AXIS Capital Holdings Enters Material Definitive Agreement

Ticker: AXS-PE · Form: 8-K · Filed: Dec 16, 2024 · CIK: 1214816

Axis Capital Holdings Ltd 8-K Filing Summary
FieldDetail
CompanyAxis Capital Holdings Ltd (AXS-PE)
Form Type8-K
Filed DateDec 16, 2024
Risk Levelmedium
Pages3
Reading Time4 min
Key Dollar Amounts$0.0125, $3.1 billion
Sentimentneutral

Sentiment: neutral

Topics: material-definitive-agreement, regulation-fd, financials

TL;DR

AXIS Capital entered a big deal on Dec 13th. Details in new 8-K.

AI Summary

On December 13, 2024, AXIS Capital Holdings Limited entered into a material definitive agreement. The filing also includes information related to Regulation FD disclosure and financial statements and exhibits. The company is incorporated in Bermuda and its principal executive offices are located at 92 Pitts Bay Road, Pembroke, Bermuda HM 08.

Why It Matters

This filing indicates a significant contractual development for AXIS Capital Holdings, which could impact its financial performance and strategic direction.

Risk Assessment

Risk Level: medium — Material definitive agreements can introduce new risks or opportunities that are not yet fully understood.

Key Players & Entities

  • AXIS Capital Holdings Limited (company) — Registrant
  • December 13, 2024 (date) — Date of earliest event reported
  • 92 Pitts Bay Road Pembroke , Bermuda HM 08 (location) — Address of principal executive offices

FAQ

What type of material definitive agreement did AXIS Capital Holdings Limited enter into?

The filing states that AXIS Capital Holdings Limited entered into a material definitive agreement on December 13, 2024, but does not specify the nature of the agreement.

What is the primary business of AXIS Capital Holdings Limited?

AXIS Capital Holdings Limited is in the FIRE, MARINE & CASUALTY INSURANCE industry, as indicated by its Standard Industrial Classification code [6331].

Where are AXIS Capital Holdings Limited's principal executive offices located?

The principal executive offices of AXIS Capital Holdings Limited are located at 92 Pitts Bay Road, Pembroke, Bermuda HM 08.

What is the filing date of this 8-K report?

The 8-K report was filed as of date December 16, 2024.

What is the SEC file number for AXIS Capital Holdings Limited?

The SEC file number for AXIS Capital Holdings Limited is 001-31721.

Filing Stats: 908 words · 4 min read · ~3 pages · Grade level 12.4 · Accepted 2024-12-16 16:11:45

Key Financial Figures

  • $0.0125 — ch registered Common shares, par value $0.0125 per share AXS New York Stock Exchange
  • $3.1 billion — years (the "Subject Business") totaling $3.1 billion at September 30, 2024, structured as a

Filing Documents

01 Entry into a Definitive Material Agreement

Item 1.01 Entry into a Definitive Material Agreement On December 13, 2024, AXIS Specialty Limited, AXIS Reinsurance Company, AXIS Re SE, and AXIS Managing Agency Ltd., for and on behalf of the underwriting members of Lloyd's Syndicate 1686 (the "Companies"), each a subsidiary of AXIS Capital Holdings Limited, a Bermuda company, ("AXIS") and Cavello Bay Reinsurance Limited (the "Reinsurer"), a wholly-owned subsidiary of Enstar Group Limited ("Enstar"), entered into a loss portfolio transfer reinsurance agreement ("LPT Agreement"). Pursuant to the LPT Agreement, at closing, (a) the Companies will cede and the Reinsurer will assume 75% of the liabilities ("Covered Losses") with respect to certain reinsurance segment reserves of the Companies, predominantly attributable to casualty portfolios related to 2021 and prior underwriting years (the "Subject Business") totaling $3.1 billion at September 30, 2024, structured as a ground-up quota share, subject to the terms and conditions of the LPT Agreement up to an aggregate limit; (b) the Company will maintain claims control for the Subject Business subject to certain administrative rights of Enstar; and (c) the Companies and the Reinsurer shall enter into collateral agreements, which may include entering into one or more trust agreements, pursuant to which the Companies will be obligated to maintain, for the term of the LPT Agreement, certain types of eligible assets as partial collateral securing the Reinsurer's reinsurance obligations with respect to the Subject Business, including a funds withheld account. The Reinsurer has delivered a duly executed guarantee from Enstar of the Reinsurer's obligations. Additionally, Stone Point Capital LLC ("Stone Point), manages Trident VIII, L.P. and related private equity funds, which own approximately 8% of AXIS' stock. Stone Point also serves as the manager of Trident V, L.P. (and related private equity funds) which own shares of Enstar. Charles Davis, one of AXIS' directors,

01 Regulation FD Disclosure

Item 7.01 Regulation FD Disclosure The Company is furnishing a copy of the press release it issued on December 16, 2024 as Exhibit 99.1 to Form 8-K, which announced the reinsurance transaction described in Item 1.01 of this Form 8-K.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits (d) Exhibits Exhibit Number Description of Document 10.1 * Reinsurance Agreement signed December 13, 2024 between AXIS Specialty Limited, AXIS Reinsurance Company, AXIS Re SE, and AXIS Managing Agency Ltd. for and on behalf of the Underwriting Members of Lloyd's Syndicate 1686 and Cavello Bay Reinsurance Limited. 99.1 Press Release dated December 16, 2024 . 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) *Pursuant to Item 601(a)(5) of Regulation S-K, schedules and exhibits to this Exhibit have been omitted. A copy of the omitted schedules and exhibits will be furnished to the Securities and Exchange Commission upon request.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Dated: December 16, 2024 AXIS CAPITAL HOLDINGS LIMITED By: /s/ G. Christina Gray-Trefry G. Christina Gray-Trefry General Counsel and Secretary

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