false2026Q10001214816--12-31P4Yhttp://www.axiscapital.com/20260331#InvestmentIncomeNetForInvestmentsAndCashAndCashEquivalents http://www.axiscapital.com/20260331#NetInvestmentGainLosshttp://www.axiscapital.com/20260331#InvestmentIncomeNetForInvestmentsAndCashAndCashEquivalents http://www.axiscapital.com/20260331#NetInvestmentGainLosshttp://fasb.org/us-gaap/2025#OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParenthttp://fasb.org/us-gaap/2025#OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParenthttp://www.axiscapital.com/20260331#InvestmentIncomeNetForInvestmentsAndCashAndCashEquivalents http://www.axiscapital.com/20260331#NetInvestmentGainLosshttp://www.axiscapital.com/20260331#InvestmentIncomeNetForInvestmentsAndCashAndCashEquivalents http://www.axiscapital.com/20260331#NetInvestmentGainLosshttp://fasb.org/us-gaap/2025#OtherAssetshttp://fasb.org/us-gaap/2025#OtherLiabilitieshttp://fasb.org/us-gaap/2025#OtherAssetshttp://fasb.org/us-gaap/2025#OtherLiabilitiesxbrli:sharesiso4217:USDiso4217:USDxbrli:sharesaxs:segmentxbrli:pureaxs:securityaxs:loanaxs:fundaxs:day00012148162026-01-012026-03-310001214816us-gaap:CommonStockMember2026-01-012026-03-310001214816axs:SeriesEPreferredDepositaryShareMember2026-01-012026-03-3100012148162026-04-2400012148162026-03-3100012148162025-12-3100012148162025-01-012025-03-310001214816us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2026-01-012026-03-310001214816us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMember2025-01-012025-03-310001214816us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2026-01-012026-03-310001214816us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMember2025-01-012025-03-310001214816us-gaap:PreferredStockMember2026-03-310001214816us-gaap:PreferredStockMember2025-12-310001214816us-gaap:PreferredStockMember2025-03-310001214816us-gaap:PreferredStockMember2024-12-310001214816us-gaap:CommonStockMember2026-03-310001214816us-gaap:CommonStockMember2025-12-310001214816us-gaap:CommonStockMember2025-03-310001214816us-gaap:CommonStockMember2024-12-310001214816us-gaap:AdditionalPaidInCapitalMember2025-12-310001214816us-gaap:AdditionalPaidInCapitalMember2024-12-310001214816us-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-310001214816us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001214816us-gaap:AdditionalPaidInCapitalMember2026-03-310001214816us-gaap:AdditionalPaidInCapitalMember2025-03-310001214816us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-12-310001214816us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-12-310001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2024-12-310001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2026-01-012026-03-310001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-01-012025-03-310001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2026-03-310001214816us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-03-310001214816us-gaap:AccumulatedTranslationAdjustmentMember2025-12-310001214816us-gaap:AccumulatedTranslationAdjustmentMember2024-12-310001214816us-gaap:AccumulatedTranslationAdjustmentMember2026-01-012026-03-310001214816us-gaap:AccumulatedTranslationAdjustmentMember2025-01-012025-03-310001214816us-gaap:AccumulatedTranslationAdjustmentMember2026-03-310001214816us-gaap:AccumulatedTranslationAdjustmentMember2025-03-310001214816us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-03-310001214816us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310001214816us-gaap:RetainedEarningsMember2025-12-310001214816us-gaap:RetainedEarningsMember2024-12-310001214816us-gaap:RetainedEarningsMember2026-01-012026-03-310001214816us-gaap:RetainedEarningsMember2025-01-012025-03-310001214816us-gaap:RetainedEarningsMember2026-03-310001214816us-gaap:RetainedEarningsMember2025-03-310001214816us-gaap:TreasuryStockCommonMember2025-12-310001214816us-gaap:TreasuryStockCommonMember2024-12-310001214816us-gaap:TreasuryStockCommonMember2026-01-012026-03-310001214816us-gaap:TreasuryStockCommonMember2025-01-012025-03-310001214816us-gaap:TreasuryStockCommonMember2026-03-310001214816us-gaap:TreasuryStockCommonMember2025-03-3100012148162025-03-3100012148162024-12-310001214816us-gaap:OperatingSegmentsMemberaxs:InsuranceMember2026-01-012026-03-310001214816us-gaap:OperatingSegmentsMemberaxs:ReinsuranceMember2026-01-012026-03-310001214816us-gaap:OperatingSegmentsMember2026-01-012026-03-310001214816us-gaap:OperatingSegmentsMemberaxs:InsuranceMember2025-01-012025-03-310001214816us-gaap:OperatingSegmentsMemberaxs:ReinsuranceMember2025-01-012025-03-310001214816us-gaap:OperatingSegmentsMember2025-01-012025-03-310001214816us-gaap:MaterialReconcilingItemsMember2026-01-012026-03-310001214816us-gaap:MaterialReconcilingItemsMember2025-01-012025-03-310001214816us-gaap:CorporateNonSegmentMember2026-01-012026-03-310001214816us-gaap:CorporateNonSegmentMember2025-01-012025-03-310001214816us-gaap:OperatingSegmentsMemberaxs:InsuranceMember2026-03-310001214816us-gaap:OperatingSegmentsMemberaxs:ReinsuranceMember2026-03-310001214816us-gaap:OperatingSegmentsMember2026-03-310001214816us-gaap:OperatingSegmentsMemberaxs:InsuranceMember2025-03-310001214816us-gaap:OperatingSegmentsMemberaxs:ReinsuranceMember2025-03-310001214816us-gaap:OperatingSegmentsMember2025-03-310001214816us-gaap:USTreasuryAndGovernmentMember2026-03-310001214816us-gaap:ForeignGovernmentDebtSecuritiesMember2026-03-310001214816us-gaap:CorporateDebtSecuritiesMember2026-03-310001214816us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2026-03-310001214816us-gaap:CommercialMortgageBackedSecuritiesMember2026-03-310001214816us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2026-03-310001214816us-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2026-03-310001214816us-gaap:USStatesAndPoliticalSubdivisionsMember2026-03-310001214816us-gaap:USTreasuryAndGovernmentMember2025-12-310001214816us-gaap:ForeignGovernmentDebtSecuritiesMember2025-12-310001214816us-gaap:CorporateDebtSecuritiesMember2025-12-310001214816us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMember2025-12-310001214816us-gaap:CommercialMortgageBackedSecuritiesMember2025-12-310001214816us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMember2025-12-310001214816us-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMember2025-12-310001214816us-gaap:USStatesAndPoliticalSubdivisionsMember2025-12-310001214816us-gaap:ExternalCreditRatingNonInvestmentGradeMember2026-03-310001214816us-gaap:ExternalCreditRatingNonInvestmentGradeMember2025-12-310001214816us-gaap:CommonStockMember2026-03-310001214816us-gaap:CommonStockMember2026-01-012026-03-310001214816us-gaap:PreferredStockMember2026-03-310001214816us-gaap:PreferredStockMember2026-01-012026-03-310001214816us-gaap:ExchangeTradedFundsMember2026-03-310001214816us-gaap:ExchangeTradedFundsMember2026-01-012026-03-310001214816axs:NonUnitedStatesBondMutualFundMember2026-03-310001214816axs:NonUnitedStatesBondMutualFundMember2026-01-012026-03-310001214816us-gaap:CommonStockMember2025-12-310001214816us-gaap:CommonStockMember2025-01-012025-12-310001214816us-gaap:PreferredStockMember2025-12-310001214816us-gaap:PreferredStockMember2025-01-012025-12-310001214816us-gaap:ExchangeTradedFundsMember2025-12-310001214816us-gaap:ExchangeTradedFundsMember2025-01-012025-12-310001214816axs:NonUnitedStatesBondMutualFundMember2025-12-310001214816axs:NonUnitedStatesBondMutualFundMember2025-01-012025-12-3100012148162025-01-012025-12-310001214816axs:MortgageLoansMemberaxs:SectorConcentrationRiskMemberus-gaap:MortgagesMember2026-01-012026-03-310001214816axs:MortgageLoansMemberaxs:SectorConcentrationRiskMemberus-gaap:MortgagesMember2024-01-012024-12-310001214816us-gaap:HedgeFundsMultistrategyMember2026-03-310001214816srt:MinimumMemberus-gaap:HedgeFundsMultistrategyMember2026-01-012026-03-310001214816srt:MaximumMemberus-gaap:HedgeFundsMultistrategyMember2026-01-012026-03-310001214816axs:DirectLendingFundsMember2026-03-310001214816axs:DirectLendingFundsMember2026-01-012026-03-310001214816us-gaap:PrivateEquityFundsMember2026-03-310001214816us-gaap:RealEstateFundsMember2026-03-310001214816srt:MinimumMemberus-gaap:RealEstateFundsMember2026-01-012026-03-310001214816srt:MaximumMemberus-gaap:RealEstateFundsMember2026-01-012026-03-310001214816axs:OtherPrivatelyHeldInvestmentsMember2026-03-310001214816us-gaap:HedgeFundsMultistrategyMember2025-12-310001214816srt:MinimumMemberus-gaap:HedgeFundsMultistrategyMember2025-01-012025-12-310001214816srt:MaximumMemberus-gaap:HedgeFundsMultistrategyMember2025-01-012025-12-310001214816axs:DirectLendingFundsMember2025-12-310001214816axs:DirectLendingFundsMember2025-01-012025-12-310001214816us-gaap:PrivateEquityFundsMember2025-12-310001214816us-gaap:RealEstateFundsMember2025-12-310001214816srt:MinimumMemberus-gaap:RealEstateFundsMember2025-01-012025-12-310001214816srt:MaximumMemberus-gaap:RealEstateFundsMember2025-01-012025-12-310001214816axs:OtherPrivatelyHeldInvestmentsMember2025-12-310001214816axs:QuarterlyRedemptionMemberaxs:DirectLendingFundsMember2026-03-310001214816axs:QuarterlyRedemptionMemberaxs:DirectLendingFundsMember2025-12-310001214816axs:QuarterlyRedemptionMemberus-gaap:RealEstateFundsMember2026-03-310001214816axs:QuarterlyRedemptionMemberus-gaap:RealEstateFundsMember2025-12-310001214816axs:AnnualRedemptionMemberus-gaap:RealEstateFundsMember2026-03-310001214816axs:AnnualRedemptionMemberus-gaap:RealEstateFundsMember2025-12-310001214816us-gaap:HedgeFundsMultistrategyMemberaxs:OtherRedemptionRestrictionMember2026-03-310001214816us-gaap:HedgeFundsMultistrategyMemberaxs:OtherRedemptionRestrictionMember2025-12-310001214816us-gaap:HedgeFundsMultistrategyMemberaxs:OtherRedemptionRestrictionMember2026-01-012026-03-310001214816us-gaap:HedgeFundsMultistrategyMemberaxs:LockupRedemptionRestrictionMember2026-03-310001214816us-gaap:HedgeFundsMultistrategyMemberaxs:LockupRedemptionRestrictionMember2025-12-310001214816axs:DirectLendingFundsMemberaxs:OtherRedemptionRestrictionMember2026-03-310001214816axs:DirectLendingFundsMemberaxs:OtherRedemptionRestrictionMember2025-12-310001214816axs:DirectLendingFundsMembersrt:MinimumMemberaxs:OtherRedemptionRestrictionMember2026-01-012026-03-310001214816axs:DirectLendingFundsMembersrt:MaximumMemberaxs:OtherRedemptionRestrictionMember2026-01-012026-03-310001214816axs:DirectLendingFundsMemberaxs:OtherRedemptionRestrictionMember2026-01-012026-03-310001214816axs:DirectLendingFundsMemberaxs:LockupRedemptionRestrictionMember2026-03-310001214816axs:DirectLendingFundsMemberaxs:LockupRedemptionRestrictionMember2025-12-310001214816us-gaap:PrivateEquityFundsMemberaxs:OtherRedemptionRestrictionMember2026-03-310001214816us-gaap:PrivateEquityFundsMemberaxs:OtherRedemptionRestrictionMember2025-12-310001214816us-gaap:PrivateEquityFundsMemberaxs:OtherRedemptionRestrictionMember2026-01-012026-03-310001214816us-gaap:RealEstateFundsMemberaxs:OtherRedemptionRestrictionMember2026-03-310001214816us-gaap:RealEstateFundsMemberaxs:OtherRedemptionRestrictionMember2025-12-310001214816us-gaap:RealEstateFundsMemberaxs:OtherRedemptionRestrictionMember2026-01-012026-03-310001214816axs:PrivateCompanyInvestmentFundsMemberaxs:OtherRedemptionRestrictionMember2026-03-310001214816axs:PrivateCompanyInvestmentFundsMemberaxs:OtherRedemptionRestrictionMember2025-12-310001214816axs:InvestmentFundsTermPeriodOneMemberaxs:PrivateCompanyInvestmentFundsMemberaxs:OtherRedemptionRestrictionMember2026-03-310001214816axs:InvestmentFundsTermPeriodOneMemberaxs:PrivateCompanyInvestmentFundsMemberaxs:OtherRedemptionRestrictionMember2026-01-012026-03-310001214816axs:InvestmentFundsTermPeriodTwoMemberaxs:PrivateCompanyInvestmentFundsMemberaxs:OtherRedemptionRestrictionMember2026-03-310001214816axs:InvestmentFundsTermPeriodTwoMemberaxs:PrivateCompanyInvestmentFundsMemberaxs:OtherRedemptionRestrictionMember2026-01-012026-03-310001214816axs:InvestmentFundsTermPeriodThreeMemberaxs:PrivateCompanyInvestmentFundsMemberaxs:OtherRedemptionRestrictionMember2026-03-310001214816axs:InvestmentFundsTermPeriodThreeMemberaxs:PrivateCompanyInvestmentFundsMemberaxs:OtherRedemptionRestrictionMember2026-01-012026-03-310001214816axs:HarringtonReinsuranceHoldingsLimitedMember2026-03-310001214816axs:HarringtonReinsuranceHoldingsLimitedMember2025-12-310001214816axs:MonarchPointReMember2026-03-310001214816axs:MonarchPointReMember2025-12-310001214816axs:HarringtonReinsuranceHoldingsLimitedMember2016-01-012016-12-310001214816axs:HarringtonReinsuranceHoldingsLimitedMember2016-12-310001214816axs:HarringtonReinsuranceHoldingsLimitedMember2024-12-310001214816axs:MonarchPointReISACLtdAndMonarchPointReISA2023LtdMember2023-01-012023-12-310001214816axs:MonarchPointReISACLtdAndMonarchPointReISA2023LtdMember2023-12-310001214816axs:MonarchPointReISA2024LtdMember2024-01-012024-12-310001214816axs:MonarchPointReISA2024LtdMember2024-12-310001214816axs:MonarchPointReISA2025LtdMember2025-01-012025-12-310001214816axs:MonarchPointReISA2025LtdMember2025-12-310001214816axs:MonarchPointReISA2025LtdMember2026-01-012026-03-310001214816axs:MonarchPointReISA2025LtdMember2026-03-310001214816axs:MonarchPointReISA2026LtdMember2026-01-012026-03-310001214816axs:MonarchPointReISA2026LtdMember2026-03-310001214816us-gaap:RelatedPartyMemberaxs:MonarchPointReMemberaxs:LoanAgreementWithMonarchPointReMember2026-01-012026-03-310001214816us-gaap:RelatedPartyMemberaxs:MonarchPointReMemberaxs:LoanAgreementWithMonarchPointReMember2025-01-012025-12-310001214816us-gaap:RelatedPartyMemberaxs:MonarchPointReMemberaxs:LoanAgreementWithMonarchPointReMember2026-03-310001214816us-gaap:RelatedPartyMemberaxs:MonarchPointReMemberaxs:LoanAgreementWithMonarchPointReMember2025-12-310001214816us-gaap:RelatedPartyMemberaxs:MonarchPointReMembersrt:MinimumMemberaxs:LoanAgreementWithMonarchPointReMember2025-01-012025-12-310001214816us-gaap:RelatedPartyMemberaxs:MonarchPointReMembersrt:MaximumMemberaxs:LoanAgreementWithMonarchPointReMember2025-01-012025-12-310001214816axs:MonarchPointReMemberaxs:LoanAdvancesMember2026-01-012026-03-310001214816axs:MonarchPointReMemberaxs:LoanAdvancesMember2025-01-012025-03-310001214816axs:MonarchPointReMemberaxs:ReinsuranceRecoverableOnUnpaidLossesAndLossExpenseMember2026-01-012026-03-310001214816axs:MonarchPointReMemberaxs:ReinsuranceRecoverableOnUnpaidLossesAndLossExpenseMember2025-01-012025-03-310001214816axs:MonarchPointReMemberaxs:InterestReceivableOnLoanAdvancesMember2026-01-012026-03-310001214816axs:MonarchPointReMemberaxs:InterestReceivableOnLoanAdvancesMember2025-01-012025-03-310001214816axs:MonarchPointReMember2026-01-012026-03-310001214816axs:MonarchPointReMember2025-01-012025-03-310001214816axs:MonarchPointReMemberaxs:InsuranceAndReinsuranceMember2026-01-012026-03-310001214816axs:MonarchPointReMemberaxs:InsuranceAndReinsuranceMember2025-01-012025-03-310001214816us-gaap:LimitedPartnerMember2026-03-310001214816us-gaap:FixedMaturitiesMember2026-01-012026-03-310001214816us-gaap:FixedMaturitiesMember2025-01-012025-03-310001214816axs:AlternativeInvestmentsMember2026-01-012026-03-310001214816axs:AlternativeInvestmentsMember2025-01-012025-03-310001214816us-gaap:EquitySecuritiesMember2026-01-012026-03-310001214816us-gaap:EquitySecuritiesMember2025-01-012025-03-310001214816us-gaap:MortgagesMember2026-01-012026-03-310001214816us-gaap:MortgagesMember2025-01-012025-03-310001214816us-gaap:CashAndCashEquivalentsMember2026-01-012026-03-310001214816us-gaap:CashAndCashEquivalentsMember2025-01-012025-03-310001214816us-gaap:ShortTermInvestmentsMember2026-01-012026-03-310001214816us-gaap:ShortTermInvestmentsMember2025-01-012025-03-310001214816us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel1Member2026-03-310001214816us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel2Member2026-03-310001214816us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel3Member2026-03-310001214816us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2026-03-310001214816us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2026-03-310001214816us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2026-03-310001214816us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2026-03-310001214816us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2026-03-310001214816us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2026-03-310001214816us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel1Member2026-03-310001214816us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel2Member2026-03-310001214816us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel3Member2026-03-310001214816us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2026-03-310001214816us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2026-03-310001214816us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2026-03-310001214816us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FairValueInputsLevel1Member2026-03-310001214816us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FairValueInputsLevel2Member2026-03-310001214816us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FairValueInputsLevel3Member2026-03-310001214816us-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMemberus-gaap:FairValueInputsLevel1Member2026-03-310001214816us-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMemberus-gaap:FairValueInputsLevel2Member2026-03-310001214816us-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMemberus-gaap:FairValueInputsLevel3Member2026-03-310001214816us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel1Member2026-03-310001214816us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel2Member2026-03-310001214816us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel3Member2026-03-310001214816us-gaap:FairValueInputsLevel1Member2026-03-310001214816us-gaap:FairValueInputsLevel2Member2026-03-310001214816us-gaap:FairValueInputsLevel3Member2026-03-310001214816us-gaap:CommonStockMemberus-gaap:FairValueInputsLevel1Member2026-03-310001214816us-gaap:CommonStockMemberus-gaap:FairValueInputsLevel2Member2026-03-310001214816us-gaap:CommonStockMemberus-gaap:FairValueInputsLevel3Member2026-03-310001214816us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel1Member2026-03-310001214816us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel2Member2026-03-310001214816us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel3Member2026-03-310001214816us-gaap:ExchangeTradedFundsMemberus-gaap:FairValueInputsLevel1Member2026-03-310001214816us-gaap:ExchangeTradedFundsMemberus-gaap:FairValueInputsLevel2Member2026-03-310001214816us-gaap:ExchangeTradedFundsMemberus-gaap:FairValueInputsLevel3Member2026-03-310001214816axs:NonUnitedStatesBondMutualFundMemberus-gaap:FairValueInputsLevel1Member2026-03-310001214816axs:NonUnitedStatesBondMutualFundMemberus-gaap:FairValueInputsLevel2Member2026-03-310001214816axs:NonUnitedStatesBondMutualFundMemberus-gaap:FairValueInputsLevel3Member2026-03-310001214816us-gaap:HedgeFundsMultistrategyMemberus-gaap:FairValueInputsLevel1Member2026-03-310001214816us-gaap:HedgeFundsMultistrategyMemberus-gaap:FairValueInputsLevel2Member2026-03-310001214816us-gaap:HedgeFundsMultistrategyMemberus-gaap:FairValueInputsLevel3Member2026-03-310001214816us-gaap:HedgeFundsMultistrategyMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2026-03-310001214816us-gaap:HedgeFundsMultistrategyMember2026-03-310001214816axs:DirectLendingFundsMemberus-gaap:FairValueInputsLevel1Member2026-03-310001214816axs:DirectLendingFundsMemberus-gaap:FairValueInputsLevel2Member2026-03-310001214816axs:DirectLendingFundsMemberus-gaap:FairValueInputsLevel3Member2026-03-310001214816axs:DirectLendingFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2026-03-310001214816axs:DirectLendingFundsMember2026-03-310001214816us-gaap:PrivateEquityFundsMemberus-gaap:FairValueInputsLevel1Member2026-03-310001214816us-gaap:PrivateEquityFundsMemberus-gaap:FairValueInputsLevel2Member2026-03-310001214816us-gaap:PrivateEquityFundsMemberus-gaap:FairValueInputsLevel3Member2026-03-310001214816us-gaap:PrivateEquityFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2026-03-310001214816us-gaap:PrivateEquityFundsMember2026-03-310001214816us-gaap:RealEstateFundsMemberus-gaap:FairValueInputsLevel1Member2026-03-310001214816us-gaap:RealEstateFundsMemberus-gaap:FairValueInputsLevel2Member2026-03-310001214816us-gaap:RealEstateFundsMemberus-gaap:FairValueInputsLevel3Member2026-03-310001214816us-gaap:RealEstateFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2026-03-310001214816us-gaap:RealEstateFundsMember2026-03-310001214816axs:OtherPrivatelyHeldInvestmentsMemberus-gaap:FairValueInputsLevel1Member2026-03-310001214816axs:OtherPrivatelyHeldInvestmentsMemberus-gaap:FairValueInputsLevel2Member2026-03-310001214816axs:OtherPrivatelyHeldInvestmentsMemberus-gaap:FairValueInputsLevel3Member2026-03-310001214816axs:OtherPrivatelyHeldInvestmentsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2026-03-310001214816axs:OtherPrivatelyHeldInvestmentsMember2026-03-310001214816us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2026-03-310001214816us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel1Member2025-12-310001214816us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel2Member2025-12-310001214816us-gaap:USTreasuryAndGovernmentMemberus-gaap:FairValueInputsLevel3Member2025-12-310001214816us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2025-12-310001214816us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2025-12-310001214816us-gaap:ForeignGovernmentDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2025-12-310001214816us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel1Member2025-12-310001214816us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel2Member2025-12-310001214816us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2025-12-310001214816us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel1Member2025-12-310001214816us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel2Member2025-12-310001214816us-gaap:MortgageBackedSecuritiesIssuedByUSGovernmentSponsoredEnterprisesMemberus-gaap:FairValueInputsLevel3Member2025-12-310001214816us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel1Member2025-12-310001214816us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel2Member2025-12-310001214816us-gaap:CommercialMortgageBackedSecuritiesMemberus-gaap:FairValueInputsLevel3Member2025-12-310001214816us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FairValueInputsLevel1Member2025-12-310001214816us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FairValueInputsLevel2Member2025-12-310001214816us-gaap:MortgageBackedSecuritiesIssuedByPrivateEnterprisesMemberus-gaap:FairValueInputsLevel3Member2025-12-310001214816us-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMemberus-gaap:FairValueInputsLevel1Member2025-12-310001214816us-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMemberus-gaap:FairValueInputsLevel2Member2025-12-310001214816us-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMemberus-gaap:FairValueInputsLevel3Member2025-12-310001214816us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel1Member2025-12-310001214816us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel2Member2025-12-310001214816us-gaap:USStatesAndPoliticalSubdivisionsMemberus-gaap:FairValueInputsLevel3Member2025-12-310001214816us-gaap:FairValueInputsLevel1Member2025-12-310001214816us-gaap:FairValueInputsLevel2Member2025-12-310001214816us-gaap:FairValueInputsLevel3Member2025-12-310001214816us-gaap:CommonStockMemberus-gaap:FairValueInputsLevel1Member2025-12-310001214816us-gaap:CommonStockMemberus-gaap:FairValueInputsLevel2Member2025-12-310001214816us-gaap:CommonStockMemberus-gaap:FairValueInputsLevel3Member2025-12-310001214816us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel1Member2025-12-310001214816us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel2Member2025-12-310001214816us-gaap:PreferredStockMemberus-gaap:FairValueInputsLevel3Member2025-12-310001214816us-gaap:ExchangeTradedFundsMemberus-gaap:FairValueInputsLevel1Member2025-12-310001214816us-gaap:ExchangeTradedFundsMemberus-gaap:FairValueInputsLevel2Member2025-12-310001214816us-gaap:ExchangeTradedFundsMemberus-gaap:FairValueInputsLevel3Member2025-12-310001214816axs:NonUnitedStatesBondMutualFundMemberus-gaap:FairValueInputsLevel1Member2025-12-310001214816axs:NonUnitedStatesBondMutualFundMemberus-gaap:FairValueInputsLevel2Member2025-12-310001214816axs:NonUnitedStatesBondMutualFundMemberus-gaap:FairValueInputsLevel3Member2025-12-310001214816us-gaap:HedgeFundsMultistrategyMemberus-gaap:FairValueInputsLevel1Member2025-12-310001214816us-gaap:HedgeFundsMultistrategyMemberus-gaap:FairValueInputsLevel2Member2025-12-310001214816us-gaap:HedgeFundsMultistrategyMemberus-gaap:FairValueInputsLevel3Member2025-12-310001214816us-gaap:HedgeFundsMultistrategyMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001214816us-gaap:HedgeFundsMultistrategyMember2025-12-310001214816axs:DirectLendingFundsMemberus-gaap:FairValueInputsLevel1Member2025-12-310001214816axs:DirectLendingFundsMemberus-gaap:FairValueInputsLevel2Member2025-12-310001214816axs:DirectLendingFundsMemberus-gaap:FairValueInputsLevel3Member2025-12-310001214816axs:DirectLendingFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001214816axs:DirectLendingFundsMember2025-12-310001214816us-gaap:PrivateEquityFundsMemberus-gaap:FairValueInputsLevel1Member2025-12-310001214816us-gaap:PrivateEquityFundsMemberus-gaap:FairValueInputsLevel2Member2025-12-310001214816us-gaap:PrivateEquityFundsMemberus-gaap:FairValueInputsLevel3Member2025-12-310001214816us-gaap:PrivateEquityFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001214816us-gaap:PrivateEquityFundsMember2025-12-310001214816us-gaap:RealEstateFundsMemberus-gaap:FairValueInputsLevel1Member2025-12-310001214816us-gaap:RealEstateFundsMemberus-gaap:FairValueInputsLevel2Member2025-12-310001214816us-gaap:RealEstateFundsMemberus-gaap:FairValueInputsLevel3Member2025-12-310001214816us-gaap:RealEstateFundsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001214816us-gaap:RealEstateFundsMember2025-12-310001214816axs:OtherPrivatelyHeldInvestmentsMemberus-gaap:FairValueInputsLevel1Member2025-12-310001214816axs:OtherPrivatelyHeldInvestmentsMemberus-gaap:FairValueInputsLevel2Member2025-12-310001214816axs:OtherPrivatelyHeldInvestmentsMemberus-gaap:FairValueInputsLevel3Member2025-12-310001214816axs:OtherPrivatelyHeldInvestmentsMemberus-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001214816axs:OtherPrivatelyHeldInvestmentsMember2025-12-310001214816us-gaap:FairValueMeasuredAtNetAssetValuePerShareMember2025-12-310001214816us-gaap:CorporateDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2025-12-310001214816us-gaap:CorporateDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2026-01-012026-03-310001214816us-gaap:CorporateDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2026-03-310001214816us-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMemberus-gaap:FixedMaturitiesMember2025-12-310001214816us-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMemberus-gaap:FixedMaturitiesMember2026-01-012026-03-310001214816us-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMemberus-gaap:FixedMaturitiesMember2026-03-310001214816us-gaap:FixedMaturitiesMember2025-12-310001214816us-gaap:FixedMaturitiesMember2026-01-012026-03-310001214816us-gaap:FixedMaturitiesMember2026-03-310001214816axs:OtherPrivatelyHeldInvestmentsMemberaxs:AlternativeInvestmentsMember2025-12-310001214816axs:OtherPrivatelyHeldInvestmentsMemberaxs:AlternativeInvestmentsMember2026-01-012026-03-310001214816axs:OtherPrivatelyHeldInvestmentsMemberaxs:AlternativeInvestmentsMember2026-03-310001214816axs:AlternativeInvestmentsMember2025-12-310001214816axs:AlternativeInvestmentsMember2026-01-012026-03-310001214816axs:AlternativeInvestmentsMember2026-03-310001214816us-gaap:CorporateDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2024-12-310001214816us-gaap:CorporateDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2025-01-012025-03-310001214816us-gaap:CorporateDebtSecuritiesMemberus-gaap:FixedMaturitiesMember2025-03-310001214816us-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMemberus-gaap:FixedMaturitiesMember2024-12-310001214816us-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMemberus-gaap:FixedMaturitiesMember2025-01-012025-03-310001214816us-gaap:AssetBackedSecuritiesSecuritizedLoansAndReceivablesMemberus-gaap:FixedMaturitiesMember2025-03-310001214816us-gaap:FixedMaturitiesMember2024-12-310001214816us-gaap:FixedMaturitiesMember2025-01-012025-03-310001214816us-gaap:FixedMaturitiesMember2025-03-310001214816axs:OtherPrivatelyHeldInvestmentsMemberaxs:AlternativeInvestmentsMember2024-12-310001214816axs:OtherPrivatelyHeldInvestmentsMemberaxs:AlternativeInvestmentsMember2025-01-012025-03-310001214816axs:OtherPrivatelyHeldInvestmentsMemberaxs:AlternativeInvestmentsMember2025-03-310001214816axs:AlternativeInvestmentsMember2024-12-310001214816axs:AlternativeInvestmentsMember2025-01-012025-03-310001214816axs:AlternativeInvestmentsMember2025-03-310001214816us-gaap:CarryingReportedAmountFairValueDisclosureMember2026-03-310001214816us-gaap:CarryingReportedAmountFairValueDisclosureMember2025-12-310001214816us-gaap:EstimateOfFairValueFairValueDisclosureMember2026-03-310001214816us-gaap:EstimateOfFairValueFairValueDisclosureMember2025-12-310001214816us-gaap:ForeignExchangeForwardMemberaxs:InvestmentPortfolioMemberus-gaap:NondesignatedMember2026-03-310001214816us-gaap:ForeignExchangeForwardMemberaxs:InvestmentPortfolioMemberus-gaap:NondesignatedMember2025-12-310001214816us-gaap:ForeignExchangeForwardMemberaxs:UnderwritingPortfolioMemberus-gaap:NondesignatedMember2026-03-310001214816us-gaap:ForeignExchangeForwardMemberaxs:UnderwritingPortfolioMemberus-gaap:NondesignatedMember2025-12-310001214816us-gaap:NondesignatedMember2026-03-310001214816us-gaap:NondesignatedMember2025-12-310001214816us-gaap:ForeignExchangeForwardMemberaxs:InvestmentPortfolioMemberus-gaap:GainLossOnInvestmentsMember12026-01-012026-03-310001214816us-gaap:ForeignExchangeForwardMemberaxs:InvestmentPortfolioMemberus-gaap:GainLossOnInvestmentsMember12025-01-012025-03-310001214816us-gaap:ForeignExchangeForwardMemberaxs:UnderwritingPortfolioMemberus-gaap:ForeignCurrencyGainLossMember2026-01-012026-03-310001214816us-gaap:ForeignExchangeForwardMemberaxs:UnderwritingPortfolioMemberus-gaap:ForeignCurrencyGainLossMember2025-01-012025-03-310001214816us-gaap:CatastropheMember2026-01-012026-03-310001214816us-gaap:CatastropheMember2025-01-012025-03-310001214816axs:InsuranceMember2026-01-012026-03-310001214816axs:InsuranceMember2025-01-012025-03-310001214816axs:ReinsuranceMember2026-01-012026-03-310001214816axs:ReinsuranceMember2025-01-012025-03-310001214816axs:InsuranceMemberaxs:PropertyLineMember2026-01-012026-03-310001214816axs:InsuranceMemberaxs:PropertyLineMember2025-01-012025-03-310001214816axs:InsuranceMemberaxs:CasualtyLineMember2026-01-012026-03-310001214816axs:InsuranceMemberaxs:CasualtyLineMember2025-01-012025-03-310001214816axs:InsuranceMemberaxs:SpecialityLineOtherMember2026-01-012026-03-310001214816axs:InsuranceMemberaxs:SpecialityLineOtherMember2025-01-012025-03-310001214816axs:ReinsuranceMemberaxs:CasualtyLineMember2026-01-012026-03-310001214816axs:ReinsuranceMemberaxs:CasualtyLineMember2025-01-012025-03-310001214816axs:ReinsuranceMemberaxs:SpecialityLineOtherMember2026-01-012026-03-310001214816axs:ReinsuranceMemberaxs:SpecialityLineOtherMember2025-01-012025-03-310001214816axs:ReinsuranceMemberaxs:RunOffLineMember2026-01-012026-03-310001214816axs:ReinsuranceMemberaxs:RunOffLineMember2025-01-012025-03-310001214816us-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2026-01-012026-03-310001214816us-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheOneMembersrt:MinimumMember2026-01-012026-03-310001214816us-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheOneMembersrt:MaximumMember2026-01-012026-03-310001214816us-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMember2026-01-012026-03-310001214816us-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMembersrt:MinimumMember2026-01-012026-03-310001214816us-gaap:PerformanceSharesMemberus-gaap:ShareBasedCompensationAwardTrancheTwoMembersrt:MaximumMember2026-01-012026-03-310001214816us-gaap:PerformanceSharesMember2026-01-012026-03-310001214816us-gaap:PerformanceSharesMember2025-01-012025-03-310001214816axs:ShareSettledMemberus-gaap:PerformanceSharesMember2025-12-310001214816axs:ShareSettledMemberus-gaap:RestrictedStockUnitsRSUMember2025-12-310001214816axs:ShareSettledMemberus-gaap:PerformanceSharesMember2026-01-012026-03-310001214816axs:ShareSettledMemberus-gaap:RestrictedStockUnitsRSUMember2026-01-012026-03-310001214816axs:ShareSettledMemberus-gaap:PerformanceSharesMember2026-03-310001214816axs:ShareSettledMemberus-gaap:RestrictedStockUnitsRSUMember2026-03-310001214816us-gaap:PerformanceSharesMember2025-01-012025-12-310001214816us-gaap:RestrictedStockUnitsRSUMember2026-01-012026-03-310001214816us-gaap:RestrictedStockUnitsRSUMember2025-01-012025-03-310001214816us-gaap:RestrictedStockUnitsRSUMember2026-03-310001214816us-gaap:RestrictedStockUnitsRSUMember2025-03-310001214816us-gaap:CommonStockMember2025-12-310001214816us-gaap:CommonStockMember2024-12-310001214816us-gaap:CommonStockMember2025-01-012025-03-310001214816us-gaap:CommonStockMember2026-03-310001214816us-gaap:CommonStockMember2025-03-3100012148162025-09-1700012148162026-02-260001214816axs:PubliclyAnnouncedProgramsMemberus-gaap:CommonStockMember2026-01-012026-03-310001214816axs:PubliclyAnnouncedProgramsMemberus-gaap:CommonStockMember2025-01-012025-03-310001214816axs:EmployeesMemberus-gaap:CommonStockMember2026-01-012026-03-310001214816axs:EmployeesMemberus-gaap:CommonStockMember2025-01-012025-03-310001214816us-gaap:SeriesEPreferredStockMember2026-01-012026-03-310001214816us-gaap:SeriesEPreferredStockMember2026-03-310001214816us-gaap:SeriesEPreferredStockMember2025-01-012025-03-310001214816us-gaap:SeriesEPreferredStockMember2025-03-310001214816us-gaap:LetterOfCreditMemberaxs:CitibankMemberaxs:LetterOfCreditFacilityMember2025-03-230001214816us-gaap:LetterOfCreditMemberaxs:CitibankMemberaxs:LetterOfCreditFacilityMember2026-03-230001214816us-gaap:LetterOfCreditMemberaxs:CitibankMemberaxs:UncommittedUnsecuredLetterOfCreditMemberaxs:AxisCorporateCapitalUKIILimitedMember2025-08-260001214816us-gaap:LineOfCreditMemberaxs:WellsFargoBankNationalAssociationMemberaxs:UncommittedBilateralShortTermLineOfCreditMember2025-10-080001214816srt:FederalHomeLoanBankOfChicagoMember2026-03-310001214816srt:FederalHomeLoanBankOfChicagoMember2025-12-310001214816srt:FederalHomeLoanBankOfChicagoMembersrt:MinimumMember2026-03-310001214816srt:FederalHomeLoanBankOfChicagoMembersrt:MaximumMember2026-03-310001214816srt:FederalHomeLoanBankOfChicagoMembersrt:MinimumMember2025-12-310001214816srt:FederalHomeLoanBankOfChicagoMembersrt:MaximumMember2025-12-310001214816srt:FederalHomeLoanBankOfChicagoMember2026-01-012026-03-310001214816srt:FederalHomeLoanBankOfChicagoMember2025-01-012025-12-310001214816us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2026-01-012026-03-310001214816us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithoutAllowanceForCreditLossParentMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-01-012025-03-310001214816us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2026-01-012026-03-310001214816us-gaap:AociGainLossDebtSecuritiesAvailableForSaleWithAllowanceForCreditLossParentMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-01-012025-03-310001214816us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2026-01-012026-03-310001214816us-gaap:ReclassificationOutOfAccumulatedOtherComprehensiveIncomeMemberus-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2025-01-012025-03-31

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 March 31, 2026

☐ 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.)

29 Richmond Road, 3rd Flr, Pembroke, Bermuda HM 08

(Address of principal executive offices and zip code)

(441) 496-2600

(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
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 April 24, 2026, there were 73,723,236 common shares outstanding, $0.0125 par value per share, of the registrant.

Table of Contents

AXIS CAPITAL HOLDINGS LIMITED

INDEX TO FORM 10-Q


		Page
	PART I
	Financial Information	3
Item 1.	Consolidated Financial Statements	5
Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	44
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	73
Item 4.	Controls and Procedures	74
	PART II
	Other Information	74
Item 1.	Legal Proceedings	74
Item 1A.	Risk Factors	74
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	75
Item 5.	Other Information	75
Item 6.	Exhibits	76
	Signatures	77

Table of Contents

PART I FINANCIAL INFORMATION

In this Form 10-Q, 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.

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. This Quarterly Report on Form 10-Q or any other written or oral statements made by or on behalf of the Company may include forward-looking statements, which reflect the Company’s current views with respect to future events and financial performance. All statements, other than statements of historical fact included in or incorporated by reference in this report are forward-looking statements. In some cases, these forward-looking statements can be identified by the use of forward-looking words such as "may", "should", "could", "anticipate", "estimate", "expect", "plan", "believe", "predict", "potential", "aim", "will", "target", "continue", "intend" or similar statements of a future or forward-looking nature or their negative or similar terminology.

Forward-looking statements made in this report, such as those related to our performance, pricing, growth prospects, the outcome of our strategic initiatives, our expectations relating to our ability to successfully implement and manage technology initiatives – including artificial intelligence, our expectations about the current trade and geopolitical environment on our business, economic and market conditions, and other statements that are not historical facts, reflect our current views with respect to future events and financial performance and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.

Such statements involve risks and uncertainties that could cause actual results to differ materially, including without limitation:

Insurance Risk: the cyclical nature of insurance and reinsurance business leading to periods with excess underwriting capacity and unfavorable premium rates; the frequency and severity of natural and man-made disasters; the effects of emerging claims, systemic risks, and coverage and regulatory issues; reserve adequacy; losses relating to geopolitical conflicts; the adverse impact of economic and social inflation; failure of our loss limitation methods; failure of our cedants to adequately evaluate risk; and our reliance on industry models.

Strategic Risk: industry competition and consolidation; failure to keep the pace or manage technology developments, including artificial intelligence; general economic, capital, and credit market conditions, including market illiquidity, fluctuations in interest rates, credit spreads, equity securities' prices, foreign currency exchange rates, and evolving impacts of tariffs, sanctions, and international trade tensions; our ability to increase the use of data and analytics and technology as part of our business strategy and adapt to new technologies; changes in the political environment of certain countries where we operate or underwrite business; loss of business provided to us by major brokers; rating agency actions; key personnel changes; potential strategic opportunities including acquisitions and our ability to achieve them; evolving expectations regarding environmental, social, and governance matters; and the effect of contagious diseases on our business.

Credit and Market Risk: reinsurance availability and recoverability; premium collection risks; and counterparty defaults in our program business.

Liquidity Risk: the inability to access sufficient cash to meet our obligations when they are due.

Operational Risk: technology and cybersecurity challenges; failures in internal or outsourced operational processes, people, or systems; and changes in accounting policies or practices.

Regulatory Risk: changes in laws and regulations and potential government intervention in our industry; and inadvertent non-compliance with sanctions, anti-corruption, data protection and privacy requirements.

Taxation Risk: changes in tax laws.

Readers should carefully consider these risks alongside those detailed in Item 1A, 'Risk Factors' of our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission ("SEC"), and in subsequent filings available at www.sec.gov.

Table of Contents

We undertake no obligation to publicly update or revise 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 LinkedIn (AXIS Capital) and X Corp. (@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 by those enrolled in our "E-mail Alerts" program, which can be found 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.

Table of Contents

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS


			Page

Consolidated Balance Sheets at March 31, 2026 (Unaudited) and December 31, 2025			6
Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025 (Unaudited)			7
Consolidated Statements of Comprehensive Income for the three months ended March 31, 2026 and 2025 (Unaudited)			8
Consolidated Statements of Changes in Shareholders' Equity for the three months ended March 31, 2026 and 2025 (Unaudited)			9
Consolidated Statements of Cash Flows for the three months ended March 31, 2026 and 2025 (Unaudited)			10
Notes to Consolidated Financial Statements (Unaudited)			12
Note 1 - Basis of Presentation and Significant Accounting Policies			12
Note 2 - Segment Information			13
Note 3 - Investments			15
Note 4 - Fair Value Measurements			26
Note 5 - Derivative Instruments			33
Note 6 - Reserve for Losses and Loss Expenses			35
Note 7 - Earnings Per Common Share			37
Note 8 - Share-Based Compensation			38
Note 9 - Shareholders' Equity			40
Note 10 - Debt and Financing Arrangements			41
Note 11 - Federal Home Loan Bank Advances			41
Note 12 - Commitments and Contingencies			42
Note 13 - Other Comprehensive Income (Loss)			42
Note 14 - Related Party Transactions			43
Note 15 - Reorganization Expenses			43

Table of Contents

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS

MARCH 31, 2026 (UNAUDITED) AND DECEMBER 31, 2025


	2026		2025
	(in thousands)
Assets
Investments:
Fixed maturities, available for sale, at fair value (Amortized cost 2026: $13,188,252; 2025: $12,937,728 Allowance for expected credit losses 2026: $3,119; 2025: $1,836)	$	13,107,142	$	13,018,027
Fixed maturities, held to maturity, at amortized cost (Fair value 2026: $401,480; 2025: $395,942 Allowance for expected credit losses 2026: $nil; 2025: $nil)	405,220		397,430
Equity securities, at fair value (Cost 2026: $602,603; 2025: $581,275)	688,842		707,569
Mortgage loans, held for investment, at fair value (Allowance for expected credit losses 2026: $29,308; 2025: $29,742)	343,959		356,840
Other investments, at fair value	1,042,649		1,027,798
Equity method investments	236,767		227,181
Short-term investments, at fair value	5,836		20,298
Total investments	15,830,415		15,755,143
Cash and cash equivalents	862,399		820,252
Restricted cash and cash equivalents	525,719		500,933
Accrued interest receivable	118,475		116,252
Insurance and reinsurance premium balances receivable (Allowance for expected credit losses 2026: $14,520; 2025: $15,821)	3,878,950		3,244,661
Reinsurance recoverable on unpaid losses and loss expenses (Allowance for expected credit losses 2026: $40,279; 2025: $40,340)	8,890,145		8,951,763
Reinsurance recoverable on paid losses and loss expenses	581,945		673,765
Deferred acquisition costs	933,802		801,778
Prepaid reinsurance premiums	2,452,190		2,139,294
Receivable for investments sold	5,422		12,806
Goodwill	66,498		66,498
Intangible assets	163,654		166,050
Operating lease right-of-use assets	94,670		93,900
Loan advances made	302,157		231,542
Other assets	912,305		887,289
Total assets	$	35,618,746	$	34,461,926
Liabilities
Reserve for losses and loss expenses	$	18,294,149	$	18,122,256
Unearned premiums	6,563,778		5,825,698
Insurance and reinsurance balances payable	2,180,053		1,882,021
Debt	1,317,104		1,316,710
Federal Home Loan Bank advances	66,380		66,380
Payable for investments purchased	69,071		36,982
Operating lease liabilities	110,181		110,095
Other liabilities	637,394		745,349
Total liabilities	29,238,110		28,105,491


Shareholders’ equity
Preferred shares	550,000		550,000
Common shares (shares issued 2026: 176,580; 2025: 176,580 shares outstanding 2026: 73,937; 2025: 74,135)	2,206		2,206
Additional paid-in capital	2,394,568		2,405,792
Accumulated other comprehensive income (loss)	(97,128)		28,431
Retained earnings	8,395,795		8,181,699
Treasury shares, at cost (2026: 102,643; 2025: 102,445)	(4,864,805)		(4,811,693)
Total shareholders’ equity	6,380,636		6,356,435


Total liabilities and shareholders’ equity	$	35,618,746	$	34,461,926

See accompanying notes to Consolidated Financial Statements.

Table of Contents

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025


	Three months ended March 31,
	2026		2025
	(in thousands, except per share amounts)
Revenues
Net premiums earned	$	1,480,466	$	1,340,820
Net investment income	184,740		207,713
Other insurance related income	5,649		3,578
Net investment gains (losses):
Increase in allowance for expected credit losses	(850)		(2,729)
Impairment losses	(267)		(1,926)


Other realized and unrealized investment gains (losses)	(26,107)		(25,350)
Total net investment gains (losses)	(27,224)		(30,005)
Total revenues	1,643,631		1,522,106

Expenses
Net losses and loss expenses	867,283		785,925
Acquisition costs	304,255		264,581
General and administrative expenses	158,156		159,163
Foreign exchange losses (gains)	(36,196)		57,034
Interest expense and financing costs	16,426		16,572
Reorganization expenses	23,168		—

Amortization of intangible assets	2,396		2,729
Total expenses	1,335,488		1,286,004

Income before income taxes and interest in income of equity method investments	308,143		236,102
Income tax expense	(55,806)		(44,322)
Interest in income of equity method investments	2,430		2,291
Net income	254,767		194,071


Preferred share dividends	7,563		7,563

Net income available to common shareholders	$	247,204	$	186,508

Per share data
Earnings per common share:
Earnings per common share	$	3.34	$	2.30
Earnings per diluted common share	$	3.29	$	2.26
Weighted average common shares outstanding	74,095		81,152
Weighted average diluted common shares outstanding	75,153		82,378

See accompanying notes to Consolidated Financial Statements.

Table of Contents

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025


	Three months ended March 31,
	2026		2025
	(in thousands)
Net income	$	254,767	$	194,071
Other comprehensive income (loss), net of tax:
Available for sale investments:
Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has not been recognized	(118,583)		87,058
Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has been recognized	(2,974)		192
Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income	(941)		28,087
Unrealized gains (losses) arising during the period, net of reclassification adjustment	(122,498)		115,337

Foreign currency translation adjustment	(3,061)		(156)


Total other comprehensive income (loss), net of tax	(125,559)		115,181


Comprehensive income	$	129,208	$	309,252

See accompanying notes to Consolidated Financial Statements.

Table of Contents

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025


	Three months ended March 31,
	2026		2025
	(in thousands)
Preferred shares



Balance at beginning and end of period	$	550,000	$	550,000

Common shares (par value)


Balance at beginning and end of period	2,206		2,206

Additional paid-in capital
Balance at beginning of period	2,405,792		2,394,063

Treasury shares reissued	(27,088)		(29,059)




Share-based compensation expense	15,864		9,800
Balance at end of period	2,394,568		2,374,804

Accumulated other comprehensive income (loss)
Balance at beginning of period	28,431		(267,557)
Unrealized gains (losses) on available for sale investments, net of tax:
Balance at beginning of period	55,990		(225,617)


Unrealized gains (losses) arising during the period, net of reclassification adjustment	(122,498)		115,337

Balance at end of period	(66,508)		(110,280)
Cumulative foreign currency translation adjustments, net of tax:
Balance at beginning of period	(27,559)		(41,940)
Foreign currency translation adjustment	(3,061)		(156)

Balance at end of period	(30,620)		(42,096)




Balance at end of period	(97,128)		(152,376)

Retained earnings
Balance at beginning of period	8,181,699		7,341,569


Net income	254,767		194,071

Preferred share dividends (1)	(7,563)		(7,563)

Common share dividends (1)	(33,108)		(35,593)
Balance at end of period	8,395,795		7,492,484

Treasury shares, at cost
Balance at beginning of period	(4,811,693)		(3,930,902)
Shares repurchased	(82,234)		(464,506)
Shares reissued	29,122		31,089
Balance at end of period	(4,864,805)		(4,364,319)

Total shareholders’ equity	$	6,380,636	$	5,902,799

(1) Refer to Note 9 'Shareholders' Equity' for details on dividends declared and paid related to the Company's common and preferred shares.

See accompanying notes to Consolidated Financial Statements.

Table of Contents

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025


	Three months ended March 31,
	2026		2025
	(in thousands)
Cash flows from operating activities:
Net income	$	254,767	$	194,071
Adjustments to reconcile net income to net cash provided by operating activities:
Net investment (gains) losses	27,360		30,005
Net realized and unrealized gains on other investments	(16,674)		(22,410)
Amortization of fixed maturities	(9,683)		(10,621)
Interest in income of equity method investments	(2,430)		(2,291)

Other amortization and depreciation	14,362		13,792
Share-based compensation expense	17,898		11,829


Changes in:
Accrued interest receivable	(2,210)		5,503
Reinsurance recoverable on unpaid losses and loss expenses	52,257		(106,132)
Reinsurance recoverable on paid losses and loss expenses	82,799		1,064
Deferred acquisition costs	(132,924)		(103,513)
Prepaid reinsurance premiums	(321,003)		(240,695)
Reserve for losses and loss expenses	187,856		278,614
Unearned premiums	746,213		653,052
Insurance and reinsurance balances, net	(284,341)		(332,261)
Other items	(94,844)		(60,928)
Net cash provided by operating activities	519,403		309,079

Cash flows from investing activities:
Purchases of:
Fixed maturities, available for sale	(2,101,400)		(2,946,681)
Fixed maturities, held to maturity	(48,099)		(9,950)
Equity securities	(38,345)		(73,063)
Mortgage loans	(1,078)		(72)
Other investments	(31,060)		(20,729)
Equity method investments	(7,156)		(4,955)
Short-term investments	(415)		(196,153)

Proceeds from the sale of:
Fixed maturities, available for sale	1,556,913		2,872,156
Equity securities	29,245		82,625
Other investments	31,111		34,855
Short-term investments	14,358		228,673
Proceeds from redemption of fixed maturities, available for sale	341,712		369,666
Proceeds from redemption of fixed maturities, held to maturity	40,331		63,780
Proceeds from redemption of short-term investments	509		102,524
Proceeds from the repayment of mortgage loans	9,819		35,579
Proceeds from the purchase of other assets	(14,394)		(7,273)
Loan advances made	(105,490)		(68,696)



Net cash provided by (used in) investing activities	(323,439)		462,286

Cash flows from financing activities:

Repurchase of common shares	(59,525)		(439,992)
Taxes paid on withholding shares	(22,709)		(24,514)
Dividends paid - common shares	(35,137)		(39,590)

Dividends paid - preferred shares	(7,563)		(7,563)








Net cash used in financing activities	(124,934)		(511,659)

Effect of exchange rate changes on foreign currency cash, cash equivalents and restricted cash	(4,097)		9,440
Increase in cash, cash equivalents and restricted cash	66,933		269,146
Cash, cash equivalents and restricted cash - beginning of period	1,321,185		3,063,621
Cash, cash equivalents and restricted cash - end of period	$	1,388,118	$	3,332,767

See accompanying notes to Consolidated Financial Statements.

Table of Contents

AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (CONTINUED)

FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND 2025


	Three months ended March 31,
	2026		2025
	(in thousands)
Supplemental disclosures of cash flow information:
Income taxes paid (refund)	$	(2,007)	$	12,770
Interest paid	$	16,972	$	17,099

Refer to Note 3 'Investments' for details of non-cash settlements with Monarch Point Re (Monarch Point Re (ISA 2023) Ltd., Monarch Point Re (ISA 2024) Ltd., Monarch Point Re (ISA 2025) Ltd., Monarch Point Re (ISA 2026) Ltd., individually, collectively, or together with Monarch Point Re (ISAC) Ltd "Monarch Point Re").

See accompanying notes to Consolidated Financial Statements.

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, 2025, 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.

Tabular dollar and share amounts are in thousands, with the exception of per share amounts. All amounts are reported in U.S. dollars.

Significant Accounting Policies

There were no notable changes to the Company's significant accounting policies subsequent to its Annual Report on Form 10-K for the year ended December 31, 2025.

Table of Contents

AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

2. SEGMENT INFORMATION

The Company'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.

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, professional lines, liability, cyber, marine and aviation, accident and health, and credit and political risk.

Reinsurance

The Company's reinsurance segment provides reinsurance to insurance companies on a worldwide basis. The product lines in this segment are liability, professional lines, motor, accident and health, credit and surety, agriculture, marine and aviation, and run-off lines which include catastrophe and property lines of business that the Company placed into run-off in 2022 and engineering lines of business that the Company placed into run-off in 2020.

The Company does not allocate its assets by segment, with the exception of goodwill and intangible assets.

The following tables present the underwriting results of the Company's reportable segments, as well as the carrying amounts of allocated goodwill and intangible assets:

Table of Contents

AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

2. SEGMENT INFORMATION (CONTINUED)


	2026									2025
Three months ended and at March 31,	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total

Gross premiums written	$	1,983,742		$	1,114,225		$	3,097,967		$	1,655,903		$	1,138,749		$	2,794,652
Net premiums written	1,293,077			613,959			1,907,036			1,044,580			705,459			1,750,039
Net premiums earned	1,141,753			338,713			1,480,466			1,010,086			330,734			1,340,820
Other insurance related income	370			5,279			5,649			156			3,422			3,578
Current accident year net losses and loss expenses	(656,047)			(229,298)			(885,345)			(576,066)			(227,796)			(803,862)
Net favorable prior year reserve development	15,059			3,003			18,062			13,978			3,959			17,937
Acquisition costs	(223,769)			(80,486)			(304,255)			(194,021)			(70,560)			(264,581)
Underwriting-related general and administrative expenses	(120,013)			(7,201)			(127,214)			(119,592)			(10,846)			(130,438)
Underwriting income	$	157,353		$	30,010		187,363			$	134,541		$	28,913		163,454

Net investment income							184,740									207,713
Net investment gains (losses)							(27,224)									(30,005)
Corporate expenses							(30,942)									(28,725)
Foreign exchange (losses) gains							36,196									(57,034)
Interest expense and financing costs							(16,426)									(16,572)
Reorganization expenses							(23,168)									—

Amortization of intangible assets							(2,396)									(2,729)
Income before income taxes and interest in income of equity method investments							308,143									236,102
Income tax expense							(55,806)									(44,322)
Interest in income of equity method investments							2,430									2,291
Net income							254,767									194,071
Preferred share dividends							7,563									7,563
Net income available to common shareholders							$	247,204								$	186,508

Current accident year loss ratio	57.5		%	67.7		%	59.8		%	57.0		%	68.9		%	60.0		%
Prior year reserve development ratio	(1.4		%)	(0.9		%)	(1.2		%)	(1.4		%)	(1.2		%)	(1.4		%)
Net losses and loss expenses ratio	56.1		%	66.8		%	58.6		%	55.6		%	67.7		%	58.6		%
Acquisition cost ratio	19.6		%	23.8		%	20.5		%	19.2		%	21.3		%	19.7		%
General and administrative expense ratio	10.6		%	2.1		%	10.7		%	11.9		%	3.3		%	11.9		%
Combined ratio	86.3		%	92.7		%	89.8		%	86.7		%	92.3		%	90.2		%

Goodwill and intangible assets	$	230,152		$	—		$	230,152		$	239,736		$	—		$	239,736

Table of Contents

AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3. INVESTMENTS

a) Fixed Maturities, Available for Sale

The following table provides the amortized cost and fair values of the Company's fixed maturities classified as available for sale:


	Amortized cost		Allowance for expected credit losses		Gross unrealized gains		Gross unrealized losses		Fair value

At March 31, 2026
Available for sale
U.S. government and agency	$	2,470,733	$	—	$	5,365	$	(13,951)	$	2,462,147
Non-U.S. government	854,906		—		4,854		(13,055)		846,705
Corporate debt	5,219,722		(2,383)		47,161		(80,162)		5,184,338
Agency RMBS(1)	2,083,725		—		18,679		(28,452)		2,073,952
CMBS(2)	802,737		(429)		3,734		(17,253)		788,789
Non-agency RMBS	202,057		(246)		685		(4,988)		197,508
ABS(3)	1,503,535		(61)		6,700		(6,357)		1,503,817
Municipals(4)	50,837		—		342		(1,293)		49,886
Total fixed maturities, available for sale	$	13,188,252	$	(3,119)	$	87,520	$	(165,511)	$	13,107,142







At December 31, 2025
Available for sale
U.S. government and agency	$	2,406,907	$	—	$	17,206	$	(6,212)	$	2,417,901
Non-U.S. government	798,984		—		14,961		(3,401)		810,544
Corporate debt	5,168,562		(1,539)		96,137		(40,727)		5,222,433
Agency RMBS(1)	2,026,043		—		31,869		(22,560)		2,035,352
CMBS(2)	811,056		—		6,641		(16,186)		801,511
Non-agency RMBS	193,372		(240)		1,366		(4,374)		190,124
ABS(3)	1,479,963		(57)		12,231		(4,070)		1,488,067
Municipals(4)	52,841		—		462		(1,208)		52,095
Total fixed maturities, available for sale	$	12,937,728	$	(1,836)	$	180,873	$	(98,738)	$	13,018,027

(1)Residential mortgage-backed securities ("RMBS") originated by U.S. government-sponsored agencies.

(2)Commercial mortgage-backed securities ("CMBS").

(3)Asset-backed securities ("ABS") include debt tranched securities collateralized primarily by auto loans, student loans, credit card receivables and collateralized loan obligations ("CLOs").

(4)Municipals include bonds issued by states, municipalities and political subdivisions.

Table of Contents

AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3. INVESTMENTS (CONTINUED)

Contractual Maturities

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

The table below provides the contractual maturities of fixed maturities classified as available for sale:


	Amortized cost		Fair value		% of Total fair value

At March 31, 2026
Maturity
Due in one year or less	$	370,914	$	369,660	2.8	%
Due after one year through five years	5,762,186		5,738,887		43.8	%
Due after five years through ten years	2,250,473		2,225,720		17.0	%
Due after ten years	212,625		208,809		1.6	%
	8,596,198		8,543,076		65.2	%
Agency RMBS	2,083,725		2,073,952		15.8	%
CMBS	802,737		788,789		6.0	%
Non-agency RMBS	202,057		197,508		1.5	%
ABS	1,503,535		1,503,817		11.5	%
Total	$	13,188,252	$	13,107,142	100.0	%

At December 31, 2025
Maturity
Due in one year or less	$	364,414	$	364,273	2.8	%
Due after one year through five years	5,665,467		5,721,423		44.0	%
Due after five years through ten years	2,212,109		2,231,417		17.1	%
Due after ten years	185,304		185,860		1.4	%
	8,427,294		8,502,973		65.3	%
Agency RMBS	2,026,043		2,035,352		15.6	%
CMBS	811,056		801,511		6.2	%
Non-agency RMBS	193,372		190,124		1.5	%
ABS	1,479,963		1,488,067		11.4	%
Total	$	12,937,728	$	13,018,027	100.0	%

Table of Contents

AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3. INVESTMENTS (CONTINUED)

Gross Unrealized Losses

The following table summarizes fixed maturities, available for sale in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position:


	12 months or greater				Less than 12 months				Total
	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses

At March 31, 2026
Fixed maturities, available for sale
U.S. government and agency	$	117,049	$	(3,504)	$	1,611,207	$	(10,447)	$	1,728,256	$	(13,951)
Non-U.S. government	46,797		(2,588)		526,687		(10,467)		573,484		(13,055)
Corporate debt	483,788		(36,407)		2,058,040		(43,755)		2,541,828		(80,162)
Agency RMBS	255,524		(21,537)		570,101		(6,915)		825,625		(28,452)
CMBS	286,908		(15,752)		191,140		(1,501)		478,048		(17,253)
Non-agency RMBS	37,057		(4,410)		46,689		(578)		83,746		(4,988)
ABS	84,553		(3,479)		629,515		(2,878)		714,068		(6,357)
Municipals	19,327		(1,216)		12,821		(77)		32,148		(1,293)
Total fixed maturities, available for sale	$	1,331,003	$	(88,893)	$	5,646,200	$	(76,618)	$	6,977,203	$	(165,511)







At December 31, 2025
Fixed maturities, available for sale
U.S. government and agency	$	186,934	$	(4,695)	$	314,665	$	(1,517)	$	501,599	$	(6,212)
Non-U.S. government	50,892		(2,202)		147,629		(1,199)		198,521		(3,401)
Corporate debt	589,821		(32,617)		501,402		(8,110)		1,091,223		(40,727)
Agency RMBS	338,652		(21,806)		160,500		(754)		499,152		(22,560)
CMBS	331,169		(15,831)		98,333		(355)		429,502		(16,186)
Non-agency RMBS	39,376		(4,361)		1,092		(13)		40,468		(4,374)
ABS	94,908		(3,582)		204,271		(488)		299,179		(4,070)
Municipals	21,039		(1,203)		727		(5)		21,766		(1,208)
Total fixed maturities, available for sale	$	1,652,791	$	(86,297)	$	1,428,619	$	(12,441)	$	3,081,410	$	(98,738)

At March 31, 2026, 3,429 fixed maturities (2025: 2,244) were in an unrealized loss position of $166 million (2025: $99 million) of which $29 million (2025: $9 million) was related to securities below investment grade or not rated.

At March 31, 2026, 1,374 fixed maturities (2025: 1,522) had been in a continuous unrealized loss position for twelve months or greater and had a fair value of $1,331 million (2025: $1,653 million).

The unrealized losses of $166 million (2025: $99 million) were due to non-credit factors and were expected to be recovered as the related securities approach maturity.

At March 31, 2026, the Company did not intend to sell the securities in an unrealized loss position and it is more likely than not that the Company will not be required to sell these securities before the anticipated recovery of their amortized costs.

Table of Contents

AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3. INVESTMENTS (CONTINUED)

b) Fixed Maturities, Held to Maturity

The following table provides the amortized cost and fair values of the Company's fixed maturities classified as held to maturity:


	Amortized cost		Allowance for expected credit losses		Net carrying value		Gross unrealized gains		Gross unrealized losses		Fair value

At March 31, 2026
Held to maturity
Corporate debt	$	140,576	$	—	$	140,576	$	1,121	$	(4,857)	$	136,840
ABS(1)	264,644		—		264,644		181		(185)		264,640
Total fixed maturities, held to maturity	$	405,220	$	—	$	405,220	$	1,302	$	(5,042)	$	401,480

At December 31, 2025
Held to maturity
Corporate debt	$	145,137	$	—	$	145,137	$	2,039	$	(4,100)	$	143,076
ABS(1)	252,293		—		252,293		625		(52)		252,866
Total fixed maturities, held to maturity	$	397,430	$	—	$	397,430	$	2,664	$	(4,152)	$	395,942

(1)Asset-backed securities ("ABS") include debt tranched securities collateralized primarily by collateralized loan obligations ("CLOs").

At March 31, 2026, fixed maturities, held to maturity of $405 million (2025: $397 million) were presented net of an allowance for expected credit losses of $nil (2025: $nil).

The Company's ABS, held to maturity consist of CLO debt tranched securities ("CLO Debt"). The Company uses a scenario-based approach to review its CLO debt portfolio and reviews subordination levels of these securities to determine their ability to absorb credit losses of the underlying collateral. If losses are forecast to be below the subordination level for a tranche held by the Company, the security is determined not to have a credit loss. At March 31, 2026, the allowance for credit losses expected to be recognized over the life of the Company's ABS, held to maturity was $nil.

To estimate expected credit losses for corporate debt securities, held to maturity, the Company's projected cash flows are primarily driven by assumptions regarding the severity of loss, which is a function of the probability of default and projected recovery rates. The Company's default and recovery rates are based on credit ratings, credit analysis and macroeconomic forecasts. At March 31, 2026, the allowance for credit losses expected to be recognized over the life of the Company's corporate debt, held to maturity was $nil.

Contractual Maturities

Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. ABS classified as held to maturity had a net carrying value of $265 million (2025: $252 million).

Corporate debt classified as held to maturity with a net carrying value of $32 million (2025: $32 million) is due in 3 years or less. Corporate debt classified as held to maturity with a net carrying value of $106 million (2025: $110 million) is due between 3 years and 10 years. Corporate debt classified as held to maturity with a net carrying value of $3 million (2025: $3 million) is due after 10 years.

Table of Contents

AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3. INVESTMENTS (CONTINUED)

c) Equity Securities

The following table provides the cost and fair values of the Company's equity securities:


	Cost		Gross unrealized gains		Gross unrealized losses		Fair value

At March 31, 2026
Equity securities
Common stocks	$	3,386	$	339	$	(636)	$	3,089
Preferred stocks	43,911		508		(518)		43,901
Exchange-traded funds	268,849		117,853		(5,894)		380,808
Bond mutual funds	286,457		7,268		(32,681)		261,044
Total equity securities	$	602,603	$	125,968	$	(39,729)	$	688,842

At December 31, 2025
Equity securities
Common stocks	$	13,927	$	439	$	(671)	$	13,695
Preferred stocks	19,662		717		(68)		20,311
Exchange-traded funds	259,353		142,901		(497)		401,757
Bond mutual funds	288,333		9,411		(25,938)		271,806
Total equity securities	$	581,275	$	153,468	$	(27,174)	$	707,569

d) Mortgage Loans

The following table provides details of the Company's mortgage loans, held for investment:


	March 31, 2026				December 31, 2025
	Carrying value		% of Total		Carrying value		% of Total

Mortgage loans, held for investment:
Commercial	$	373,267	109	%	$	386,582	108	%
Allowance for expected credit losses	(29,308)		(9	%)	(29,742)		(8	%)


Total mortgage loans held for investment	$	343,959	100	%	$	356,840	100	%

The primary credit quality indicators for commercial mortgage loans are the debt service coverage ratio which compares a property’s net operating income to amounts needed to service the principal and interest due under the loan, (generally, the lower the debt service coverage ratio, the higher the risk of experiencing a credit loss) and the loan-to-value ratio which compares the unpaid principal balance of the loan to the estimated fair value of the underlying collateral (generally, the higher the loan-to-value ratio, the higher the risk of experiencing a credit loss). The debt service coverage ratio and loan-to-value ratio, as well as the values utilized in calculating these ratios, are updated quarterly.

The commercial mortgage loan portfolio has a weighted average debt service coverage ratio of 1.6x (2025: 1.6x) and a weighted average loan-to-value ratio of 85% (2025: 84%).

At March 31, 2026, there were two commercial mortgage loans (2025: two) with past due amounts where the Company is assessing exit strategies. The carrying value of these loans net of an allowance for expected credit losses was $15 million (2025: $14 million).

Table of Contents

AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3. INVESTMENTS (CONTINUED)

On a quarterly basis, the Company's exposure to commercial mortgage loans in the office sector, that represents 50% (2024: 51%) of the total mortgage loan portfolio, is evaluated for credit losses based on inputs unique to this sector. This assessment utilizes historical credit loss experience adjusted to reflect current conditions and management forecasts. Further, collateral dependent commercial mortgage loans (e.g., when the borrower is experiencing financial difficulty, including when foreclosure is reasonably possible or probable) are evaluated individually for credit losses. The allowance for expected credit losses for a collateral dependent loan is established as the excess of amortized cost over the estimated fair value of the loan's underlying collateral, less selling cost when foreclosure is probable.

Accordingly, any change in estimated credit losses is recognized as a change in the allowance for expected credit losses and is recorded in net investment gains (losses).

At March 31, 2026, the Company's mortgage loan portfolio had an allowance for expected credit losses of $29 million (2025: $30 million).

e) Other Investments

The following table provides a summary of the Company's other investments, together with additional information relating to the liquidity of each category:


	Fair value				Redemption frequency (if currently eligible)	Redemption notice period

At March 31, 2026

Multi-strategy funds	$	10,987	1	%	Quarterly	60-90 days


Direct lending funds	193,616		19	%	Quarterly(1)	90 days
Private equity funds	382,826		37	%	n/a	n/a
Real estate funds	279,937		27	%	Quarterly(2), Annually(3)	45-90 days

Other privately held investments	175,283		17	%	n/a	n/a

Total other investments	$	1,042,649	100	%

At December 31, 2025

Multi-strategy funds	$	11,577	1	%	Quarterly	60-90 days


Direct lending funds	186,747		18	%	Quarterly(1)	90 days
Private equity funds	364,376		36	%	n/a	n/a
Real estate funds	291,491		28	%	Quarterly(2), Annually(3)	45-90 days

Other privately held investments	173,607		17	%	n/a	n/a

Total other investments	$	1,027,798	100	%

n/a - not applicable

(1) Applies to one fund with a fair value of $2 million (2025: $2 million).

(2) Applies to one fund with a fair value of $29 million (2025:$44 million).

(3) Applies to one fund with a fair value of $23 million (2025: $24 million).

Table of Contents

AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3. INVESTMENTS (CONTINUED)

Two common redemption restrictions which may impact the Company's ability to redeem multi-strategy funds are gates and lockups. A gate is a suspension of redemptions which may be implemented by the general partner or investment manager of the fund in order to defer, in whole or in part, the redemption request in the event the aggregate amount of redemption requests exceeds a predetermined percentage of the fund's net assets which may otherwise hinder the general partner or investment manager's ability to liquidate holdings in an orderly fashion in order to generate the cash necessary to fund extraordinarily large redemption payouts. A lockup period is the initial amount of time an investor is contractually required to hold the security before having the ability to redeem. During the three months ended March 31, 2026 and 2025, neither of these restrictions impacted the Company's redemption requests.

At March 31, 2026, the Company had $30 million (2025: $30 million) of unfunded commitments as a limited partner in multi-strategy funds. Once the full amount of committed capital has been called by the General Partner of each of these funds, the assets will not be fully returned until after the completion of the funds' investment term. These funds have investment terms ranging from two years to the dissolution of the underlying fund. At March 31, 2026, there were no multi-strategy fund holdings (2025: nil) where the Company is still within the lockup period.

At March 31, 2026, the Company had $319 million (2025: $292 million) of unfunded commitments as a limited partner in direct lending funds. Once the full amount of committed capital has been called by the General Partner of each of these funds, the assets will not be fully returned until the completion of the fund's investment term. These funds have investment terms ranging from four to fifteen years and the General Partners of certain funds have the option to extend the term by up to three years. At March 31, 2026, there was one direct lending fund holding (2025: one) with a fair value of $22 million (2025: $18 million) where the Company is still within the lockup period.

At March 31, 2026, the Company had $240 million (2025: $240 million) of unfunded commitments as a limited partner in private equity funds. The life of the funds is subject to the dissolution of the underlying funds. The Company expects the overall holding period to be over six years.

At March 31, 2026, the Company had $100 million (2025: $105 million) of unfunded commitments as a limited partner in real estate funds. These funds include an open-ended fund and funds with investment terms ranging from two years to the dissolution of the underlying fund.

At March 31, 2026, the Company had $15 million (2025: $16 million) of unfunded commitments as a limited partner in four private company investment funds focusing on financial services technology companies with an emphasis on insurance technology companies ("private company investment funds"). Two of these funds have investment terms of five years and one fund has an investment term of ten years and one fund has an investment term of ten years with the option to extend the term by up to three years.

f) Equity Method Investments

The following table provides details of the Company's equity method investments:


	March 31, 2026		December 31, 2025
	Carrying value		Carrying value

Equity method investments:
Harrington Re	$	163,513	$	163,513
Monarch Point Re	73,254		63,668
Total equity method investments	$	236,767	$	227,181

Table of Contents

AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3. INVESTMENTS (CONTINUED)

Harrington Re

During 2016, the Company paid $108 million including direct transaction costs to acquire 19% of the common equity of Harrington Reinsurance Holdings Limited ("Harrington"), the parent company of Harrington Re Ltd. ("Harrington Re"), an independent reinsurance company jointly sponsored by the Company and The Blackstone Group L.P. ("Blackstone"). Following share tender offers in 2025 and 2024, the Company's ownership interest in Harrington increased to 23% and 22%, respectively.

Through long-term service agreements, the Company serves as Harrington Re's reinsurance underwriting manager and Blackstone serves as exclusive investment management service provider. As an investor, the Company expects to benefit from underwriting profit generated by Harrington Re and the income and capital appreciation Blackstone seeks to deliver through its investment management services. In addition, the Company has entered into an arrangement with Blackstone under which underwriting and investment related fees will be shared equally.

The Company accounts for its ownership interest in Harrington under the equity method of accounting.

Monarch Point Re

During 2023, the Company paid $22 million to acquire 18% of the common equity of Monarch Point Re (ISAC) Ltd. and Monarch Point Re (ISA 2023) Ltd., a collateralized reinsurance company formed under the laws of Bermuda as an incorporated segregated accounts company under the Incorporated Segregated Accounts Companies Act 2019, as amended (the "ISAC Act"). During 2024, the Company paid $14 million to acquire 18% of the common equity of Monarch Point Re (ISA 2024) Ltd. During 2025, the Company paid $11 million to acquire 18% of the common equity of Monarch Point Re (ISA 2025) Ltd. During 2026, the Company paid $2 million to acquire 18% of the common equity of Monarch Point Re (ISA 2025) Ltd and $5 million to acquire 19% of the common equity of Monarch Point Re (ISA 2026) Ltd.

The Company retrocedes a diversified portfolio of casualty reinsurance business to Monarch Point Re and Stone Point Credit Adviser LLC, a wholly owned subsidiary of Stone Point Capital, LLC ("Stone Point" refer to Note 14 'Related Party Transactions') serves as its investment manager. As an investor, the Company expects to benefit from underwriting fees generated by Monarch Point Re and the income and capital appreciation Stone Point seeks to deliver through its investment management services.

Monarch Point Re is not a Variable Interest Entity ("VIE") that is required to be included in the Company's consolidated financial statements. The Company accounts for its ownership interest in Monarch Point Re under the equity method of accounting.

Loan Advances Made to Monarch Point Re

During 2026, the Company advanced $123 million (2025: $227 million) to Monarch Point Re that was included in loan advances made in the Company’s consolidated balance sheets. Loan balances receivable from Monarch Point Re are settled against amounts due to Monarch Point Re under the aforementioned retrocession agreements and are treated as a non-cash activity in the consolidated statement of cash flows. The loan balance receivable at March 31, 2026 was $299 million (2025: $228 million). Loan advances made are expected to be repaid in full by August 15, 2027 (2025: May 15, 2027).

Interest on these loans was payable in 2026 at an interest rate of 4.2% (2025: interest rates between 4.3% and 4.8%). Interest related to these loans of $9 million (2025: $5 million) was received in advance and is included in other liabilities in the consolidated balance sheets.

Table of Contents

AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3. INVESTMENTS (CONTINUED)

The following table provides a summary of non-cash settlements with Monarch Point Re:


Non-cash settlements with Monarch Point Re	Three months ended March 31,
	2026		2025
Loan advances made	$	34,626	$	43,562
Reinsurance recoverable on unpaid losses and loss expenses	9,759		14,214
Interest receivable on loan advances made	5,251		4,516
Net cash inflows	$	49,636	$	62,292

Insurance and reinsurance balances payable, net	$	(49,636)	$	(62,292)
Net cash outflows	$	(49,636)	$	(62,292)

g) Variable Interest Entities

In the normal course of investing activities, the Company actively manages allocations to non-controlling tranches of structured securities which are variable interests issued by VIEs. These structured securities include RMBS, CMBS and ABS.

The Company also invests in limited partnerships which represent 72% of the Company's other investments. The investments in limited partnerships include multi-strategy funds, direct lending funds, private equity funds and real estate funds that are variable interests issued by VIEs (refer to Note 3(e) 'Other Investments').

The Company does not have the power to direct the activities that are most significant to the economic performance of these VIEs. Therefore, the Company is not the primary beneficiary of these VIEs. The maximum exposure to loss on these interests is limited to the carrying value reported in the Company's consolidated balance sheets and its unfunded commitments of $637 million at March 31, 2026 (2025: $612 million). The Company has not provided financial or other support to these structured securities other than the original investment.

h) Net Investment Income

Net investment income was derived from the following sources:


	Three months ended March 31,
	2026		2025

Fixed maturities	$	156,696	$	146,711
Other investments	17,705		22,410
Equity securities	4,152		3,208
Mortgage loans	4,165		6,868
Cash and cash equivalents	8,918		33,380
Short-term investments	132		1,986
Gross investment income	191,768		214,563
Investment expenses	(7,028)		(6,850)
Net investment income	$	184,740	$	207,713

Table of Contents

AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3. INVESTMENTS (CONTINUED)

i) Net Investment Gains (Losses)

The following table provides an analysis of net investment gains (losses):


	Three months ended March 31,
	2026		2025

Gross realized investment gains
Fixed maturities, short-term investments, and cash and cash equivalents	$	31,982	$	22,138
Equity securities	12,358		36,068
Gross realized investment gains	44,340		58,206
Gross realized investment losses
Fixed maturities, short-term investments, and cash and cash equivalents	(25,045)		(51,739)
Equity securities	(898)		(8,871)
Mortgage loans	(4,595)		—
Gross realized investment losses	(30,538)		(60,610)
(Increase) decrease in allowance for expected credit losses, fixed maturities, available for sale	(1,284)		(245)
(Increase) decrease in allowance for expected credit losses, mortgage loans	434		(2,484)
Impairment losses(1)	(267)		(1,926)

Change in fair value of investment derivatives(2)	146		(416)
Net unrealized gains (losses) on equity securities	(40,055)		(22,530)

Net investment gains (losses)	$	(27,224)	$	(30,005)

(1) Related to instances where the Company intends to sell securities or it is more likely than not that the Company will be required to sell securities before their anticipated recovery.

(2) Refer to Note 5 'Derivative Instruments'.

The following table provides a reconciliation of the beginning and ending balances of the allowance for expected credit losses on fixed maturities classified as available for sale:


	Three months ended March 31,
	2026		2025

Balance at beginning of period	$	1,836	$	3,938
Expected credit losses on securities where credit losses were not previously recognized	1,150		314
Additions (reductions) for expected credit losses on securities where credit losses were previously recognized	278		28
Impairments of securities which the Company intends to sell or more likely than not will be required to sell	—		—
Securities sold/redeemed/matured	(145)		(97)
Balance at end of period	$	3,119	$	4,183

Table of Contents

AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3. INVESTMENTS (CONTINUED)

The following table provides a reconciliation of the beginning and ending balances of the allowance for expected credit losses on mortgage loans:


	Three months ended March 31,
	2026		2025

Balance at beginning of period	$	29,742	$	23,378
Expected credit losses on loans where credit losses were not previously recognized	—		—
Additions (reductions) for expected credit losses on loans where credit losses were previously recognized	4,161		2,484
Loans sold/redeemed/matured	(4,595)		—
Balance at end of period	$	29,308	$	25,862

j) Reverse Repurchase Agreements

At March 31, 2026, the Company held $9 million (2025: $14 million) of reverse repurchase agreements. These loans are fully collateralized, are generally outstanding for a short period of time and are presented on a gross basis as part of cash and cash equivalents in the Company's consolidated balance sheets. The required collateral for these loans is either cash or U.S. Treasuries at a minimum rate of 102% of the loan principal. Upon maturity, the Company receives principal and interest income. The Company monitors the estimated fair value of the securities loaned and borrowed on a daily basis with additional collateral obtained as necessary throughout the duration of the transaction.

Table of Contents

AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

4. FAIR VALUE MEASUREMENTS

Fair Value Hierarchy

Fair value is defined as the price to sell an asset or transfer a liability (i.e., the "exit price") in an orderly transaction between market participants. U.S. GAAP prescribes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. The level in the hierarchy within which a given fair value measurement falls is determined based on the lowest level input that is significant to the measurement. The hierarchy is broken down into three levels as follows:

•Level 1 - Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access.

•Level 2 - Valuations based on quoted prices in active markets for similar assets or liabilities, quoted prices for identical assets or liabilities in inactive markets, or for which significant inputs are observable (e.g., interest rates, yield curves, prepayment speeds, default rates, loss severities, etc.) or can be corroborated by observable market data.

•Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The unobservable inputs reflect the Company's judgments about assumptions that market participants might use.

The availability of observable inputs can vary from financial instrument to financial instrument and is affected by a wide variety of factors including, for example, the type of financial instrument, whether the financial instrument is new and not yet established in the marketplace, and other characteristics particular to the transaction. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires significantly more judgment.

Accordingly, the degree of judgment exercised by management in determining fair value is greatest for financial instruments categorized as Level 3. In periods of market dislocation, the observability of prices and inputs may be reduced for many financial instruments. This may lead the Company to change the selection of valuation technique (from market to cash flow approach) or may cause the Company to use multiple valuation techniques to estimate the fair value of a financial instrument. This circumstance could cause an instrument to be reclassified between levels within the fair value hierarchy.

Valuation Techniques

The valuation techniques, including significant inputs and assumptions generally used to determine the fair values of the Company's financial instruments as well as the classification of the fair values of its financial instruments in the fair value hierarchy are described in detail below.

Fixed Maturities

At each valuation date, the Company uses the market approach valuation technique to estimate the fair value of its fixed maturities portfolio, where possible. The market approach includes, but is not limited to, prices obtained from third-party pricing services for identical or comparable securities and the use of "pricing matrix models" using observable market inputs such as yield curves, credit risks and spreads, measures of volatility, and prepayment speeds. Pricing from third-party pricing services is sourced from multiple vendors, where available, and the Company maintains a vendor hierarchy by asset type based on historical pricing experience and vendor expertise. Where prices are unavailable from pricing services, the Company obtains non-binding quotes from broker-dealers who are active in the corresponding markets. The valuation techniques including significant inputs and assumptions generally used to determine the fair values of the Company's fixed maturities by asset class as well as the classifications of the fair values of these securities in the fair value hierarchy are described in detail below.

U.S. Government and Agency

U.S. government and agency securities consist primarily of bonds issued by the U.S. Treasury and mortgage pass-through agencies such as the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Government National Mortgage Association. As the fair values of U.S. Treasury securities are based on unadjusted quoted market prices in active markets, the fair values of these securities are classified as Level 1. The fair values of U.S. government agency securities are determined using the spread above the risk-free yield curve. As the yields for the risk-free yield curve and the spreads are observable market inputs, the fair values of U.S. government agency securities are classified as Level 2.

Table of Contents

AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

4. FAIR VALUE MEASUREMENTS (CONTINUED)

Non-U.S. Government

Non-U.S. government securities include bonds issued by non-U.S. governments and their agencies along with supranational organizations (collectively also known as sovereign debt securities). The fair values of these securities are based on prices obtained from international indices or valuation models that include inputs such as interest rate yield curves, cross-currency basis index spreads and country credit spreads for structures similar to the sovereign bond in terms of issuer, maturity and seniority. As the significant inputs used to price these securities are observable market inputs, the fair values of non-U.S. government securities are classified as Level 2.

Corporate Debt

Corporate debt securities consist primarily of investment grade debt of a wide variety of corporate issuers and industries. The fair values of these securities are generally determined using the spread above the risk-free yield curve. These spreads are generally obtained from the new issue market, secondary trading and broker-dealer quotes. As the yields for the risk-free yield curve and the spreads are observable market inputs, the fair values of corporate debt securities are generally classified as Level 2. Where pricing is unavailable from pricing services, the Company obtains non-binding quotes from broker-dealers to estimate fair value. This is generally the case when there is a low volume of trading activity and current transactions are not orderly. In this event, the fair values of these securities are classified as Level 3.

Agency RMBS

Agency RMBS consist of bonds issued by the Federal National Mortgage Association, the Federal Home Loan Mortgage Corporation and the Government National Mortgage Association. The fair values of these securities are priced using a mortgage pool specific model which uses daily inputs from the active to be announced market and the spread associated with each mortgage pool based on vintage. As the significant inputs used to price these securities are observable market inputs, the fair values of Agency RMBS are classified as Level 2.

CMBS

CMBS mainly include investment grade bonds originated by non-agencies. The fair values of these securities are determined using a pricing model which uses dealer quotes and other available trade information along with security level characteristics to determine deal specific spreads. As the significant inputs used to price these securities are observable market inputs, the fair values of CMBS are generally classified as Level 2. Where pricing is unavailable from pricing services, the Company obtains non-binding quotes from broker-dealers to estimate fair value. This is generally the case when there is a low volume of trading activity and current transactions are not orderly. In this event, the fair values of these securities are classified as Level 3.

Non-agency RMBS

Non-agency RMBS mainly include investment grade bonds originated by non-agencies. The fair values of these securities are determined using an option adjusted spread model or other relevant models, which use inputs including available trade information or broker quotes, prepayment and default projections based on historical statistics of the underlying collateral and current market data. As the significant inputs used to price these securities are observable market inputs, the fair values of non-agency RMBS are generally classified as Level 2. Where pricing is unavailable from pricing services, the Company obtains non-binding quotes from broker-dealers to estimate fair value. This is generally the case when there is a low volume of trading activity and current transactions are not orderly. In this event, the fair values of these securities are classified as Level 3.

ABS

ABS mainly include investment grade bonds backed by pools of loans with a variety of underlying collateral, including auto loans, student loans, credit card receivables and collateralized loan obligations ("CLOs"), originated by a variety of financial institutions. The fair values of these securities are determined using a model which uses prepayment speeds and spreads sourced primarily from the new issue market. As the significant inputs used to price these securities are observable market inputs, the fair values of ABS are generally classified as Level 2. Where pricing is unavailable from pricing services, the Company obtains non-binding quotes from

Table of Contents

AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

4. FAIR VALUE MEASUREMENTS (CONTINUED)

broker-dealers to estimate fair value. This is generally the case when there is a low volume of trading activity and current transactions are not orderly. In this event, the fair values of these securities are classified as Level 3.

Municipals

Municipals comprise revenue bonds and general obligation bonds issued by U.S. domiciled state and municipal entities. The fair values of these securities are determined using spreads obtained from the new issue market, trade prices and broker-dealers quotes. As the significant inputs used to price these securities are observable market inputs, the fair values of municipals are classified as Level 2.

Equity Securities

Equity securities include common stocks, preferred stocks, exchange-traded funds and bond mutual funds. As the fair values of common stocks, exchange-traded funds and exchange listed preferred stocks are based on unadjusted quoted market prices in active markets, the fair values of these securities are classified as Level 1. As the significant inputs used to price non-exchange listed preferred stocks are observable market inputs, the fair value of these securities are classified as Level 2. As bond mutual funds have daily liquidity, the fair values of these securities are classified as Level 2.

Other Investments

Other privately held investments include common shares, preferred shares, convertible notes, convertible preferred shares, a variable yield security and private company investment funds. These investments are initially valued at cost, which approximates fair value. In subsequent measurement periods, the fair values of these investments are generally derived from one or a combination of valuation methodologies which consider factors including recent capital raises by the investee companies, comparable precedent transaction multiples, comparable publicly traded multiples, third-party valuations, discounted cash-flow models, and other techniques that consider the industry and development stage of each investee company. The fair value of the variable yield security is determined using an externally developed discounted cash flow model. In order to assess the reasonableness of the information received from investee companies, the Company maintains an understanding of current market conditions, historical results, and emerging trends that may impact the results of operations, financial condition or liquidity of these companies. In addition, the Company engages in regular communication with management at investee companies.

As the significant inputs used to price these investments are unobservable, the fair values of other privately held investments are classified as Level 3. The fair values of private company investment funds are estimated using net asset valuations ("NAVs") as advised by external fund managers or third-party administrators.

Short-term Investments

Short-term investments primarily comprise highly liquid securities with maturities greater than three months but less than one year from the date of purchase. These securities are typically not actively traded due to their approaching maturity, therefore their amortized cost approximates fair value. The fair values of short-term investments are classified as Level 2.

Derivative Instruments

Derivative instruments include foreign exchange forward contracts that are customized to the Company's economic hedging strategies and trade in the over-the-counter derivative market. The fair values of these derivatives are determined using a market approach valuation technique based on significant observable market inputs from third-party pricing vendors, non-binding broker-dealer quotes and/or recent trading activity. As the significant inputs used to price these derivatives are observable market inputs, the fair values of these derivatives are classified as Level 2.

Table of Contents

AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

4. FAIR VALUE MEASUREMENTS (CONTINUED)

The tables below present the financial instruments measured at fair value on a recurring basis for the periods indicated:


	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Fair value based on NAV practical expedient		Total fair value

At March 31, 2026
Assets
Fixed maturities, available for sale
U.S. government and agency	$	2,429,409	$	32,738	$	—	$	—	$	2,462,147
Non-U.S. government	—		846,705		—		—		846,705
Corporate debt	—		4,959,328		225,010		—		5,184,338
Agency RMBS	—		2,073,952		—		—		2,073,952
CMBS	—		788,789		—		—		788,789
Non-agency RMBS	—		197,508		—		—		197,508
ABS	—		1,449,405		54,412		—		1,503,817
Municipals	—		49,886		—		—		49,886
	2,429,409		10,398,311		279,422		—		13,107,142
Equity securities
Common stocks	3,089		—		—		—		3,089
Preferred stocks	37,971		5,930		—		—		43,901
Exchange-traded funds	380,808		—		—		—		380,808
Bond mutual funds	—		261,044		—		—		261,044
	421,868		266,974		—		—		688,842
Other investments
Multi-strategy funds	—		—		—		10,987		10,987
Direct lending funds	—		—		—		193,616		193,616
Private equity funds	—		—		—		382,826		382,826
Real estate funds	—		—		—		279,937		279,937

Other privately held investments	—		—		124,139		51,144		175,283

	—		—		124,139		918,510		1,042,649
Short-term investments	—		5,836		—		—		5,836
Other assets
Derivative instruments (refer to Note 5)	—		13,340		—		—		13,340

Total Assets	$	2,851,277	$	10,684,461	$	403,561	$	918,510	$	14,857,809
Liabilities
Derivative instruments (refer to Note 5)	$	—	$	1,161	$	—	$	—	$	1,161

Total Liabilities	$	—	$	1,161	$	—	$	—	$	1,161

Table of Contents

AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

4. FAIR VALUE MEASUREMENTS (CONTINUED)


	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Fair value based on NAV practical expedient		Total fair value


































At December 31, 2025
Assets
Fixed maturities, available for sale
U.S. government and agency	$	2,385,085	$	32,816	$	—	$	—	$	2,417,901
Non-U.S. government	—		810,544		—		—		810,544
Corporate debt	—		5,033,161		189,272		—		5,222,433
Agency RMBS	—		2,035,352		—		—		2,035,352
CMBS	—		801,511		—		—		801,511
Non-agency RMBS	—		190,124		—		—		190,124
ABS	—		1,448,711		39,356		—		1,488,067
Municipals	—		52,095		—		—		52,095
	2,385,085		10,404,314		228,628		—		13,018,027
Equity securities
Common stocks	13,695		—		—		—		13,695
Preferred stocks	14,239		6,072		—		—		20,311
Exchange-traded funds	401,757		—		—		—		401,757
Bond mutual funds	—		271,806		—		—		271,806
	429,691		277,878		—		—		707,569
Other investments
Multi-strategy funds	—		—		—		11,577		11,577
Direct lending funds	—		—		—		186,747		186,747
Private equity funds	—		—		—		364,376		364,376
Real estate funds	—		—		—		291,491		291,491

Other privately held investments	—		—		123,925		49,682		173,607

	—		—		123,925		903,873		1,027,798
Short-term investments	—		20,298		—				20,298
Other assets
Derivative instruments (refer to Note 5)	—		930		—		—		930

Total Assets	$	2,814,776	$	10,703,420	$	352,553	$	903,873	$	14,774,622
Liabilities
Derivative instruments (refer to Note 5)	$	—	$	8,859	$	—	$	—	$	8,859

Total Liabilities	$	—	$	8,859	$	—	$	—	$	8,859

Table of Contents

AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

4. FAIR VALUE MEASUREMENTS (CONTINUED)

The following table presents changes in Level 3 for financial instruments measured at fair value on a recurring basis:


	Opening balance		Transfers into Level 3		Transfers out of Level 3		Included in net income(1)		Included in OCI (2)		Purchases		Sales		Settlements/ distributions		Closing balance		Change in unrealized gains/(losses) (3)

Three months ended March 31, 2026
Fixed maturities, available for sale
Corporate debt	$	189,272	$	—	$	(2,572)	$	142	$	(1,058)	$	56,114	$	(7,671)	$	(9,217)	$	225,010	$	—


ABS	39,356		—		—		1		160		15,509		(14)		(600)		54,412		—
	228,628		—		(2,572)		143		(898)		71,623		(7,685)		(9,817)		279,422		—
Other investments




Other privately held investments	123,925		—		—		214		—		—		—		—		124,139		214
	123,925		—		—		214		—		—		—		—		124,139		214




Total assets	$	352,553	$	—	$	(2,572)	$	357	$	(898)	$	71,623	$	(7,685)	$	(9,817)	$	403,561	$	214





Three months ended March 31, 2025
Fixed maturities, available for sale
Corporate debt	$	126,391	$	—	$	—	$	—	$	357	$	7,664	$	(670)	$	—	$	133,742	$	—
ABS	20,832		—		—		—		311		12,000		—		—		33,143		—
	147,223		—		—		—		668		19,664		(670)		—		166,885		—
Other investments

Other privately held investments	92,230		—		—		4,790		—		—		—		—		97,020		4,790
	92,230		—		—		4,790		—		—		—		—		97,020		4,790
Total assets	$	239,453	$	—	$	—	$	4,790	$	668	$	19,664	$	(670)	$	—	$	263,905	$	4,790

(1) Realized gains (losses) on fixed maturities and realized and unrealized gains (losses) on other assets and other liabilities included in net income are included in net investment gains (losses). Realized and unrealized gains (losses) on other investments included in net income are included in net investment income.

(2) Unrealized gains (losses) on fixed maturities are included in other comprehensive income ("OCI").

(3) Change in unrealized gains (losses) relating to assets and liabilities held at the reporting date.

Transfers into Level 3 from Level 2

There were no transfers into Level 3 from Level 2 during the three months ended March 31, 2026 and 2025.

Transfers out of Level 3 into Level 2

The transfers out of Level 3 into Level 2 during the three months ended March 31, 2026 were primarily due to the availability of observable market inputs and multiple quotes from pricing vendors for certain fixed maturities. There were no transfers out of Level 3 into Level 2 during the three months ended March 31, 2025.

Measuring the Fair Value of Other Investments Using Net Asset Valuations

The fair values of multi-strategy funds, direct lending funds, private equity funds, real estate funds and private company investment funds are estimated using NAVs as advised by external fund managers or third-party administrators. For these funds, NAVs are based on the manager's or administrator's valuation of the underlying holdings in accordance with the fund's governing documents and in accordance with U.S. GAAP.

Table of Contents

AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

4. FAIR VALUE MEASUREMENTS (CONTINUED)

For multi-strategy funds, direct lending funds, private equity funds, real estate funds and private company investment funds, valuation statements are typically released on a reporting lag. Therefore, the Company estimates the fair value of these funds by starting with the most recent fund valuations and adjusting for capital calls, redemptions, drawdowns and distributions. Return estimates are not available from the relevant fund managers for these funds, therefore the Company typically has a reporting lag in its fair value measurements of these funds. At March 31, 2026 and December 31, 2025 all funds measured at fair value using NAVs are reported generally on a one quarter lag.

The Company often does not have access to financial information relating to the underlying securities held within the funds, therefore, management is unable to corroborate the fair values placed on the securities underlying the asset valuations provided by fund managers or fund administrators. In order to assess the reasonableness of the NAVs, the Company performs a number of monitoring procedures on a quarterly basis, to assess the quality of the information provided by fund managers and fund administrators. These procedures include, but are not limited to, regular review and discussion of each fund's performance with its manager, regular evaluation of fund performance against applicable benchmarks and the backtesting of the Company's fair value estimates against subsequently received NAVs. Backtesting involves comparing the Company's previously reported fair values for each fund against NAVs per audited financial statements (for year-end values) and final NAVs from fund managers and fund administrators (for interim values).

The fair values of multi-strategy funds, direct lending funds, private equity funds, real estate funds and private company investment funds, are measured using the NAV practical expedient, therefore the fair values of these funds have not been categorized within the fair value hierarchy.

Financial Instruments Disclosed, But Not Carried, at Fair Value

The fair value of financial instruments accounting guidance also applies to financial instruments disclosed, but not carried, at fair value, except for certain financial instruments, including insurance contracts.

At March 31, 2026, the carrying values of cash and cash equivalents including restricted amounts, accrued investment income, receivable for investments sold, certain other assets, payable for investments purchased and certain other liabilities approximated fair values due to their short maturities. As these financial instruments are not actively traded, their fair values are classified as Level 2.

At March 31, 2026, the Company's fixed maturities, held to maturity, were recorded at amortized cost with a carrying value of $405 million (2025: $397 million) and a fair value of $401 million (2025: $396 million). The fair values of these securities are determined using a model which uses prepayment speeds and spreads sourced primarily from the new issue market. As the significant inputs used to price these securities are observable market inputs, their fair values are classified as Level 2.

At March 31, 2026, the carrying value of mortgage loans, held for investment, approximated fair value. The fair values of mortgage loans are primarily determined by estimating expected future cash flows and discounting them using current interest rates for similar mortgage loans with similar credit risk or are determined from pricing for similar loans. As mortgage loans are not actively traded, their fair values are classified as Level 3.

At March 31, 2026, the Company's debt was recorded at amortized cost with a carrying value of $1,317 million (2025: $1,317 million) and a fair value of $1,273 million (2025: $1,293 million). The fair value of the Company's debt is based on prices obtained from a third-party pricing service and is determined using the spread above the risk-free yield curve. These spreads are generally obtained from the new issue market, secondary trading and broker-dealer quotes. As the yields for the risk-free yield curve and the spreads are observable market inputs, the fair value of this debt is classified as Level 2.

At March 31, 2026, Federal Home Loan Bank advances were recorded at amortized cost with a carrying value of $66 million (2025: $66 million) and a fair value of $66 million (2025: $66 million). As these advances are not actively traded, their fair values are classified as Level 2.

Table of Contents

AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

5. DERIVATIVE INSTRUMENTS

The following table provides the balance sheet classifications of derivatives recorded at fair value:


	March 31, 2026						December 31, 2025
	Derivative notional amount		Derivative asset fair value(1)		Derivative liability fair value(1)		Derivative notional amount		Derivative asset fair value(1)		Derivative liability fair value(1)

Relating to investment portfolio:
Foreign exchange forward contracts	$	17,762	$	134	$	2	$	9,583	$	—	$	181

Relating to underwriting portfolio:
Foreign exchange forward contracts	1,308,465		13,206		1,159		1,425,737		930		8,678



Total derivatives			$	13,340	$	1,161			$	930	$	8,859

(1)Derivative assets and derivative liabilities are classified within other assets and other liabilities in the consolidated balance sheets.

The notional amounts of derivative contracts represent the basis on which amounts paid or received are calculated and are presented in the above table to quantify the volume of the Company's derivative activities. Notional amounts are not reflective of credit risk.

None of the Company's derivative instruments are designated as hedges.

Offsetting Assets and Liabilities

The Company's derivative instruments are generally traded under International Swaps and Derivatives Association master netting agreements which establish terms that apply to all transactions. In the event of a bankruptcy or other stipulated event, master netting agreements provide that individual positions be replaced with a new amount, usually referred to as the termination amount, determined by taking into account market prices and converting into a single currency. Effectively, this contractual close-out netting reduces credit exposure from gross to net exposure.

The following table provides a reconciliation of gross derivative assets and liabilities to the net amounts presented in the consolidated balance sheets, with the difference being attributable to the impact of master netting agreements:


	March 31, 2026						December 31, 2025
	Gross amounts		Gross amounts offset		Net amounts(1)		Gross amounts		Gross amounts offset		Net amounts(1)

Derivative assets	$	16,352	$	(3,012)	$	13,340	$	3,126	$	(2,196)	$	930
Derivative liabilities	$	4,173	$	(3,012)	$	1,161	$	11,055	$	(2,196)	$	8,859

(1)Net asset and liability derivatives are classified within other assets and other liabilities in the consolidated balance sheets.

Refer to Note 3 'Investments' for information on reverse repurchase agreements.

a) Relating to Investment Portfolio

Foreign Currency Risk

The Company's investment portfolio is exposed to foreign currency risk. Therefore, the fair values of its investments are partially influenced by changes in foreign currency exchange rates. The Company may enter into foreign exchange forward contracts to manage the effect of this foreign currency risk. These foreign currency hedging activities are not designated as specific hedges for financial reporting purposes.

Table of Contents

AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

5. DERIVATIVE INSTRUMENTS (CONTINUED)

b) Relating to Underwriting Portfolio

Foreign Currency Risk

The Company's insurance and reinsurance subsidiaries and branches operate in various countries. Some of its business is written in currencies other than the U.S. dollar, therefore the underwriting portfolio is exposed to significant foreign currency risk. The Company manages foreign currency risk by seeking to match its foreign-denominated net liabilities under insurance and reinsurance contracts with cash and investments that are denominated in the same currencies. The Company uses derivative instruments, specifically, forward contracts to economically hedge foreign currency exposures.

The following table provides the total unrealized and realized gains (losses) recognized in net income (loss) for derivatives not designated as hedges:


	Consolidated statement of operations line item that includes gain (loss) recognized in net income (loss)	Three months ended March 31,
		2026		2025


Relating to investment portfolio:
Foreign exchange forward contracts	Net investment gains (losses)	$	146	$	(416)

Relating to underwriting portfolio:
Foreign exchange forward contracts	Foreign exchange (losses) gains	4,859		8,330



Total

AXIS CAPITAL HOLDINGS LTD 10-Q