AXIS Capital Holdings Limited

Overview

• Global specialty underwriter providing insurance and reinsurance solutions.
• Two main underwriting platforms: AXIS Insurance (primary underwriting) and AXIS Re (reinsurance).
• Operations in Bermuda, the United States, Europe, Singapore, and Canada.
• At December 31, 2025: common shareholders’ equity of $5.8 billion, total capital of $7.7 billion, and total assets of $34.5 billion.

Business model and segments

• Two reportable segments: Insurance and Reinsurance.
• Assets are not allocated by segment except for goodwill and intangible assets.

Insurance — lines of business and distribution

• Lines of business:
  • Professional Lines: directors’ and officers’ liability, errors and omissions, employment practices, fiduciary, crime, professional indemnity, medical malpractice, environmental liability, and related products.
  • Property: physical loss/damage, business interruption, machinery breakdown; includes catastrophe-exposed risks.
  • Liability: primary and low-to-mid level excess/umbrella; life sciences excess; UK products liability.
  • Cyber.
  • Marine and Aviation: marine (offshore energy, ocean marine, liability, hull); aviation (hull and liability).
  • Accident and Health.
  • Credit and Political Risk: credit insurance, political risk, surety, including some mortgage-related coverages.
• Distribution: primarily through wholesale and retail brokers worldwide; select products via managing general agents (MGAs) and managing general underwriters (MGUs). U.S. operations include admitted and non-admitted (surplus lines) capabilities.

Reinsurance — lines of business and distribution

• Lines of business: liability, professional lines, motor, accident and health, credit and surety, agriculture, marine and aviation.
• Run-off lines (exited): catastrophe (as of June 2022), property (as of June 2022), engineering (exited in 2020).
• Distribution: mainly through reinsurance brokers globally; also operates via Lloyd’s Europe and related Lloyd’s platforms.

Financial highlights (2025)

• Gross premiums written (GPW) by segment (amounts in thousands of U.S. dollars):
  • Insurance: $7,179,206
  • Reinsurance: $2,465,308
  • Total GPW: $9,644,514
  • Note: GPW figures are presented in thousands of U.S. dollars and are disclosed for the last three years (2025, 2024, 2023).
• Major broker contributions to GPW (2025; amounts in thousands):
  • Marsh & McLennan Companies Inc.: $627,507 (25%)
  • Aon plc: $583,418 (24%)
  • Arthur J. Gallagher & Co.: $570,384 (23%)
  • Other brokers: $461,483 (19%)
  • Direct: $134,556 (5%)
  • Managing general agencies and underwriters: $87,960 (4%)
• Corporate scale (as of December 31, 2025):
  • Common shareholders’ equity: $5.8 billion
  • Total capital: $7.7 billion
  • Total assets: $34.5 billion
• Employees: 1,966 as of December 31, 2025 (approximately a 5% increase in 2025). Voluntary turnover was 9.6% in 2025, versus 11.9% in 2024.

Markets, customers, and distribution strategy

• Primary client and distribution relationships through global insurance and reinsurance brokers.
• Emphasis on broker relationships, product diversification, and balancing capacity across markets to manage underwriting cycles.
• No single insured accounted for more than 10% of gross premiums written in either segment.

Geography and regulatory footprint

• Headquartered in Bermuda with operations in the U.S., Canada, Europe (including Dublin, London, Zurich, Brussels), and Singapore.
• U.S. entities regulated by state insurance departments.
• Uses Lloyd’s-related platforms for certain U.K. and Lloyd’s-based underwriting.
• Bermuda operations are subject to the Bermuda regulatory framework, including group solvency and local capital filings.
• European entities operate under Solvency II with related cross-border authorizations (e.g., AXIS Specialty Europe SE and AXIS Re SE).

Risk, capital, and governance

• Focus on risk management, capital management, and diversification strategies, including internal risk capital modeling, risk appetite limits, and reinsurance/retrocession strategies to manage volatility.
• Governance and oversight include board risk and finance committees, an enterprise risk management (ERM) framework, and an internal model.
• Ongoing regulatory considerations include Solvency II adjustments and BEPS Pillar Two implications.

Summary

AXIS Capital is a global specialty insurer and reinsurer operating through two primary platforms, with diversified lines of business and a multi-jurisdictional presence. In 2025 the company reported total gross premiums written of $9.644 billion, total capital of about $7.7 billion, total assets of about $34.5 billion, and 1,966 employees. Broker relationships are a core distribution channel, with several major brokers accounting for sizable portions of GPW.