145 171,710 (177,110)
Unrealized gains (losses) on available for sale investments, net of tax:
Balance at beginning of period295,301 159,671 181,521 (168,365)
Unrealized gains arising during the period, net of reclassification adjustment66,202 24,761 179,982 352,797 
Balance at end of period361,503 184,432 361,503 184,432 
Cumulative foreign currency translation adjustments, net of tax:
Balance at beginning of period(13,702)(3,526)(9,811)(8,745)
Foreign currency translation adjustment2,310 (4,610)(1,581)609 
Balance at end of period(11,392)(8,136)(11,392)(8,136)
Balance at end of period350,111 176,296 350,111 176,296 
Retained earnings
Balance at beginning of period5,913,029 6,108,577 6,056,686 5,912,812 
Net income (loss)(65,382)38,401 (123,167)324,227 
Preferred share dividends(7,563)(10,656)(22,688)(31,969)
Common share dividends(35,447)(34,420)(106,194)(103,168)
Balance at end of period5,804,637 6,101,902 5,804,637 6,101,902 
Treasury shares, at cost
Balance at beginning of period(3,766,368)(3,779,043)(3,778,806)(3,791,420)
Shares repurchased(84)(31)(8,685)(9,445)
Shares reissued197 57 21,236 21,848 
Balance at end of period(3,766,255)(3,779,017)(3,766,255)(3,779,017)
Total shareholders’ equity $5,265,895 $5,585,870 $5,265,895 $5,585,870 





See accompanying notes to Consolidated Financial Statements.

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AXIS CAPITAL HOLDINGS LIMITED
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2020 AND 2019
Nine months ended
20202019
 (in thousands)
Cash flows from operating activities:
Net income (loss)$(123,167)$324,227 
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Net investment gains(45,777)(48,522)
Net realized and unrealized (gains) losses on other investments14,574 (49,271)
Amortization of fixed maturities24,398 13,616 
Interest in (income) loss of equity method investments13,579 (5,645)
Amortization of value of business acquired4,111 24,666 
Other amortization and depreciation46,734 56,964 
Share-based compensation expense, net of cash payments17,650 21,160 
Changes in:
Accrued interest receivable7,792 (1,291)
Reinsurance recoverable balances on unpaid and paid losses(506,705)(165,247)
Deferred acquisition costs(29,126)(20,249)
Prepaid reinsurance premiums(177,624)(228,973)
Reserve for losses and loss expenses910,106 216,086 
Unearned premiums448,035 517,798 
Insurance and reinsurance balances, net(166,708)(377,826)
Other items(89,093)(35,978)
Net cash provided by operating activities348,779 241,515 
Cash flows from investing activities:
Purchases of:
Fixed maturities(8,543,641)(7,705,671)
Equity securities(40,027)(45,086)
Mortgage loans(115,290)(129,711)
Other investments(93,044)(166,728)
Short-term investments(206,400)(126,960)
Proceeds from the sale of:
Fixed maturities7,856,524 6,022,475 
Equity securities95,960 32,682 
Other investments133,536 222,982 
Short-term investments117,097 243,293 
Proceeds from redemption of fixed maturities1,155,648 885,128 
Proceeds from redemption of short-term investments57,948 15,794 
Proceeds from the repayment of mortgage loans

4,245 20,759 
Purchase of other assets(36,582)(41,800)
Net cash provided by (used in) investing activities385,974 (772,843)
Cash flows from financing activities:
Taxes paid on withholding shares(8,685)(9,445)
Dividends paid - common shares(106,595)(103,526)
Repurchase of preferred shares(225,000) 
Dividends paid - preferred shares(24,269)(31,969)
Net proceeds from issuance of senior notes 296,334 
Redemption of senior notes(500,000)(250,000)
Net cash used in financing activities(864,549)(98,606)
Effect of exchange rate changes on foreign currency cash, cash equivalents and restricted cash(5,845)8,465 
Decrease in cash, cash equivalents and restricted cash(135,641)(621,469)
Cash, cash equivalents and restricted cash - beginning of period1,576,457 1,830,020 
Cash, cash equivalents and restricted cash - end of period$1,440,816 $1,208,551 
Supplemental disclosures of cash flow information:
Income taxes paid (refund)$(5,309)$12,149 
Interest paid$47,108 $37,875 

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 change noted below 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 $3,132 million and $3,071 million at September 30, 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 due, 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 September 30, 2020, the allowance for credit losses expected to be recognized over the life of premium balances receivable was $11 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 $4,338 million and $3,878 million at September 30, 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 due, 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 September 30, 2020, the allowance for credit losses expected to be recognized over the life of the reinsurance recoverable balances was $23 million, compared

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

1.    BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
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 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 $544 million and $433 million at September 30, 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 September 30, 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 September 30, 2020, the allowance for expected credit losses was $2.5 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.
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 September 30,InsuranceReinsuranceTotalInsuranceReinsuranceTotal
Gross premiums written$935,817$395,361$1,331,178$894,902$511,604$1,406,506
Net premiums written544,857271,125815,982517,050339,031856,081
Net premiums earned570,184521,1281,091,312536,451620,8561,157,307
Other insurance related income 6887521,4407338001,533
Net losses and loss expenses(443,389)(436,288)(879,677)(338,966)(511,947)(850,913)
Acquisition costs(114,569)(115,995)(230,564)(115,551)(144,475)(260,026)
Underwriting-related general and administrative expenses(94,379)(23,456)(117,835)(100,559)(26,060)(126,619)
Underwriting loss$(81,465)$(53,859)(135,324)$(17,892)$(60,826)(78,718)
Net investment income101,956115,763
Net investment gains55,60914,527
Corporate expenses(20,988)(28,903)
Foreign exchange (losses) gains(60,734)59,543
Interest expense and financing costs(15,574)(18,042)