AXIS CAPITAL HOLDINGS LTD Files 2023 10-K

TL;DR

<b>AXIS CAPITAL HOLDINGS LTD has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

AXIS CAPITAL HOLDINGS LTD (AXS-PE) filed a Annual Report (10-K) with the SEC on February 27, 2024. AXIS CAPITAL HOLDINGS LTD filed its 2023 10-K on February 27, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is Fire, Marine & Casualty Insurance. Key financial data points such as revenue, net income, and EPS are detailed within the report. The report includes information on common and preferred stock, as well as accumulated net unrealized investment gains and losses.

Why It Matters

For investors and stakeholders tracking AXIS CAPITAL HOLDINGS LTD, this filing contains several important signals. This 10-K filing provides a comprehensive overview of AXIS CAPITAL HOLDINGS LTD's financial performance and position for the fiscal year 2023, crucial for investors to assess the company's health and future prospects. The detailed financial statements and risk factors within the report are essential for understanding the company's operational landscape and potential challenges in the insurance sector.

Risk Assessment

Risk Level: medium — AXIS CAPITAL HOLDINGS LTD shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, the absence of specific performance highlights or significant changes in this initial summary suggests a neutral outlook, but the inherent risks of the insurance industry warrant a medium risk assessment.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand AXIS CAPITAL HOLDINGS LTD's performance and strategic positioning in the insurance market.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-02-27 — Filed As Of Date (Date)
• 0001214816 — Central Index Key (Filer's identifier)
• 6331 — Standard Industrial Classification (Industry code)

Key Players & Entities

• AXIS CAPITAL HOLDINGS LTD (company) — Filer
• 2023 (date) — Fiscal Year End
• 2024-02-27 (date) — Filing Date
• FIRE, MARINE & CASUALTY INSURANCE (industry) — Standard Industrial Classification
• 92 PITTS BAY ROAD (address) — Business Address
• PEMBROKE (location) — Business Address City
• HM 08 (postal_code) — Business Address Zip
• 0001214816-24-000024 (filing_id) — Accession Number

FAQ

Industry Context

AXIS CAPITAL HOLDINGS LTD operates within the Fire, Marine & Casualty Insurance industry, a sector characterized by significant regulatory oversight and exposure to diverse risks.

Regulatory Implications

The insurance industry is subject to stringent regulations that vary by jurisdiction, impacting capital requirements, underwriting practices, and claims handling.

What Investors Should Do

1. Analyze the "Financial Statements and Supplementary Data" section for detailed revenue, net income, and balance sheet information.
2. Examine the "Risk Factors" section to understand potential challenges and uncertainties facing AXIS CAPITAL HOLDINGS LTD.
3. Review the "Management's Discussion and Analysis of Financial Condition and Results of Operations" for insights into the company's performance drivers and outlook.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-27: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial filing of the 2023 10-K. A comparison to the previous year's filing will be possible once the prior year's 10-K is analyzed.

Key Financial Figures

• $0.0125 — ch registered Common shares, par value $0.0125 per share AXS New York Stock Exchange
• $4.7 b — , we had common shareholders' equity of $4.7 billion, total capital of $6.6 billion an
• $6.6 billion — quity of $4.7 billion, total capital of $6.6 billion and total assets of $30.3 billion. Ou
• $30.3 billion — tal of $6.6 billion and total assets of $30.3 billion. Our Business Strategy We are a glob

Filing Documents

• axs-20231231.htm (10-K) — 8816KB
• axs-2021231xexx412.htm (EX-4.12) — 104KB
• axs-20231231xexx1013.htm (EX-10.13) — 134KB
• axs-20231231xexx1017.htm (EX-10.17) — 134KB
• axs-20231231xexx1022.htm (EX-10.22) — 10KB
• axs-20231231xexx1023.htm (EX-10.23) — 15KB
• axs-20231231xexx1024.htm (EX-10.24) — 32KB
• axs-20231231xexx1035.htm (EX-10.35) — 46KB
• axs-20231231xexx1039.htm (EX-10.39) — 62KB
• axs-20231231xexx1042.htm (EX-10.42) — 36KB
• axs-20231231xexx211.htm (EX-21.1) — 24KB
• axs-20231231xexx221.htm (EX-22.1) — 7KB
• axs-20231231xexx231.htm (EX-23.1) — 3KB
• axs-20231231xexx311.htm (EX-31.1) — 10KB
• axs-20231231xexx312.htm (EX-31.2) — 10KB
• axs-20231231xexx321.htm (EX-32.1) — 6KB
• axs-20231231xexx322.htm (EX-32.2) — 6KB
• axs-20231231xexx971.htm (EX-97.1) — 29KB
• axs-20231231_g1.jpg (GRAPHIC) — 88KB
• 0001214816-24-000024.txt (&nbsp;) — 39231KB
• axs-20231231.xsd (EX-101.SCH) — 121KB
• axs-20231231_cal.xml (EX-101.CAL) — 227KB
• axs-20231231_def.xml (EX-101.DEF) — 888KB
• axs-20231231_lab.xml (EX-101.LAB) — 1662KB
• axs-20231231_pre.xml (EX-101.PRE) — 1267KB
• axs-20231231_htm.xml (XML) — 10060KB

Risk Factors

Item 1A. Risk Factors 31

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 54

Cyber s e curity

Item 1C. Cyber s e curity 54

Properties

Item 2. Properties 55

Legal Proceedings

Item 3. Legal Proceedings 55

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 55 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 56

Reserved

Item 6. Reserved 57

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 58

Quantitative and Qualitative Disclosure About Market Risk

Item 7A. Quantitative and Qualitative Disclosure About Market Risk 108

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 111

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 229

Controls and Procedures

Item 9A. Controls and Procedures 229

Other Information

Item 9B. Other Information 231

Disclosure Regarding Foreign Jurisdictions That Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 231 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 231

Executive Compensation

Item 11. Executive Compensation 231

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 232

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 232

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 232 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 232

Form 10-K Summary

Item 16. Form 10-K Summary 237 Cautionary Note Regarding Forward-Looking Statements This Annual Report on Form 10-K 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 for losses and loss expenses, 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 including our exit from catastrophe and property reinsurance lines of business, our expectations regarding pricing, and other market and economic conditions including the liquidity of financial markets, developments in the commercial real estate market, inflation, our growth prospects, and valuations of the potential impact of movements in interest rates, credit spreads, equity securities' prices, and foreign currency exchan

BUSINESS

ITEM 1. BUSINESS In this Form 10-K, references to "AXIS Capital" refer to AXIS Capital Holdings Limited and references to "we", "us", "our", "AXIS", the "Group" or the "Company" refer to AXIS Capital Holdings Limited and its direct and indirect subsidiaries and branches, including: AXIS Specialty Holdings Bermuda Limited, AXIS Specialty Limited ("AXIS Specialty Bermuda"), AXIS Specialty Limited (Singapore Branch), AXIS Specialty Investments Limited, AXIS Specialty Investments II Limited, AXIS Specialty UK Holdings Limited, AXIS Managing Agency Ltd., AXIS Corporate Capital UK Limited (corporate member which provides 70% capital support to AXIS Syndicate 1686 ("Syndicate 1686")), Novae Group Limited, AXIS UK Services Limited, AXIS UK Services Limited (Irish Branch), AXIS Underwriting Limited, AXIS Corporate Capital UK II Limited (corporate member which provides 30% capital support to Syndicate 1686), AXIS ILS, Ltd. (formerly AXIS Ventures Limited ("AXIS Ventures")), AXIS Reinsurance Managers Limited ("AXIS Reinsurance Managers"), AXIS Specialty Holdings Ireland Limited, AXIS Specialty Europe SE ("AXIS Specialty Europe"), AXIS Specialty Europe SE (U.K. Branch), AXIS Specialty Europe SE (Belgium Branch), AXIS Re SE, AXIS Re SE, Dublin (Zurich Branch) ("AXIS Re Europe"), AXIS Re SE Escritrio de Representao No Brasil Ltda., AXIS Specialty Global Holdings Limited, AXIS Specialty U.S. Holdings, Inc., AXIS Reinsurance Company ("AXIS Re U.S."), AXIS Reinsurance Company (Canadian Branch), AXIS Specialty U.S. Services, Inc., AXIS Specialty U.S. Services, Inc. (U.K. Branch), AXIS Specialty Canada Services, ULC, AXIS Group Services, Inc., AXIS ILS, Inc. (formerly AXIS Specialty Underwriters, Inc.), AXIS Insurance Company ("AXIS Insurance Co."), AXIS Surplus Insurance Company ("AXIS Surplus"), AXIS Group Benefits LLC (formerly Ternian Insurance Group LLC), AXIS Specialty Insurance Company ("AXIS Specialty U.S."), AXIS Specialty Finance LLC and AXIS Specialty Finance PLC, unless

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View this 10-K filing on SEC EDGAR