[10-Q] AXIS CAPITAL HOLDINGS LTD Quarterly Earnings Report

Rhea-AI Filing Summary

AXIS Capital (AXS) reported Q3 2025 results showing stronger underwriting and higher profitability. Net income was $301.9M versus $180.7M a year ago, and earnings per diluted share were $3.74 versus $2.04. Total revenues were $1.67B (from $1.61B).

Net premiums earned rose to $1.45B (from $1.37B). Underwriting income improved to $188.3M (from $135.2M) as the combined ratio fell to 89.4% (from 93.1%). Net investment income was $184.9M (vs. $205.1M), while net investment gains were $30.9M (vs. $32.2M). The quarter included foreign exchange gains of $13.5M.

Year to date, net income was $719.3M and the combined ratio was 89.5%. Operating cash flow for the first nine months was a use of $671.3M. Shareholders’ equity ended the quarter at $6.37B, aided by an AOCI swing to $10.2M. Common shares outstanding were 77,037,743 as of October 24, 2025.

Insights

Insurance equity analyst

Underwriting improved; earnings stronger despite mixed investment line.

AXIS Capital posted higher Q3 profitability as underwriting drove results. Net income was $301.9M with a 89.4% combined ratio versus 93.1% last year, and underwriting income rose to $188.3M. Net premiums earned increased to $1.45B, supporting scale.

Investment performance was steady: net investment income of $184.9M was below last year’s quarterly level, offset by $30.9M in net investment gains and foreign exchange gains of $13.5M. Available-for-sale unrealized positions improved, lifting AOCI to $10.2M.

For the nine months, operating cash flow was a use of $671.3M, while shareholders’ equity reached $6.37B. Actual impact depends on continued underwriting discipline and future capital deployment disclosed in subsequent filings.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒        QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025

OR

☐        TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)

OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 001-31721

AXIS CAPITAL HOLDINGS LIMITED

(Exact name of registrant as specified in its charter)

Bermuda

(State or other jurisdiction of incorporation or organization)

98-0395986

(I.R.S. Employer Identification No.)

92 Pitts Bay Road, Pembroke, Bermuda HM 08

(Address of principal executive offices and zip code)

(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 October 24, 2025, there were 77,037,743 common shares outstanding, $0.0125 par value per share, of the registrant.

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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			48
Item 3.			Quantitative and Qualitative Disclosures About Market Risk			79
Item 4.			Controls and Procedures			81
			PART II
			Other Information			81
Item 1.			Legal Proceedings			81
Item 1A.			Risk Factors			81
Item 2.			Unregistered Sales of Equity Securities and Use of Proceeds			82
Item 5.			Other Information			82
Item 6.			Exhibits			83
			Signatures			84

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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", "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 catastrophes; the effects of emerging claims, systemic risks, and coverage and regulatory issues; reserve adequacy; losses relating to geopolitical conflicts; the adverse impact of social and economic 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; 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.

Risks Related to Taxation: change 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.

3

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.

4

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ITEM 1.     CONSOLIDATED FINANCIAL STATEMENTS

			Page
Consolidated Balance Sheets at September 30, 2025 (Unaudited) and December 31, 2024			6
Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024 (Unaudited)			7
Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2025 and 2024 (Unaudited)			8
Consolidated Statements of Changes in Shareholders' Equity for the three and nine months ended September 30, 2025 and 2024 (Unaudited)			9
Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (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			16
Note 4 - Fair Value Measurements			26
Note 5 - Derivative Instruments			35
Note 6 - Reserve for Losses and Loss Expenses			37
Note 7 - Earnings Per Common Share			40
Note 8 - Share-Based Compensation			41
Note 9 - Shareholders' Equity			43
Note 10 - Debt and Financing Arrangements			45
Note 11 - Federal Home Loan Bank Advances			45
Note 12 - Commitments and Contingencies			45
Note 13 - Other Comprehensive Income (Loss)			46
Note 14 - Related Party Transactions			47
Note 15 - Income Taxes			47

5

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED BALANCE SHEETS

SEPTEMBER 30, 2025 (UNAUDITED) AND DECEMBER 31, 2024

			2025						2024
			(in thousands)
Assets
Investments:
Fixed maturities, available for sale, at fair value     (Amortized cost 2025: $12,822,803; 2024: $12,419,905     Allowance for expected credit losses 2025: $4,696; 2024: $3,938)			$	12,879,372					$	12,152,753
Fixed maturities, held to maturity, at amortized cost     (Fair value 2025: $404,106; 2024: $436,751     Allowance for expected credit losses 2025: $nil; 2024: $nil)			406,658						443,400
Equity securities, at fair value     (Cost 2025: $534,096; 2024: $520,743)			649,970						579,274
Mortgage loans, held for investment, at fair value      (Allowance for expected credit losses 2025: $33,158; 2024: $23,378)			409,699						505,697
Other investments, at fair value			972,867						930,278
Equity method investments			220,022						206,994
Short-term investments, at fair value			17,185						223,666
Total investments			15,555,773						15,042,062
Cash and cash equivalents			825,898						2,143,471
Restricted cash and cash equivalents			532,180						920,150
Accrued interest receivable			117,720						114,012
Insurance and reinsurance premium balances receivable      (Allowance for expected credit losses 2025: $17,929; 2024: $17,339)			3,684,736						3,169,355
Reinsurance recoverable on unpaid losses and loss expenses      (Allowance for expected credit losses 2025: $41,139; 2024: $43,445)			9,043,009						6,840,897
Reinsurance recoverable on paid losses and loss expenses			648,126						546,287
Deferred acquisition costs			641,467						524,837
Prepaid reinsurance premiums			2,164,297						1,936,979
Receivable for investments sold			3,813						3,693
Goodwill			66,498						66,498
Intangible assets			168,446						175,967
Operating lease right-of-use assets			92,706						92,516
Loan advances made			250,537						247,775
Other assets			541,119						695,794
Total assets			$	34,336,325					$	32,520,293
Liabilities
Reserve for losses and loss expenses			$	17,996,236					$	17,218,929
Unearned premiums			5,994,611						5,211,865
Insurance and reinsurance balances payable			1,855,349						1,713,798
Debt			1,316,321						1,315,179
Federal Home Loan Bank advances			66,380						66,380
Payable for investments purchased			194,988						269,728
Operating lease liabilities			108,960						106,614
Other liabilities			436,471						528,421
Total liabilities			27,969,316						26,430,914
Shareholders’ equity
Preferred shares			550,000						550,000
Common shares (shares issued 2025: 176,580; 2024: 176,580     shares outstanding 2025: 77,035; 2024: 82,984)			2,206						2,206
Additional paid-in capital			2,395,615						2,394,063
Accumulated other comprehensive income (loss)			10,169						(267,557)
Retained earnings			7,932,969						7,341,569
Treasury shares, at cost (2025: 99,545; 2024: 93,596)			(4,523,950)						(3,930,902)
Total shareholders’ equity			6,367,009						6,089,379
Total liabilities and shareholders’ equity			$	34,336,325					$	32,520,293

See accompanying notes to Consolidated Financial Statements.

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

						Three months ended												Nine months ended
						2025						2024						2025						2024
						(in thousands, except per share amounts)
			Revenues
			Net premiums earned			$	1,451,883					$	1,366,701					$	4,186,133					$	3,929,221
			Net investment income			184,903						205,100						579,911						563,458
			Other insurance related income			6,593						6,838						18,835						23,704
			Net investment gains (losses):
			Increase in allowance for expected credit losses			(5,475)						(1,134)						(10,538)						(9,433)
			Impairment losses			(63)						(14)						(2,389)						(178)
			Other realized and unrealized investment gains (losses)			36,443						33,330						57,292						(20,892)
			Total net investment gains (losses)			30,905						32,182						44,365						(30,503)
			Total revenues			1,674,284						1,610,821						4,829,244						4,485,880
			Expenses
			Net losses and loss expenses			841,435						831,872						2,429,114						2,326,532
			Acquisition costs			285,618						274,935						826,094						794,280
			General and administrative expenses			171,637						165,203						491,878						477,016
			Foreign exchange losses (gains)			(13,492)						92,204						138,428						61,268
			Interest expense and financing costs			16,657						16,849						49,816						51,005
			Reorganization expenses			—						—						—						26,312
			Amortization of intangible assets			2,396						2,729						7,521						8,188
			Total expenses			1,304,251						1,383,792						3,942,851						3,744,601
			Income before income taxes and interest in income of equity method investments			370,033						227,029						886,393						741,279
			Income tax (expense) benefit			(70,252)						(47,922)						(170,773)						36,185
			Interest in income of equity method investments			2,083						1,621						3,669						10,689
			Net income			301,864						180,728						719,289						788,153
			Preferred share dividends			7,563						7,563						22,688						22,688
			Net income available to common shareholders			$	294,301					$	173,165					$	696,601					$	765,465
			Per share data
			Earnings per common share:
			Earnings per common share			$	3.79					$	2.06					$	8.81					$	9.07
			Earnings per diluted common share			$	3.74					$	2.04					$	8.70					$	8.97
			Weighted average common shares outstanding			77,619						83,936						79,037						84,428
			Weighted average diluted common shares outstanding			78,601						85,000						80,090						85,338

See accompanying notes to Consolidated Financial Statements.

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

 

						Three months ended												Nine months ended
						2025						2024						2025						2024
						(in thousands)
			Net income			$	301,864					$	180,728					$	719,289					$	788,153
			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			39,079						310,512						231,712						214,955
			Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has been recognized			269						727						(45)						120
			Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income			(4,023)						4,421						33,638						82,207
			Unrealized gains (losses) arising during the period, net of reclassification adjustment			35,325						315,660						265,305						297,282
			Foreign currency translation adjustment			(3,446)						2,570						12,421						(8,184)
			Total other comprehensive income, net of tax			31,879						318,230						277,726						289,098
			Comprehensive income			$	333,743					$	498,958					$	997,015					$	1,077,251

See accompanying notes to Consolidated Financial Statements.

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

			Three months ended												Nine months ended
			2025						2024						2025						2024
			(in thousands)
Preferred shares
Balance at beginning and end of period			$	550,000					$	550,000					$	550,000					$	550,000
Common shares (par value)
Balance at beginning and end of period			2,206						2,206						2,206						2,206
Additional paid-in capital
Balance at beginning of period			2,384,659						2,376,244						2,394,063						2,383,030
Treasury shares reissued			(91)						(538)						(30,556)						(28,354)
Share-based compensation expense			11,047						10,199						32,108						31,229
Balance at end of period			2,395,615						2,385,905						2,395,615						2,385,905
Accumulated other comprehensive income (loss)
Balance at beginning of period			(21,710)						(394,968)						(267,557)						(365,836)
Unrealized gains (losses) on available for sale investments, net of tax:
Balance at beginning of period			4,363						(366,037)						(225,617)						(347,659)
Unrealized gains (losses) arising during the period, net of reclassification adjustment			35,325						315,660						265,305						297,282
Balance at end of period			39,688						(50,377)						39,688						(50,377)
Cumulative foreign currency translation adjustments, net of tax:
Balance at beginning of period			(26,073)						(28,931)						(41,940)						(18,177)
Foreign currency translation adjustment			(3,446)						2,570						12,421						(8,184)
Balance at end of period			(29,519)						(26,361)						(29,519)						(26,361)
Balance at end of period			10,169						(76,738)						10,169						(76,738)
Retained earnings
Balance at beginning of period			7,673,246						6,957,185						7,341,569						6,440,528
Net income			301,864						180,728						719,289						788,153
Preferred share dividends (1)			(7,563)						(7,563)						(22,688)						(22,688)
Common share dividends (1)			(34,578)						(37,533)						(105,201)						(113,176)
Balance at end of period			7,932,969						7,092,817						7,932,969						7,092,817
Treasury shares, at cost
Balance at beginning of period			(4,414,003)						(3,831,196)						(3,930,902)						(3,746,732)
Shares repurchased			(110,038)						(40,305)						(625,633)						(154,829)
Shares reissued			91						538						32,585						30,598
Balance at end of period			(4,523,950)						(3,870,963)						(4,523,950)						(3,870,963)
Total shareholders’ equity			$	6,367,009					$	6,083,227					$	6,367,009					$	6,083,227

(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.

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

			Nine months ended
			2025						2024
			(in thousands)
Cash flows from operating activities:
Net income			$	719,289					$	788,153
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Net investment (gains) losses (1)			(41,182)						30,503
Net realized and unrealized gains on other investments			(54,970)						(38,435)
Amortization of fixed maturities			(30,431)						(26,886)
Interest in income of equity method investments			(3,669)						(10,689)
Other amortization and depreciation			41,155						42,171
Share-based compensation expense			34,136						33,474
Changes in:
Accrued interest receivable			(3,690)						(20,109)
Reinsurance recoverable on unpaid losses and loss expenses			(2,208,757)						(499,090)
Reinsurance recoverable on paid losses and loss expenses			(147,701)						79,146
Deferred acquisition costs			(118,275)						(125,034)
Prepaid reinsurance premiums			(229,249)						(108,082)
Reserve for losses and loss expenses			778,520						885,904
Unearned premiums			788,621						714,994
Insurance and reinsurance balances, net			(200,657)						(78,166)
Other items			5,562						(178,588)
Net cash (used in) provided by operating activities			(671,298)						1,489,266
Cash flows from investing activities:
Purchases of:
Fixed maturities, available for sale			(6,994,026)						(7,264,647)
Fixed maturities, held to maturity			(111,574)						(100,755)
Equity securities			(83,460)						(111,865)
Mortgage loans			(10,435)						(3,078)
Other investments			(71,984)						(52,660)
Equity method investments			(9,359)						(12,389)
Short-term investments			(235,568)						(196,418)
Proceeds from the sale of:
Fixed maturities, available for sale			5,423,967						4,942,272
Equity securities			98,617						154,644
Other investments			84,364						100,818
Short-term investments			310,909						34,169
Proceeds from redemption of fixed maturities, available for sale			1,087,336						1,184,455
Proceeds from redemption of fixed maturities, held to maturity			148,338						283,391
Proceeds from redemption of short-term investments			133,978						53,311
Proceeds from the repayment of mortgage loans			96,970						68,634
Proceeds from the purchase of other assets			(35,537)						(13,946)
Loan advances made			(120,723)						(176,466)
Net cash used in investing activities			(288,187)						(1,110,530)
Cash flows from financing activities:
Repurchase of common shares			(599,959)						(139,886)
Taxes paid on withholding shares			(25,674)						(14,943)
Dividends paid - common shares			(108,762)						(114,630)
Dividends paid - preferred shares			(22,688)						(22,688)
Federal Home Loan Bank advances, net			—						(10,210)
Net cash used in financing activities			(757,083)						(302,357)
Effect of exchange rate changes on foreign currency cash, cash equivalents and restricted cash			11,025						10,962
Increase (decrease) in cash, cash equivalents and restricted cash			(1,705,543)						87,341
Cash, cash equivalents and restricted cash - beginning of period			3,063,621						1,383,985
Cash, cash equivalents and restricted cash - end of period			$	1,358,078					$	1,471,326

(1) In 2025, net investment (gains) losses in the consolidated statement of cash flows excluded net realized gains on overseas deposits of $3 million that are included in net investment (gains) losses in the consolidated statement of operations.

See accompanying notes to Consolidated Financial Statements.

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AXIS CAPITAL HOLDINGS LIMITED

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (CONTINUED)

FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

			Nine months ended
			2025						2024
			(in thousands)
Supplemental disclosures of cash flow information:
Income taxes paid			$	105,135					$	47,402
Interest paid			$	48,436					$	49,886

Supplemental disclosures of cash flow information:

2025

In 2025, $188 million related to loan advances to Monarch Point Re (ISA 2023, ISA 2024 and ISA 2025) Ltd. ("Monarch Point Re") was repaid and was treated as a non-cash activity in the consolidated statement of cash flows. In addition, $170 million related to reinsurance balances payables due to Monarch Point Re under retrocession agreements and $44 million related to ceded losses and loss expenses due from Monarch Point Re under retrocession agreements were settled and each amount was treated as a non-cash activity in the consolidated statement of cash flows. Further, $9 million related to interest on loans advances to Monarch Point Re was received in advance and was treated as a non-cash activity in the consolidated statement of cash flows (refer to Note 14 'Related Party Transactions').

2024

In 2024, $169 million related to loan advances to Monarch Point Re (ISA 2023 and ISA 2024) Ltd. ("Monarch Point Re") was repaid and was treated as a non-cash activity in the consolidated statement of cash flows. In addition, $162 million related to reinsurance balances payables due to Monarch Point Re under retrocession agreements and $20 million related to ceded losses and loss expenses due from Monarch Point Re under retrocession agreements were settled and each amount was treated as a non-cash activity in the consolidated statement of cash flows. Further, $12 million related to interest on the loan advances to Monarch Point Re was received in advance and was treated as a non-cash activity in the consolidated statement of cash flows.

In 2024, $68 million related to loan advances to a third-party reinsurer was repaid and $68 million related to reinsurance balances payables due to the third-party reinsurer under retrocession agreements was settled and each amount was treated as a non-cash activity in the consolidated statement of cash flows.

See accompanying notes to Consolidated Financial Statements.

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

1.    BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

These unaudited consolidated financial statements (the "financial statements") have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial information and with the U.S. Securities and Exchange Commission's ("SEC") instructions to Form 10-Q and Article 10 of Regulation S-X and include AXIS Capital Holdings Limited ("AXIS Capital") and its subsidiaries (the "Company"). Accordingly, they do not include all of the information and notes required by U.S. GAAP for complete financial statements. This Quarterly Report on Form 10-Q should be read in conjunction with the financial statements and related notes included in AXIS Capital's Annual Report on Form 10-K for the year ended December 31, 2024, 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, 2024.

Recently Issued Accounting Standards Not Yet Adopted

Targeted Improvements to the Accounting for Internal-Use Software

In September 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU" or "Update") 2025-06 "Intangibles - Goodwill and Other - Internal-Use Software (Topic 350-40) - Targeted Improvements to the Accounting for Internal-Use Software".

The amendments in this Update remove all references to prescriptive and sequential software development stages (referred to as "project stages") throughout Subtopic 350-40. An entity will be required to start capitalizing software costs when (1) management has authorized and committed to funding the software project and (2) it is probable that the project will be completed and the software will be used to perform the function intended (referred to as the "probable-to-complete recognition threshold") have occurred.

This guidance is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted at the beginning of an annual reporting period. The amendments in this Update can be applied on a prospective, modified or a retrospective transition approach. The Company does not expect the adoption of this guidance to have a material impact on its results of operations, financial condition, or liquidity.

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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 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 treaty 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:

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

2.    SEGMENT INFORMATION (CONTINUED)

						2025																		2024
			Three months ended and at September 30,			Insurance						Reinsurance						Total						Insurance						Reinsurance						Total
			Gross premiums written			$	1,691,882					$	432,302					$	2,124,184					$	1,526,676					$	409,226					$	1,935,902
			Net premiums written			1,084,947						268,042						1,352,989						975,911						260,074						1,235,985
			Net premiums earned			1,085,612						366,271						1,451,883						1,023,851						342,850						1,366,701
			Other insurance related income			261						6,332						6,593						93						6,745						6,838
			Current accident year net losses and loss expenses			(610,650)						(249,731)						(860,381)						(606,663)						(233,221)						(839,884)
			Net favorable prior year reserve development			14,843						4,103						18,946						4,009						4,003						8,012
			Acquisition costs			(205,440)						(80,178)						(285,618)						(203,255)						(71,680)						(274,935)
			Underwriting-related general and administrative expenses			(131,326)						(11,785)						(143,111)						(119,249)						(12,333)						(131,582)
			Underwriting income			$	153,300					$	35,012					188,312						$	98,786					$	36,364					135,150
			Net investment income															184,903																		205,100
			Net investment gains															30,905																		32,182
			Corporate expenses															(28,526)																		(33,621)
			Foreign exchange (losses) gains															13,492																		(92,204)
			Interest expense and financing costs															(16,657)																		(16,849)
			Amortization of intangible assets															(2,396)																		(2,729)
			Income before income taxes and interest in income of equity method investments															370,033																		227,029
			Income tax (expense) benefit															(70,252)																		(47,922)
			Interest in income of equity method investments															2,083																		1,621
			Net income															301,864																		180,728
			Preferred share dividends															7,563																		7,563
			Net income available to common shareholders															$	294,301																	$	173,165
			Current accident year loss ratio			56.2		%				68.2		%				59.3		%				59.3		%				68.0		%				61.5		%
			Prior year reserve development ratio			(1.3		%)				(1.1		%)				(1.3		%)				(0.4		%)				(1.1		%)				(0.6		%)
			Net losses and loss expenses ratio			54.9		%				67.1		%				58.0		%				58.9		%				66.9		%				60.9		%
			Acquisition cost ratio			18.9		%				21.9		%				19.7		%				19.9		%				20.9		%				20.1		%
			General and administrative expense ratio			12.1		%				3.2		%				11.7		%				11.6		%				3.6		%				12.1		%
			Combined ratio			85.9		%				92.2		%				89.4		%				90.4		%				91.4		%				93.1		%
			Goodwill and intangible assets			$	234,944					$	—					$	234,944					$	279,497					$	—					$	279,497

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

2.    SEGMENT INFORMATION (CONTINUED)

						2025																		2024
			Nine months ended and at September 30,			Insurance						Reinsurance						Total						Insurance						Reinsurance						Total
			Gross premiums written			$	5,280,220					$	2,154,587					$	7,434,807					$	4,915,247					$	2,115,317					$	7,030,564
			Net premiums written			3,420,038						1,318,425						4,738,463						3,192,462						1,339,340						4,531,802
			Net premiums earned			3,128,658						1,057,475						4,186,133						2,900,011						1,029,210						3,929,221
			Other insurance related income			424						18,411						18,835						53						23,651						23,704
			Current accident year net losses and loss expenses			(1,763,702)						(722,524)						(2,486,226)						(1,646,118)						(688,425)						(2,334,543)
			Net favorable prior year reserve development			44,036						13,076						57,112						4,008						4,003						8,011
			Acquisition costs			(594,372)						(231,722)						(826,094)						(567,310)						(226,970)						(794,280)
			Underwriting-related general and administrative expenses			(375,564)						(33,226)						(408,790)						(353,230)						(36,913)						(390,143)
			Underwriting income			$	439,480					$	101,490					540,970						$	337,414					$	104,556					441,970
			Net investment income															579,911																		563,458
			Net investment gains (losses)															44,365																		(30,503)
			Corporate expenses															(83,088)																		(86,873)
			Foreign exchange (losses) gains															(138,428)																		(61,268)
			Interest expense and financing costs															(49,816)																		(51,005)
			Reorganization expenses															—																		(26,312)
			Amortization of intangible assets															(7,521)																		(8,188)
			Income before income taxes and interest in income of equity method investments															886,393																		741,279
			Income tax (expense) benefit															(170,773)																		36,185
			Interest in income of equity method investments															3,669																		10,689
			Net income															719,289																		788,153
			Preferred share dividends															22,688																		22,688
			Net income available to common shareholders															$	696,601																	$	765,465
			Current accident year loss ratio			56.4		%				68.3		%				59.4		%				56.8		%				66.9		%				59.4		%
			Prior year reserve development ratio			(1.4		%)				(1.2		%)				(1.4		%)				(0.2		%)				(0.4		%)				(0.2		%)
			Net losses and loss expenses ratio			55.0		%				67.1		%				58.0		%				56.6		%				66.5		%				59.2		%
			Acquisition cost ratio			19.0		%				21.9		%				19.7		%				19.6		%				22.1		%				20.2		%
			General and administrative expense ratio			12.0		%				3.1		%				11.8		%				12.2		%				3.5		%				12.2		%
			Combined ratio			86.0		%				92.1		%				89.5		%				88.4		%				92.1		%				91.6		%
			Goodwill and intangible assets			$	234,944					$	—					$	234,944					$	279,497					$	—					$	279,497

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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 September 30, 2025
			Available for sale
			U.S. government and agency			$	2,526,849					$	—					$	18,961					$	(8,135)					$	2,537,675
			Non-U.S. government			780,969						(64)						15,591						(4,646)						791,850
			Corporate debt			5,100,090						(4,341)						94,964						(45,141)						5,145,572
			Agency RMBS(1)			1,890,490						—						24,284						(26,288)						1,888,486
			CMBS(2)			843,089						—						6,368						(18,373)						831,084
			Non-agency RMBS			200,779						(235)						1,541						(4,767)						197,318
			ABS(3)			1,419,221						(56)						12,535						(4,499)						1,427,201
			Municipals(4)			61,316						—						454						(1,584)						60,186
			Total fixed maturities, available for sale			$	12,822,803					$	(4,696)					$	174,698					$	(113,433)					$	12,879,372
			At December 31, 2024
			Available for sale
			U.S. government and agency			$	2,830,111					$	—					$	6,011					$	(33,136)					$	2,802,986
			Non-U.S. government			753,315						—						2,584						(25,960)						729,939
			Corporate debt			4,941,510						(3,690)						30,594						(126,224)						4,842,190
			Agency RMBS(1)			1,245,681						—						1,154						(61,990)						1,184,845
			CMBS(2)			852,534						—						1,244						(34,170)						819,608
			Non-agency RMBS			132,116						(195)						597						(9,982)						122,536
			ABS(3)			1,547,350						(53)						5,812						(13,277)						1,539,832
			Municipals(4)			117,288						—						125						(6,596)						110,817
			Total fixed maturities, available for sale			$	12,419,905					$	(3,938)					$	48,121					$	(311,335)					$	12,152,753

(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.

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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 September 30, 2025
			Maturity
			Due in one year or less			$	523,048					$	519,238					4.0		%
			Due after one year through five years			5,568,065						5,620,992						43.6		%
			Due after five years through ten years			2,173,525						2,191,493						17.0		%
			Due after ten years			204,586						203,560						1.6		%
						8,469,224						8,535,283						66.2		%
			Agency RMBS			1,890,490						1,888,486						14.7		%
			CMBS			843,089						831,084						6.5		%
			Non-agency RMBS			200,779						197,318						1.5		%
			ABS			1,419,221						1,427,201						11.1		%
			Total			$	12,822,803					$	12,879,372					100.0		%
			At December 31, 2024
			Maturity
			Due in one year or less			$	895,177					$	885,866					7.4		%
			Due after one year through five years			5,637,336						5,567,905						45.8		%
			Due after five years through ten years			1,895,116						1,826,564						15.0		%
			Due after ten years			214,595						205,597						1.7		%
						8,642,224						8,485,932						69.9		%
			Agency RMBS			1,245,681						1,184,845						9.7		%
			CMBS			852,534						819,608						6.7		%
			Non-agency RMBS			132,116						122,536						1.0		%
			ABS			1,547,350						1,539,832						12.7		%
			Total			$	12,419,905					$	12,152,753					100.0		%

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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 September 30, 2025
			Fixed maturities, available for sale
			U.S. government and agency			$	300,052					$	(6,399)					$	323,963					$	(1,736)					$	624,015					$	(8,135)
			Non-U.S. government			43,793						(2,653)						178,105						(1,993)						221,898						(4,646)
			Corporate debt			621,680						(34,665)						600,542						(10,476)						1,222,222						(45,141)
			Agency RMBS			316,226						(18,365)						210,375						(7,923)						526,601						(26,288)
			CMBS			300,118						(12,614)						189,125						(5,759)						489,243						(18,373)
			Non-agency RMBS			41,182						(4,756)						4,739						(11)						45,921						(4,767)
			ABS			101,840						(4,241)						70,126						(258)						171,966						(4,499)
			Municipals			31,096						(1,456)						5,219						(128)						36,315						(1,584)
			Total fixed maturities, available for sale			$	1,755,987					$	(85,149)					$	1,582,194					$	(28,284)					$	3,338,181					$	(113,433)
			At December 31, 2024
			Fixed maturities, available for sale
			U.S. government and agency			$	262,368					$	(17,515)					$	1,026,139					$	(15,621)					$	1,288,507					$	(33,136)
			Non-U.S. government			98,846						(9,179)						457,889						(16,781)						556,735						(25,960)
			Corporate debt			934,975						(78,979)						2,032,254						(47,245)						2,967,229						(126,224)
			Agency RMBS			280,550						(35,333)						749,040						(26,657)						1,029,590						(61,990)
			CMBS			410,213						(22,334)						260,411						(11,836)						670,624						(34,170)
			Non-agency RMBS			69,418						(9,900)						8,302						(82)						77,720						(9,982)
			ABS			147,281						(8,471)						295,897						(4,806)						443,178						(13,277)
			Municipals			49,495						(4,198)						51,002						(2,398)						100,497						(6,596)
			Total fixed maturities, available for sale			$	2,253,146					$	(185,909)					$	4,880,934					$	(125,426)					$	7,134,080					$	(311,335)

At September 30, 2025, 2,431 fixed maturities (2024: 3,994) were in an unrealized loss position of $113 million (2024: $311 million) of which $7 million (2024: $14 million) was related to securities below investment grade or not rated.

At September 30, 2025, 1,608 fixed maturities (2024: 2,108) had been in a continuous unrealized loss position for twelve months or greater and had a fair value of $1,756 million (2024: $2,253 million).

The unrealized losses of $113 million (2024: $311 million) were due to non-credit factors and were expected to be recovered as the related securities approach maturity.

At September 30, 2025, 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.

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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 September 30, 2025
			Held to maturity
			Corporate debt			$	137,403					$	—					$	137,403					$	1,788					$	(5,328)					$	133,863
			ABS(1)			269,255						—						269,255						996						(8)						270,243
			Total fixed maturities, held to maturity			$	406,658					$	—					$	406,658					$	2,784					$	(5,336)					$	404,106
			At December 31, 2024
			Held to maturity
			Corporate debt			$	122,706					$	—					$	122,706					$	675					$	(7,764)					$	115,617
			ABS(1)			320,694						—						320,694						560						(120)						321,134
			Total fixed maturities, held to maturity			$	443,400					$	—					$	443,400					$	1,235					$	(7,884)					$	436,751

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

At September 30, 2025, fixed maturities, held to maturity of $407 million (2024: $443 million) were presented net of an allowance for expected credit losses of $nil (2024: $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 September 30, 2025, 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 September 30, 2025, 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 $269 million (2024: $321 million).

Corporate debt classified as held to maturity with a net carrying value of $32 million (2024: $28 million) is due between 1 year and 3 years. Corporate debt classified as held to maturity with a net carrying value of $103 million (2024: $95 million) is due between 3 years and 10 years. Corporate debt classified as held to maturity with a net carrying value of $3 million (2024: $nil) is due after 10 years.

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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 September 30, 2025
			Equity securities
			Common stocks			$	3,129					$	120					$	(515)					$	2,734
			Preferred stocks			15,002						664						(115)						15,551
			Exchange-traded funds			229,508						132,054						(70)						361,492
			Bond mutual funds			286,457						9,334						(25,598)						270,193
			Total equity securities			$	534,096					$	142,172					$	(26,298)					$	649,970
			At December 31, 2024
			Equity securities
			Common stocks			$	3,061					$	65					$	(488)					$	2,638
			Preferred stocks			5,843						136						(112)						5,867
			Exchange-traded funds			188,771						126,477						(1,206)						314,042
			Bond mutual funds			323,068						540						(66,881)						256,727
			Total equity securities			$	520,743					$	127,218					$	(68,687)					$	579,274

d)     Mortgage Loans

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

						September 30, 2025												December 31, 2024
						Carrying value						% of Total						Carrying value						% of Total
			Mortgage loans, held for investment:
			Commercial			$	442,857					108		%				$	529,075					105		%
			Allowance for expected credit losses			(33,158)						(8		%)				(23,378)						(5		%)
			Total mortgage loans held for investment			$	409,699					100		%				$	505,697					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 Company has a high quality commercial mortgage loan portfolio with a weighted average debt service coverage ratio of 1.7x (2024: 1.7x) and a weighted average loan-to-value ratio of 79% (2024: 78%).

At September 30, 2025, there were two commercial mortgage loans with past due amounts where the Company is assessing exit strategies. At September 30, 2024, there were no past due amounts associated with the commercial mortgage loans held by the Company.

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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 51% (2024: 43%) 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 are recognized as a change in the allowance for expected credit losses and is recorded in net investment gains (losses).

At September 30, 2025, the Company's mortgage loan portfolio had an allowance for expected credit losses of $33 million (2024: $23 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 September 30, 2025
			Multi-strategy funds			$	14,168					1		%				Quarterly						60-90 days
			Direct lending funds			175,495						18		%				Quarterly(1)						90 days
			Private equity funds			356,421						37		%				n/a						n/a
			Real estate funds			289,087						30		%				Quarterly(2), Annually(3)						45-90 days
			Other privately held investments			137,696						14		%				n/a						n/a
			Total other investments			$	972,867					100		%
			At December 31, 2024
			Multi-strategy funds			$	24,919					3		%				Quarterly						60-90 days
			Direct lending funds			171,048						18		%				Quarterly(1)						90 days
			Private equity funds			320,690						35		%				n/a						n/a
			Real estate funds			291,640						31		%				Quarterly(2), Annually(3)						45-90 days
			Other privately held investments			121,981						13		%				n/a						n/a
			Total other investments			$	930,278					100		%

n/a - not applicable

(1) Applies to one fund with a fair value of $2 million (2024: $3 million).

(2) Applies to one fund with a fair value of $44 million (2024: $51 million).

(3) Applies to one fund with a fair value of $24 million (2024: $21 million).

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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 nine months ended September 30, 2025 and 2024, neither of these restrictions impacted the Company's redemption requests. At September 30, 2025, there were no multi-strategy fund holdings (2024: nil) where the Company is still within the lockup period. 

At September 30, 2025, the Company had $28 million (2024: $28 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 September 30, 2025, the Company had $271 million (2024: $170 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 three to twelve years and the General Partners of certain funds have the option to extend the term by up to three years.

At September 30, 2025, the Company had $236 million (2024: $215 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 September 30, 2025, the Company had $114 million (2024: $91 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 September 30, 2025, the Company had $20 million (2024: $21 million) of unfunded commitments as a limited partner in three 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.

f)     Equity Method Investments

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 $9 million to acquire 18% of the common equity of Monarch Point Re (ISA 2025) Ltd., (Monarch Point Re (ISAC) Ltd., Monarch Point Re (ISA 2023) Ltd., Monarch Point Re (ISA 2024) Ltd. and Monarch Point Re (ISA 2025) Ltd., individually or collectively "Monarch Point Re").

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.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

3.    INVESTMENTS (CONTINUED)

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 2024 and 2023, the Company's ownership interest in Harrington increased to 22% and 20%, 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. The Company's proportionate share of the underlying equity in net assets resulted in a basis difference of $5 million which represents initial transactions costs.

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 75% 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 amount of commitment made by the Company. 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 September 30,															Nine months ended September 30,
						2025						2024									2025						2024
			Fixed maturities			$	155,796					$	163,002								$	452,368					$	456,421
			Other investments			15,019						19,594									55,907						39,569
			Equity securities			3,046						3,529									9,408						9,348
			Mortgage loans			5,890						8,175									18,714						26,412
			Cash and cash equivalents			12,597						14,402									62,626						41,796
			Short-term investments			355						3,919									2,882						11,148
			Gross investment income			192,703						212,621									601,905						584,694
			Investment expenses			(7,800)						(7,521)									(21,994)						(21,236)
			Net investment income			$	184,903					$	205,100								$	579,911					$	563,458

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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 September 30,															Nine months ended September 30,
									2025						2024									2025						2024
						Gross realized investment gains
						Fixed maturities, short-term investments, and cash and cash equivalents			$	22,486					$	22,649								$	64,018					$	43,232
						Equity securities			—						1,667									40,100						32,292
						Gross realized investment gains			22,486						24,316									104,118						75,524
						Gross realized investment losses
						Fixed maturities, short-term investments, and cash and cash equivalents			(11,884)						(22,589)									(91,297)						(119,108)
						Equity securities			—						(7,539)									(11,590)						(15,251)
						Mortgage loans			—						(4,275)									—						(4,275)
						Gross realized investment losses			(11,884)						(34,403)									(102,887)						(138,634)
						(Increase) decrease in allowance for expected credit losses, fixed maturities, available for sale			347						209									(757)						6,338
						(Increase) decrease in allowance for expected credit losses, mortgage loans			(5,822)						(1,343)									(9,781)						(15,771)
						Impairment losses(1)			(63)						(14)									(2,389)						(178)
						Change in fair value of investment derivatives(2)			169						(870)									(1,282)						153
						Net unrealized gains (losses) on equity securities			25,672						44,287									57,343						42,065
						Net investment gains (losses)			$	30,905					$	32,182								$	44,365					$	(30,503)

(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 September 30,																								Nine months ended September 30,
									2025						2024																								2025						2024
						Balance at beginning of period			$	5,043					$	4,631																							$	3,938					$	10,759
						Expected credit losses on securities where credit losses were not previously recognized			466						325																								2,125						604
						Additions (reductions) for expected credit losses on securities where credit losses were previously recognized			(607)						(451)																								(904)						(1,858)
						Impairments of securities which the Company intends to sell or more likely than not will be required to sell			—						—																								—						—
						Securities sold/redeemed/matured			(206)						(83)																								(463)						(5,083)
						Balance at end of period			$	4,696					$	4,422																							$	4,696					$	4,422

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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 September 30,																								Nine months ended September 30,
									2025						2024																								2025						2024
						Balance at beginning of period			$	27,335					$	20,681																							$	23,378					$	6,220
						Expected credit losses on loans where credit losses were not previously recognized			1,192						750																								2,211						13,930
						Additions (reductions) for expected credit losses on loans where credit losses were previously recognized			4,631						4,868																								7,569						6,149
						Loans sold/redeemed/matured			—						(4,275)																								—						(4,275)
						Balance at end of period			$	33,158					$	22,024																							$	33,158					$	22,024

j)    Reverse Repurchase Agreements

At September 30, 2025, the Company held $47 million (2024: $543 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.

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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.

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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

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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

The fair value of an indirect investment in CLO-Equities is estimated using an income approach valuation technique, specifically an externally developed discounted cash flow model due to the lack of observable and relevant trades in secondary markets. As the significant inputs used to price this security are unobservable, the fair value of the indirect investment in CLO-Equities is classified as Level 3.

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.

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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 September 30, 2025
			Assets
			Fixed maturities, available for sale
			U.S. government and agency			$	2,493,189					$	44,486					$	—					$	—					$	2,537,675
			Non-U.S. government			—						791,850						—						—						791,850
			Corporate debt			—						5,004,469						141,103						—						5,145,572
			Agency RMBS			—						1,888,486						—						—						1,888,486
			CMBS			—						831,084						—						—						831,084
			Non-agency RMBS			—						197,318						—						—						197,318
			ABS			—						1,388,313						38,888						—						1,427,201
			Municipals			—						60,186						—						—						60,186
						2,493,189						10,206,192						179,991						—						12,879,372
			Equity securities
			Common stocks			2,734						—						—						—						2,734
			Preferred stocks			9,503						6,048						—						—						15,551
			Exchange-traded funds			361,492						—						—						—						361,492
			Bond mutual funds			—						270,193						—						—						270,193
						373,729						276,241						—						—						649,970
			Other investments
			Multi-strategy funds			—						—						—						14,168						14,168
			Direct lending funds			—						—						—						175,495						175,495
			Private equity funds			—						—						—						356,421						356,421
			Real estate funds			—						—						—						289,087						289,087
			Other privately held investments			—						—						95,159						42,537						137,696
						—						—						95,159						877,708						972,867
			Short-term investments			—						17,185						—						—						17,185
			Other assets
			Derivative instruments (refer to Note 5)			—						3,097						—						—						3,097
			Total Assets			$	2,866,918					$	10,502,715					$	275,150					$	877,708					$	14,522,491
			Liabilities
			Derivative instruments (refer to Note 5)			$	—					$	1,545					$	—					$	—					$	1,545
			Total Liabilities			$	—					$	1,545					$	—					$	—					$	1,545

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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, 2024
			Assets
			Fixed maturities, available for sale
			U.S. government and agency			$	2,767,315					$	35,671					$	—					$	—					$	2,802,986
			Non-U.S. government			—						729,939						—						—						729,939
			Corporate debt			—						4,715,799						126,391						—						4,842,190
			Agency RMBS			—						1,184,845						—						—						1,184,845
			CMBS			—						819,608						—						—						819,608
			Non-agency RMBS			—						122,536						—						—						122,536
			ABS			—						1,519,000						20,832						—						1,539,832
			Municipals			—						110,817						—						—						110,817
						2,767,315						9,238,215						147,223						—						12,152,753
			Equity securities
			Common stocks			2,638						—						—						—						2,638
			Preferred stocks			3						5,864						—						—						5,867
			Exchange-traded funds			314,042						—						—						—						314,042
			Bond mutual funds			—						256,727						—						—						256,727
						316,683						262,591						—						—						579,274
			Other investments
			Multi-strategy funds			—						—						—						24,919						24,919
			Direct lending funds			—						—						—						171,048						171,048
			Private equity funds			—						—						—						320,690						320,690
			Real estate funds			—						—						—						291,640						291,640
			Other privately held investments			—						—						92,230						29,751						121,981
						—						—						92,230						838,048						930,278
			Short-term investments			—						223,666						—						—						223,666
			Other assets
			Derivative instruments (refer to Note 5)			—						9,439						—						—						9,439
			Total Assets			$	3,083,998					$	9,733,911					$	239,453					$	838,048					$	13,895,410
			Liabilities
			Derivative instruments (refer to Note 5)			$	—					$	3,100					$	—					$	—					$	3,100
			Total Liabilities			$	—					$	3,100					$	—					$	—					$	3,100

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4.    FAIR VALUE MEASUREMENTS (CONTINUED)

The following table quantifies the significant unobservable inputs used in estimating fair values at September 30, 2025 of investments classified as Level 3 in the fair value hierarchy:

Asset fair value

Valuation technique

Unobservable input

Amount / Range

Weighted average

Other investments - Other privately held investments

$

11,454

Discounted cash flow

Discount rate

5.4%

5.4%

Default rate

0.5%

0.5%

Loss absorption yield

1.0%

1.0%

Estimated maturity date

0.2 years

0.2 years

Note: Fixed maturities of $180 million that are classified as Level 3 are excluded from the above table as these securities are priced using broker-dealer quotes. In addition, other privately held investments of $84 million that are classified as Level 3 are excluded from the above table as these investments are priced using capital statements received from investee companies.

Other Investments - Other Privately Held Securities

Other privately held securities are initially valued at cost which approximates fair value. In subsequent measurement periods, the fair value of the variable yield security was determined using an externally developed discounted cash flow model. This model includes inputs that are specific to that investment. The inputs used in the fair value measurement include an appropriate discount rate, default rate, loss absorption rate and estimated maturity date. The selection of an appropriate discount rate is judgmental and is the most significant unobservable input used in the valuation of this investment. A significant increase (decrease) in this input in isolation could result in significantly lower (higher) fair value measurement for this investment. In order to assess the reasonableness of the inputs the Company uses in the discounted cash flow model, the Company maintains an understanding of current market conditions, historical results, as well as investee specific information that may impact future cash flows.

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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 September 30, 2025
			Fixed maturities, available for sale
			Corporate debt			$	131,473					$	—					$	—					$	15					$	613					$	11,178					$	(62)					$	(2,114)					$	141,103					$	—
			ABS			33,492						—						—						—						342						5,054						—						—						38,888						—
						164,965						—						—						15						955						16,232						(62)						(2,114)						179,991						—
			Other investments
			CLO-Equities			—						—						—						—						—						—						—						—						—						—
			Other privately held investments			94,347						—						—						812						—						—						—						—						95,159						812
						94,347						—						—						812						—						—						—						—						95,159						812
			Total assets			$	259,312					$	—					$	—					$	827					$	955					$	16,232					$	(62)					$	(2,114)					$	275,150					$	812
			Nine months ended September 30, 2025
			Fixed maturities, available for sale
			Corporate debt			$	126,391					$	—					$	—					$	253					$	1,658					$	36,228					$	(20,076)					$	(3,351)					$	141,103					$	—
			ABS			20,832						—						—						—						1,002						17,054						—						—						38,888						—
						147,223						—						—						253						2,660						53,282						(20,076)						(3,351)						179,991						—
			Other investments
			CLO-Equities			—						—						—						—						—						—						—						—						—						—
			Other privately held investments			92,230						—						—						7,871						—						—						—						(4,942)						95,159						7,871
						92,230						—						—						7,871						—						—						—						(4,942)						95,159						7,871
			Total assets			$	239,453					$	—					$	—					$	8,124					$	2,660					$	53,282					$	(20,076)					$	(8,293)					$	275,150					$	7,871

(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.

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4.    FAIR VALUE MEASUREMENTS (CONTINUED)

						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 September 30, 2024
			Fixed maturities, available for sale
			Corporate debt			$	125,009					$	—					$	—					$	—					$	2,525					$	6,965					$	—					$	(848)					$	133,651					$	—
			ABS			—						—						—						—						—						—						—						—						—						—
						125,009						—						—						—						2,525						6,965						—						(848)						133,651						—
			Other investments
			CLO-Equities			4,498						—						—						—						—						—						—						(365)						4,133						—
			Other privately held investments			85,288						—						—						(891)						—						—						—						—						84,397						(891)
						89,786						—						—						(891)						—						—						—						(365)						88,530						(891)
			Total assets			$	214,795					$	—					$	—					$	(891)					$	2,525					$	6,965					$	—					$	(1,213)					$	222,181					$	(891)
			Nine months ended September 30, 2024
			Fixed maturities, available for sale
			Corporate debt			$	135,753					$	—					$	—					$	(1,347)					$	3,547					$	19,436					$	(165)					$	(23,573)					$	133,651					$	—
			ABS			—						—						—						—						—						—						—						—						—						—
						135,753						—						—						(1,347)						3,547						19,436						(165)						(23,573)						133,651						—
			Other investments
			CLO-Equities			5,300						—						—						—						—						—						—						(1,167)						4,133						—
			Other privately held investments			87,289						—						(6,899)						1,191						—						7,238						—						(4,422)						84,397						1,191
						92,589						—						(6,899)						1,191						—						7,238						—						(5,589)						88,530						1,191
			Total assets			$	228,342					$	—					$	(6,899)					$	(156)					$	3,547					$	26,674					$	(165)					$	(29,162)					$	222,181					$	1,191

(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 and nine months ended September 30, 2025 and 2024.

Transfers out of Level 3 into Level 2

There were no transfers out of Level 3 into Level 2 during the three and nine months ended September 30, 2025 and 2024.

Other Transfers out of Level 3

During the nine months ended September 30, 2024, one private company investment fund included in other privately held investments in the consolidated balance sheets was transferred from Level 3 to the NAV practical expedient.

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.

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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 September 30, 2025 and December 31, 2024 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 September 30, 2025, 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 September 30, 2025, the Company's fixed maturities, held to maturity, were recorded at amortized cost with a carrying value of $407 million (2024: $443 million) and a fair value of $404 million (2024: $437 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 September 30, 2025, 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 September 30, 2025, the Company's debt was recorded at amortized cost with a carrying value of $1,316 million (2024: $1,315 million) and a fair value of $1,295 million (2024: $1,247 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 September 30, 2025, Federal Home Loan Bank advances were recorded at amortized cost with a carrying value of $66 million (2024: $66 million) and a fair value of $66 million (2024: $66 million). As these advances are not actively traded, their fair values are classified as Level 2.

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5.    DERIVATIVE INSTRUMENTS

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

						September 30, 2025																		December 31, 2024
						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			$	33,293					$	23					$	47					$	17,655					$	323					$	—
			Relating to underwriting portfolio:
			Foreign exchange forward contracts			1,691,229						3,074						1,498						1,323,714						9,116						3,100
			Total derivatives									$	3,097					$	1,545											$	9,439					$	3,100

(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:

						September 30, 2025												December 31, 2024
						Gross amounts			Gross amounts offset			Net amounts(1)						Gross amounts			Gross amounts offset			Net amounts(1)
			Derivative assets			$	5,670		$	(2,573)		$	3,097					$	20,067		$	(10,628)		$	9,439
			Derivative liabilities			$	4,118		$	(2,573)		$	1,545					$	13,728		$	(10,628)		$	3,100

(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.

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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 September 30,															Nine months ended September 30,
												2025						2024									2025						2024
						Relating to investment portfolio:
						Foreign exchange forward contracts			Net investment gains (losses)			$	169					$	(870)								$	(1,282)					$	153
						Relating to underwriting portfolio:
						Foreign exchange forward contracts			Foreign exchange (losses) gains			14,099						6,906									414						7,987
						Total						$	14,268					$	6,036								$	(868)					$	8,140

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6.    RESERVE FOR LOSSES AND LOSS EXPENSES

Reserve Roll-Forward

The following table presents a reconciliation of the Company's beginning and ending gross reserve for losses and loss expenses and net reserve for unpaid losses and loss expenses:

						Nine months ended September 30,
						2025						2024
			Gross reserve for losses and loss expenses, beginning of period			$	17,218,929					$	16,434,018
			Less reinsurance recoverable on unpaid losses and loss expenses, beginning of period			(6,840,897)						(6,323,083)
			Net reserve for unpaid losses and loss expenses, beginning of period			10,378,032						10,110,935
			Net incurred losses and loss expenses related to:
			Current year			2,486,226						2,334,543
			Prior years			(57,112)						(8,011)
						2,429,114						2,326,532
			Net paid losses and loss expenses related to:
			Current year			(279,444)						(308,581)
			Prior years			(2,068,518)						(1,769,278)
						(2,347,962)						(2,077,859)
			Foreign exchange and other			(1,505,957)						124,792
			Net reserve for unpaid losses and loss expenses, end of period			8,953,227						10,484,400
			Reinsurance recoverable on unpaid losses and loss expenses, end of period			9,043,009						6,810,929
			Gross reserve for losses and loss expenses, end of period			$	17,996,236					$	17,295,329

On April 24, 2025, the Company completed a loss portfolio transfer reinsurance agreement with Cavello Bay Reinsurance Limited, a wholly-owned subsidiary of Enstar Group Limited ("Enstar") which was deemed to have met the established criteria for retroactive reinsurance accounting (refer to Note 14 'Related Party Transactions'). At September 30, 2025, foreign exchange and other included an increase in reinsurance recoverable on unpaid losses of $1.9 billion related to this transaction.

At September 30, 2025, net reserves for losses and loss expenses included estimated amounts for numerous catastrophe events. The magnitude and complexity of losses arising from certain of these events inherently increase the level of uncertainty and, therefore, the level of management judgment involved in arriving at estimated net reserves for losses and loss expenses. These events include California Wildfires in 2025, Hurricane Milton and Hurricane Helene in 2024. As a result, actual losses for these events may ultimately differ materially from current estimates. During the nine months ended September 30, 2025, the Company recognized catastrophe and weather-related losses, net of reinsurance, of $129 million (2024: $145 million).

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6.    RESERVE FOR LOSSES AND LOSS EXPENSES (CONTINUED)

Prior Year Reserve Development

The Company's net favorable (adverse) prior year reserve development arises from changes to estimates of losses and loss expenses related to loss events that occurred in previous calendar years. The following table presents net favorable (adverse) prior year reserve development by segment:

						Three months ended September 30,															Nine months ended September 30,
						2025						2024									2025						2024
						Favorable (Adverse)						Favorable (Adverse)									Favorable (Adverse)						Favorable (Adverse)
			Insurance			$	14,843					$	4,009								$	44,036					$	4,008
			Reinsurance			4,103						4,003									13,076						4,003
			Total			$	18,946					$	8,012								$	57,112					$	8,011

The following sections provide further details on net favorable (adverse) prior year reserve development by segment, reserve class and accident year:

Insurance Segment:

The following table maps the Company's lines of business to reserve classes:

Insurance segment
			Reserve class
			Property			Casualty			Specialty other
Reported lines of business
Property			X
Professional lines						X
Liability						X
Cyber						X
Marine and aviation									X
Accident and health									X
Credit and political risk									X

Prior year reserve development by reserve class was as follows:

						Three months ended September 30,																								Nine months ended September 30,
						2025						2024																								2025						2024
						Favorable (Adverse)						Favorable (Adverse)																								Favorable (Adverse)						Favorable (Adverse)
			Property			$	6,908					$	2,043																							$	23,883					$	10,053
			Casualty			—						—																								—						—
			Specialty other			7,935						1,966																								20,153						(6,045)
			Total			$	14,843					$	4,009																							$	44,036					$	4,008

2025

For the three months ended September 30, 2025, net favorable prior year reserve development of $15 million was recognized, the principal components of which were: 

•$7 million of net favorable prior year reserve development on property business.

•$8 million of net favorable prior year reserve development on the specialty other reserve class primarily due to better than expected loss emergence attributable to the credit and political risk line of business.

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6.    RESERVE FOR LOSSES AND LOSS EXPENSES (CONTINUED)

2025

For the nine months ended September 30, 2025, net favorable prior year reserve development of $44 million was recognized, the principal components of which were: 

•$24 million of net favorable prior year reserve development on property business.

•$20 million of net favorable prior year reserve development on the specialty other reserve class primarily due to better than expected loss emergence attributable to the credit and political risk line of business and the accident and health line of business.

2024

For the nine months ended September 30, 2024, net prior year reserve development of $4 million was recognized, the principal components of which were: 

•$10 million of net favorable prior year reserve development on property business primarily due to better than expected loss emergence mainly related to the 2021 and 2022 accident years.

•$6 million of net adverse prior year reserve development on the specialty other reserve class attributable to the marine and aviation line of business due to an increase in the loss estimate attributable to a specific large claim related to the 2019 accident year.

Reinsurance Segment:

The following table maps the Company's lines of business to reserve classes:

Reinsurance segment
			Reserve class
			Casualty			Specialty			Run-off
Reported lines of business
Liability			X
Professional lines			X
Motor			X
Accident and health						X
Credit and surety						X
Agriculture						X
Marine and aviation						X
Catastrophe									X
Property									X
Engineering									X

Prior year reserve development by reserve class was as follows:

						Three months ended September 30,																								Nine months ended September 30,
						2025						2024																								2025						2024
						Favorable (Adverse)						Favorable (Adverse)																								Favorable (Adverse)						Favorable (Adverse)
			Casualty			$	—					$	—																							$	—					$	—
			Specialty			4,103						4,003																								12,951						4,003
			Run-off			—						—																								125						—
			Total			$	4,103					$	4,003																							$	13,076					$	4,003

2025

For the nine months ended September 30, 2025, net favorable prior year reserve development of $13 million was recognized.

•$13 million of net favorable prior year reserve development on the specialty reserve class primarily due to better than expected loss emergence attributable to the agriculture line of business.

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7.    EARNINGS PER COMMON SHARE

The following table presents a comparison of earnings per common share and earnings per diluted common share:

						Three months ended September 30,																								Nine months ended September 30,
						2025						2024																								2025												2024
			Earnings per common share
			Net income			$	301,864					$	180,728																							$	719,289											$	788,153
			Less: Preferred share dividends			7,563						7,563																								22,688												22,688
			Net income available to common shareholders			$	294,301					$	173,165																							$	696,601											$	765,465
			Weighted average common shares outstanding			77,619						83,936																								79,037												84,428
			Earnings per common share			$	3.79					$	2.06																							$	8.81											$	9.07
			Earnings per diluted common share
			Net income available to common shareholders			$	294,301					$	173,165																							$	696,601											$	765,465
			Weighted average common shares outstanding			77,619						83,936																								79,037												84,428
			Share-based compensation plans			982						1,064																								1,053												910
			Weighted average diluted common shares outstanding			78,601						85,000																								80,090												85,338
			Earnings per diluted common share			$	3.74					$	2.04																							$	8.70											$	8.97
			Weighted average anti-dilutive shares excluded from the dilutive computation			42						6																								16												253

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8.    SHARE-BASED COMPENSATION

Performance Restricted Stock Units

Performance Restricted Stock Units granted in 2025 with a market condition

Certain share-settled performance restricted stock units granted in 2025 include a market condition which is the Company’s total shareholder return relative to its peer group ("Relative TSR") over the performance period. Relative TSR is calculated in accordance with the terms of the applicable award agreement. If performance goals are achieved, these awards will cliff vest at the end of a three-year performance period within a range of 0% to 200% of target.

Performance Restricted Stock Units granted in 2025 with a performance condition

Certain share-settled performance restricted stock units granted in 2025 include a performance condition which is the Company’s average annual growth in book value per diluted common share, plus accumulated dividends over the performance period, adjusted to exclude unrealized investment gains (losses) recognized in accumulated other comprehensive income (loss), and share repurchases during the performance period ("Adjusted DBVPS"). Adjusted DBVPS is calculated in accordance with the terms of the applicable award agreement. If performance goals are achieved, these awards will cliff vest at the end of a three-year performance period within a range of 0% to 200% of target.

Valuation assumptions

Performance Restricted Stock Units granted in 2025 and 2024 with a market condition

The fair value of these performance restricted stock units was measured on the grant date using a Monte Carlo simulation model.

The following table provides details of the significant inputs used in the Monte Carlo simulation model:

			Nine months ended September 30,			2025			2024
			Expected volatility			25.30%			26.00%
			Expected term (in years)			3.0			3.0
			Expected dividend yield			n/a			n/a
			Risk-free interest rate			4.16%			4.06%

n/a - not applicable

Beginning share price: The beginning share price for awards was based on the average closing share price over the 30 trading days preceding and including the start of the performance period.

Ending share price: The ending share price was based on the average projected closing share price over the 30 trading days preceding and including the end of the performance period.

Expected volatility: The expected volatility is estimated based on the Company's historical share price volatility.

Expected term: Performance for awards granted in 2025 is measured from January 1, 2025 to December 31, 2027, and performance for awards granted in 2024 is measured from January 1, 2024 to December 31, 2026.

Expected dividend yield: The expected dividend yield is not applicable to the performance restricted stock units as dividends are paid at the end of the vesting period and do not affect the value of the performance restricted stock units.

Risk-free interest rate: The risk-free rate is estimated based on the yield on a U.S. treasury zero-coupon bond issued with a remaining term equal to the vesting period of the performance restricted stock units.

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8.    SHARE-BASED COMPENSATION (CONTINUED)

Compensation expense associated with performance restricted stock units granted in 2025 and 2024 is determined on the grant date based on the fair value calculated by the Monte Carlo simulation model, and is recognized on a straight-line basis over the requisite service period.

Performance Restricted Stock Units granted in 2025 and 2024 with a performance condition

The fair value of these performance restricted stock units was determined based on the closing price of the Company's common shares on the grant date. Compensation expense is recognized on a straight-line basis over the requisite service period and is subject to periodic adjustment based on the achievement of established performance criteria during the performance period.

The following table provides an activity summary of the Company's share-settled restricted stock units for the nine months ended September 30, 2025:

						Share-Settled Performance Restricted Stock Units												Share-Settled Service Restricted Stock Units
						Number of restricted stock units						Weighted  average grant date fair value						Number of restricted stock units						Weighted  average grant date fair value
			Non-vested restricted stock units - beginning of period			247						$	65.73					1,642						$	57.73
			Granted			89						98.22						603						90.76
			Performance adjustment (1)			55						68.63						—						—
			Vested			(115)						68.63						(633)						56.78
			Forfeited			(5)						86.55						(120)						66.14
			Non-vested restricted stock units - end of period			271						$	75.43					1,492						$	70.82

(1) The performance adjustment represents the difference between the number of performance restricted stock units granted and earned following the three-year performance period that ended in 2024. The performance restricted stock units were granted at the target level of achievement.

The following table provides additional information related to share-based compensation:

			Nine months ended September 30,			2025						2024
			Share-based compensation expense			$	34,134					$	33,441
			Tax benefits associated with share-based compensation expense			$	10,182					$	6,274
			Fair value of restricted stock units vested(1)			$	72,309					$	44,710
			Unrecognized share-based compensation expense			$	81,190					$	70,073
			Expected weighted average period associated with the recognition of unrecognized share-based compensation expense			2.5 years						2.5 years

(1) Fair value is based on the closing price of the Company's common shares on the vest date.

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9.    SHAREHOLDERS' EQUITY

The following table presents changes in common shares issued and outstanding:

						Three months ended September 30,																											Nine months ended September 30,
						2025						2024																											2025									2024
			Shares issued, balance at beginning of period			176,580						176,580																											176,580									176,580
			Shares issued			—						—																											—									—
			Total shares issued at end of period			176,580						176,580																											176,580									176,580
			Treasury shares, balance at beginning of period			(98,407)						(92,401)																											(93,596)									(91,294)
			Shares repurchased			(1,140)						(542)																											(6,696)									(2,368)
			Shares reissued			2						12																											747									731
			Total treasury shares at end of period			(99,545)						(92,931)																											(99,545)									(92,931)
			Total shares outstanding			77,035						83,649																											77,035									83,649

Treasury Shares

On February 6, 2025, authorization under the Company's Board-authorized share repurchase program for common share repurchases approved in May 2024 was exhausted.

On February 19, 2025, the Company's Board of Directors approved a new share repurchase program for up to $400 million of the Company's common shares. The new share repurchase program is open-ended, allowing the Company to repurchase its shares from time to time in the open market or privately negotiated transactions, depending on market conditions. On September 3, 2025, authorization under this plan was exhausted.

On September 17, 2025, the Company's Board of Directors approved a new share repurchase program for up to $400 million of the Company's common shares. The new share repurchase program is open-ended, allowing the Company to repurchase its shares from time to time in the open market or privately negotiated transactions, depending on market conditions.

The following table presents common shares repurchased from shares held in Treasury:

						Three months ended September 30,												Nine months ended September 30,
						2025						2024						2025						2024
			Publicly announced programs:(1)
			Total shares			1,139						537						6,431						2,125
			Total cost			$	109,977					$	39,918					$	599,959					$	139,886
			Average price per share(2)			$	96.51					$	74.26					$	93.29					$	65.82
			From employees:(3)
			Total shares			1						5						265						243
			Total cost			$	61					$	387					$	25,674					$	14,943
			Average price per share(2)			$	101.28					$	77.65					$	96.80					$	61.49
			Total shares repurchased:
			Total shares			1,140						542						6,696						2,368
			Total cost			$	110,038					$	40,305					$	625,633					$	154,829
			Average price per share(2)			$	96.52					$	74.29					$	93.43					$	65.38

(1) Shares are repurchased pursuant to the Company's Board-authorized share repurchase programs.

(2) Calculated using whole numbers.

(3)  Shares are repurchased from employees to satisfy personal withholding tax liabilities that arise on the vesting of share-settled restricted stock units.

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9.    SHAREHOLDERS' EQUITY (CONTINUED)

Dividends

The following table presents dividends declared and paid related to the Company's common and preferred shares:

						Per share data
						Dividends declared						Dividends paid in period of declaration						Dividends paid in period following declaration
			Three months ended September 30, 2025
			Common shares			$	0.44					$	—					$	0.44
			Series E preferred shares			$	34.38					$	—					$	34.38
			Three months ended September 30, 2024
			Common shares			$	0.44					$	—					$	0.44
			Series E preferred shares			$	34.38					$	—					$	34.38
			Nine months ended September 30, 2025
			Common shares			$	1.32					$	0.88					$	0.44
			Series E preferred shares			$	103.13					$	68.75					$	34.38
			Nine months ended September 30, 2024
			Common shares			$	1.32					$	0.88					$	0.44
			Series E preferred shares			$	103.13					$	68.75					$	34.38

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10.    DEBT AND FINANCING ARRANGEMENTS

Letter of Credit Facility

On August 26, 2025, AXIS Corporate Capital UK II Limited (the "Borrower"), acting through AXIS Managing Agency Limited, as managing agent of AXIS Syndicate 1686 and AXIS Syndicate 2050 (collectively, the "Syndicates"), entered into a facility letter and master agreement (collectively, the "Agreements") with Citibank Europe Plc (the "Lender"), providing for an uncommitted unsecured letter of credit facility up to a maximum aggregate amount of $90 million (the "$90 million Facility") with tenors of issuable letters of credit to August 31, 2030. The facility is supported by a guarantee issued by AXIS Specialty Limited.

The letter of credit facility is intended to support the Borrower's obligations in connection with the Syndicates’ participation in the Lloyd’s insurance market, specifically its Funds at Lloyd’s requirements. The facility contains customary representations, warranties, covenants, and events of default for transactions of this nature.

On March 23, 2025, the $300 million Facility was amended to extend the tenors of issuable letters of credit to March 31, 2027.

On March 26, 2024, the $500 million Facility was amended to reduce the committed utilization capacity available under the Facility to $300 million (the "$300 million Facility"), enter into an uncommitted secured letter of credit facility with Citibank Europe plc, extend the tenors of issuable letters of credit to March 31, 2026 and make certain updates to the facility's collateral and fee arrangements.

11.     FEDERAL HOME LOAN BANK ADVANCES

The Company's subsidiaries, AXIS Insurance Company and AXIS Surplus Insurance Company, are members of the Federal Home Loan Bank of Chicago ("FHLB").

At September 30, 2025, the companies had admitted assets of approximately $3.4 billion (2024: $3.2 billion) which provides borrowing capacity of up to approximately $848 million (2024: $798 million).

At September 30, 2025, the Company had borrowings under the FHLB program of $66 million (2024: $66 million). On September 11, 2024, the Company repaid borrowings under the FHLB program of $10 million, at their stated maturity. On October 31, 2024, the Company repaid borrowings under the FHLB program of $9 million, at their stated maturity.

At September 30, 2025, the FHLB advances have maturities in 2026 (2024: 2025) and interest payable at interest rates between 4.2% and 4.6% (2024: interest rates between 4.5% and 5.5%). The Company incurred interest expense of $1 million (2024: $1 million) for the three months ended September 30, 2025 and $2 million (2024: $3 million) for the nine months ended September 30, 2025. The borrowings under the FHLB program are secured by cash and investments with a fair value of $73 million (2024: $72 million).

12.    COMMITMENT AND CONTINGENCIES

Legal Proceedings

From time to time, the Company is subject to routine legal proceedings, including arbitrations, arising in the ordinary course of business. These legal proceedings generally relate to claims asserted by or against the Company in the ordinary course of its insurance or reinsurance operations. Estimated amounts payable related to these proceedings are included in the reserve for losses and loss expenses in the Company's consolidated balance sheets.

The Company is not party to any material legal proceedings arising outside the ordinary course of business.

Investments

Refer to Note 3 - 'Investments' for information on the Company's unfunded investment commitments related to the Company's other investment portfolio.

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

13.    OTHER COMPREHENSIVE INCOME (LOSS)

The following table presents the tax effects allocated to each component of other comprehensive income (loss):

						2025																		2024
						Before tax amount						Income tax (expense) benefit						Net of tax amount						Before tax amount						Income tax (expense) benefit						Net of tax amount
			Three months ended September 30,
			Available for sale investments:
			Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has not been recognized			$	51,129					$	(12,050)					$	39,079					$	379,332					$	(68,820)					$	310,512
			Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has been recognized			325						(56)						269						768						(41)						727
			Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income (loss)			(5,052)						1,029						(4,023)						5,109						(688)						4,421
			Unrealized gains (losses) arising during the period, net of reclassification adjustment			46,402						(11,077)						35,325						385,209						(69,549)						315,660
			Foreign currency translation adjustment			(3,446)						—						(3,446)						2,570						—						2,570
			Total other comprehensive income (loss), net of tax			$	42,956					$	(11,077)					$	31,879					$	387,779					$	(69,549)					$	318,230
			Nine months ended September 30,
			Available for sale investments:
			Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has not been recognized			$	283,996					$	(52,284)					$	231,712					$	264,873					$	(49,918)					$	214,955
			Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has been recognized			(41)						(4)						(45)						122						(2)						120
			Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income (loss)			40,264						(6,626)						33,638						89,483						(7,276)						82,207
			Unrealized gains (losses) arising during the period, net of reclassification adjustment			324,219						(58,914)						265,305						354,478						(57,196)						297,282
			Foreign currency translation adjustment			12,421						—						12,421						(8,184)						—						(8,184)
			Total other comprehensive income (loss), net of tax			$	336,640					$	(58,914)					$	277,726					$	346,294					$	(57,196)					$	289,098

The following table presents details of amounts reclassified from accumulated other comprehensive income (loss) ("AOCI") to net income (loss):

									Amount reclassified from AOCI(1)
			AOCI Components			Consolidated statement of operations line item that includes reclassification adjustment			Three months ended September 30,												Nine months ended September 30,
									2025						2024						2025						2024
			Unrealized gains (losses) on available for sale investments
						Other realized and unrealized investment gains (losses)			$	5,115					$	(5,095)					$	(37,875)					$	(89,305)
						Impairment losses			(63)						(14)						(2,389)						(178)
						Total before tax			5,052						(5,109)						(40,264)						(89,483)
						Income tax (expense) benefit			(1,029)						688						6,626						7,276
						Net of tax			$	4,023					$	(4,421)					$	(33,638)					$	(82,207)

(1)     Amounts in parentheses are charges to net income (loss).

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AXIS CAPITAL HOLDINGS LIMITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

14.    RELATED PARTY TRANSACTIONS

Related Party Transactions with Stone Point Capital, LLC ("Stone Point")

At September 30, 2025, the Company had invested $397 million in separately managed accounts ("SMAs") that are managed by Eagle Point which is majority-owned by Trident IX.

At September 30, 2025, the Company had invested $6 million in a SMA managed by Stone Point Credit LLC.

Stock Repurchase Agreement with Stone Point

On February 3, 2025, the Company entered into a stock repurchase agreement with T-VIII PubOpps LP ("T8"), an investment vehicle managed by Stone Point, pursuant to which T8 agreed to sell 2,234,636 shares to the Company for an aggregate price of approximately $200 million.

On March 5, 2025, the Company entered into a stock repurchase agreement with T8, pursuant to which T8 agreed to sell 2,139,037 shares to the Company for an aggregate price of approximately $200 million.

Loss Portfolio Transfer Reinsurance Agreement with Enstar

On April 24, 2025, the Company completed a loss portfolio transfer reinsurance agreement with Enstar (refer to Note 6 'Reserves for Losses and Loss Expenses') to retrocede a portfolio of reinsurance business predominantly related to 2021 and prior underwriting years.

Investment in Monarch Point Re

During 2025, the Company invested an additional $9 million in Monarch Point Re (refer to Note 3 'Investments'), a collateralized reinsurer which is jointly sponsored by the Company and Stone Point.

Loans to Monarch Point Re

During 2025, the Company advanced $192 million (2024: $253 million) to Monarch Point Re. These loans will be repaid in a manner consistent with the timing of amounts due to Monarch Point Re under retrocession agreements. At September 30, 2025, an amount of $188 million (2024: $236 million) was repaid and was treated as a non-cash activity in the consolidated statement of cash flows. These loans are expected to be repaid in full by November 15, 2026. The loan balance receivable at September 30, 2025 of $247 million (2024: $243 million) is included in loan advances made in the consolidated balance sheets. At September 30, 2025, the Company had committed to advance a further $36 million (2024: $nil) to Monarch Point Re.

Interest on this loan is payable for this period at interest rates between 4.6% and 4.8% (2024: interest rates between 4.7% and 5.5%) Interest related to this loan of $9 million (2024: $7 million) was received in advance and is included in other liabilities in the consolidated balance sheets.

15.    INCOME TAXES

The change in the effective rate for the three months ended September 30, 2025 to 18.9% from 21.0% for three months ended September 30, 2024 is attributable to the distribution of net income (loss) among tax jurisdictions.

The change in the effective rate for the nine months ended September 30, 2025 to 19.2% from (4.8%) for the nine months ended September 30, 2024 is attributable to Bermuda corporate income tax that applies a 15% tax on Bermuda pre-tax income in 2025 compared to the benefit of the Bermuda economic transition adjustment recognized in 2024.

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ITEM 2.     MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following is a discussion and analysis of our results of operations for the three and nine months ended September 30, 2025 and 2024 and our financial condition at September 30, 2025 and December 31, 2024. This should be read in conjunction with Item 1 'Consolidated Financial Statements' of this report and our Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the year ended December 31, 2024. Unless otherwise noted, tabular dollars are in thousands, except per share amounts. Amounts in tables may not reconcile due to rounding differences.

 

			Page
Third Quarter 2025 Financial Highlights			49
Overview			50
Consolidated Results of Operations			52
Results by Segment:
i) Insurance Segment			54
ii) Reinsurance Segment			58
Net Investment Income and Net Investment Gains (Losses)			63
Other Expenses (Revenues), Net			66
Financial Measures			68
Non-GAAP Financial Measures Reconciliation			70
Cash and Investments			74
Liquidity and Capital Resources			77
Critical Accounting Estimates			79
Recent Accounting Pronouncements			79

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THIRD QUARTER 2025 FINANCIAL HIGHLIGHTS

Third Quarter 2025 Consolidated Results of Operations

•Net income available to common shareholders of $294 million, or $3.79 per common share, and $3.74 per diluted common share

•Operating income(1) of $255 million, or $3.25 per diluted common share(1)

•Gross premiums written of $2.1 billion

•Net premiums written of $1.4 billion

•Net premiums earned of $1.5 billion

•Pre-tax, catastrophe and weather-related losses, net of reinsurance, of $44 million ($34 million, after-tax), (Insurance: $43 million; Reinsurance: $1m), or 3.0 points, including $20 million or 1.4 points attributable to the Middle East Conflict

•Net favorable prior year reserve development of $19 million (Insurance: $15 million; Reinsurance: $4 million)

•Underwriting income(2) of $188 million and combined ratio of 89.4%

•Net investment income of $185 million

•Net investment gains of $31 million

•Foreign exchange gains of $13 million

•Income tax expense of $70 million

Third Quarter 2025 Consolidated Financial Condition 

•Total cash and invested assets of $16.8 billion; fixed maturities, short-term investments, and cash and cash equivalents comprise 87% of total cash and investments and have an average credit rating of AA-

•Total assets of $34.3 billion

•Reserve for losses and loss expenses of $18.0 billion and reinsurance recoverable on unpaid and paid losses and loss expenses of $9.7 billion

•Debt of $1.3 billion and debt to total capital ratio(3) of 17.1%

•Total common shares repurchased were 1.1 million shares for a total of $110 million

•Common shareholders’ equity of $5.8 billion; book value per diluted common share of $73.82

(1)Operating income (loss) and operating income (loss) per diluted common share are non-GAAP financial measures as defined in Item 10(e) of SEC Regulation S-K. The reconciliations to the most comparable GAAP financial measures, net income (loss) available (attributable) to common shareholders and earnings (loss) per diluted common share, respectively, and a discussion of the rationale for the presentation of these items are provided in 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation'.

(2)Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to the most comparable GAAP financial measure, net income (loss), is presented in 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Consolidated Results of Operations', and a discussion of the rationale for its presentation is provided in 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation'.    

(3)The debt to total capital ratio is calculated by dividing debt by total capital. Total capital represents the sum of total shareholders’ equity and debt.

(4)Total cash and invested assets represents the total cash and cash equivalents, fixed maturities, equity securities, mortgage loans, other investments, equity method investments, short-term investments, accrued interest receivable and net receivable (payable) for investments sold (purchased)

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OVERVIEW

Business Overview

AXIS Capital, through its operating subsidiaries, is a global specialty underwriter and provider of insurance and reinsurance solutions with locations in Bermuda, the U.S., Europe, Singapore and Canada. Our underwriting operations are organized around our global underwriting platforms, AXIS Insurance and AXIS Re.

We provide our clients and distribution partners with a broad range of risk transfer products and services, and strong capacity, backed by excellent financial strength. We manage our portfolio holistically, aiming to construct the optimum portfolio of risks, consistent with our risk appetite and the development of our franchise. We nurture an ethical, entrepreneurial, disciplined and diverse culture that promotes outstanding client service, intelligent risk taking, operating efficiency, sustainability and the achievement of superior risk-adjusted returns for our shareholders. We believe that the achievement of our objectives will position us as a global specialty underwriting leader. The execution of our business strategy for the first nine months of 2025 included the following:

•growing in a number of attractive specialty lines insurance and treaty reinsurance markets including U.S. excess and surplus lines and Lloyd's specialty insurance business;

•re-balancing our portfolio towards less volatile lines of business, that carry attractive returns while deploying capital within risk limit tolerance, diversification criteria and risk management strategy;

•investing in attractive growth markets and advancing capabilities to address more transactional specialist business targeting the lower middle market with our key distribution partners;

•leveraging our global platform to introduce our products and services to new regions including the continued expansion of our North America product capabilities;

•continuing the implementation of a more focused distribution strategy while building mutually beneficial relationships with clients and partners;

•improving the effectiveness and efficiency of our operating platforms and processes through our "How We Work" program;

•investing in data and technology as well as AI capabilities and tools to empower our underwriters and enhance the service that we provide to our customers;

•utilizing reinsurance markets and third-party capital relationships;

•fostering a positive workplace environment that enables us to attract, retain and develop top talent; and

•growing our sustainability program to support our communities and to make a positive impact.

Outlook

We are executing on our commitment to advance AXIS as a specialty underwriting leader that delivers consistent, profitable growth. Our market positioning, diversified book of business, specialty underwriting acumen, global platform, claims management capabilities, and deep distribution relationships, supported by a conservative and well performing investment portfolio, provide the foundation for additional profitable growth in our targeted specialty markets.

The current trade and geopolitical environment introduce uncertainty across several dimensions including potential impacts on economic growth and loss costs. At AXIS, we assess all forms of uncertainty presented, and through our normal underwriting practices we take steps and measures that guard against adverse outcomes. Looking at the trends impacting our business:

•Following multiple years of rate increases outpacing loss cost trends across the specialty sector, overall pricing has moderated and in some sectors is softening. Casualty lines continue to see positive rate achievement while property rates are deteriorating due to the influx of capital being deployed in the space. We continue to lean into sectors where premium adequacy metrics are strong, where market dislocations arise and where organic profitable growth opportunities exist.

•The wholesale channel continues to experience substantial submission growth in North America due to dislocations in the standard lines markets. This dynamic broadly enables specialty carriers to deploy a disciplined underwriting strategy to market opportunities.

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•Pricing momentum in non-proportional reinsurance continues while our proportional reinsurance business is benefiting from rate increases in the underlying business. While we expect these market conditions to persist, we are seeing nuances by line of business. We continue to focus on underwriting discipline and targeted profitable growth.

Across the business, we will continue to pursue attractive opportunities by employing a focused underwriting strategy and selective appetite. Where price continues to deliver adequate profitability, we will look to grow within our risk and volatility guidelines. With a strengthened book of business, and an expanding footprint in our chosen specialty markets, we believe AXIS remains positioned to drive profitable growth in 2026.

Recent Developments

Loss Portfolio Transfer Reinsurance Agreement with Enstar

On April 24, 2025, we completed a loss portfolio transfer reinsurance agreement ("LPT") with Cavello Bay Reinsurance Limited, a wholly-owned subsidiary of Enstar Group Limited ("Enstar") to retrocede a portfolio of reinsurance business predominantly related to 2021 and prior underwriting years (refer to Item 1, Note 14 to the Consolidated Financial Statements 'Related Party Transactions').

The transaction is structured as a 75% ground-up quota share retrocession representing net reserves for losses and loss expenses of approximately $2 billion and provides cover up to a policy limit of approximately $940 million. The transaction is deemed to have met the established criteria for retroactive reinsurance accounting (refer to Item 1, Note 6 to the Consolidated Financial Statements 'Reserve for Losses and Loss Expenses' for further details).

Under the terms of the LPT we will retain responsibility for the management of claims.

In subsequent periods, we will reassess the reserves for losses and loss expenses subject to the LPT. Any adverse prior year reserve development associated with the subject business will increase the cumulative amounts ceded to the reinsurer compared to the consideration paid and will increase the gain determined in accordance with retroactive reinsurance accounting. Consistent with our accounting policy, (refer to Item 7, Note 2 to the Consolidated Financial Statements 'Basis of Presentation and Significant Accounting Policies' included in our Annual Report on Form 10-K for the year ended December 31, 2024), gains are deferred and amortized into net income over the claims settlement period.

Although retroactive reinsurance accounting may result in volatility to our results in the short-term, the loss portfolio transfer reinsurance agreement will provide significant protection from prior year reserve development on the subject business over the contract term, provided this remains within the limit of the agreement.

Bermuda Corporate Income Tax

The effective tax rates of 18.9% and 19.2%, for the three and nine months ended September 30, 2025 were attributable to the distribution of net income (loss) among tax jurisdictions. Corporate income tax of 15% applied to Bermuda pre-tax income effective January 1, 2025.

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CONSOLIDATED RESULTS OF OPERATIONS

						Three months ended September 30,																		Nine months ended September 30,
						2025						% Change						2024						2025						% Change						2024
			Underwriting revenues:
			Gross premiums written			$	2,124,184					10%						$	1,935,902					$	7,434,807					6%						$	7,030,564
			Net premiums written			1,352,989						9%						1,235,985						4,738,463						5%						4,531,802
			Net premiums earned			1,451,883						6%						1,366,701						4,186,133						7%						3,929,221
			Other insurance related income			6,593						(4%)						6,838						18,835						(21%)						23,704
			Underwriting expenses:
			Net losses and loss expenses			(841,435)						1%						(831,872)						(2,429,114)						4%						(2,326,532)
			Acquisition costs			(285,618)						4%						(274,935)						(826,094)						4%						(794,280)
			Underwriting-related general and administrative expenses(1)			(143,111)						9%						(131,582)						(408,790)						5%						(390,143)
			Underwriting income (2)			188,312												135,150						540,970												441,970
			Net investment income			184,903						(10%)						205,100						579,911						3%						563,458
			Net investment gains (losses)			30,905						(4%)						32,182						44,365						nm						(30,503)
			Corporate expenses(1)			(28,526)						(15%)						(33,621)						(83,088)						(4%)						(86,873)
			Foreign exchange (losses) gains			13,492						nm						(92,204)						(138,428)						nm						(61,268)
			Interest expense and financing costs			(16,657)						(1%)						(16,849)						(49,816)						(2%)						(51,005)
			Reorganization expenses			—						nm						—						—						nm						(26,312)
			Amortization of intangible assets			(2,396)						(12%)						(2,729)						(7,521)						(8%)						(8,188)
			Income before income taxes and interest in income of equity method investments			370,033												227,029						886,393												741,279
			Income tax (expense) benefit			(70,252)						47%						(47,922)						(170,773)						nm						36,185
			Interest in income of equity method investments			2,083						29%						1,621						3,669						(66%)						10,689
			Net income			301,864												180,728						719,289												788,153
			Preferred share dividends			(7,563)						—%						(7,563)						(22,688)						—%						(22,688)
			Net income available to common shareholders			$	294,301											$	173,165					$	696,601											$	765,465

nm – not meaningful is defined as a variance greater than +/-100%

(1)Underwriting-related general and administrative expenses is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to general and administrative expenses, the most comparable GAAP financial measure, also included corporate expenses of $29 million and $34 million for the three months ended September 30, 2025 and 2024, respectively, and $83 million and $87 million for the nine months ended September 30, 2025 and 2024, respectively. Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Other Expenses (Revenues), Net' for further details on corporate expenses. Refer also to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation' for further details.

(2)Consolidated underwriting income (loss) is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to net income (loss), the most comparable GAAP financial measure, is presented in the table above. Refer also to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation' for further details.

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Underwriting Revenues

Underwriting revenues by segment were as follows:

						Three months ended September 30,																		Nine months ended September 30,
						2025						% Change						2024						2025						% Change						2024
			Gross premiums written:
			Insurance			$	1,691,882					11%						$	1,526,676					$	5,280,220					7%						$	4,915,247
			Reinsurance			432,302						6%						409,226						2,154,587						2%						2,115,317
			Total gross premiums written			$	2,124,184					10%						$	1,935,902					$	7,434,807					6%						$	7,030,564
			Percent of gross premiums written ceded
			Insurance			36		%				— pts						36		%				35		%				— pts						35		%
			Reinsurance			38		%				2 pts						36		%				39		%				2 pts						37		%
			Total percent of gross premiums written ceded			36		%				— pts						36		%				36		%				— pts						36		%
			Net premiums written:
			Insurance			$	1,084,947					11%						$	975,911					$	3,420,038					7%						$	3,192,462
			Reinsurance			268,042						3%						260,074						1,318,425						(2%)						1,339,340
			Total net premiums written			$	1,352,989					9%						$	1,235,985					$	4,738,463					5%						$	4,531,802
			Net premiums earned:
			Insurance			$	1,085,612					6%						$	1,023,851					$	3,128,658					8%						$	2,900,011
			Reinsurance			366,271						7%						342,850						1,057,475						3%						1,029,210
			Total net premiums earned			$	1,451,883					6%						$	1,366,701					$	4,186,133					7%						$	3,929,221

Refer to 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Results by Segment' for further details on underwriting revenues.

Combined Ratio

The components of the combined ratio were as follows:

						Three months ended September 30,																		Nine months ended September 30,
						2025						% Point Change						2024						2025						% Point Change						2024
			Current accident year loss ratio, excluding catastrophe and weather-related losses(1)			56.3		%				0.6						55.7		%				56.3		%				0.6						55.7		%
			Catastrophe and weather-related losses ratio(1)			3.0		%				(2.8)						5.8		%				3.1		%				(0.6)						3.7		%
			Current accident year loss ratio(1)			59.3		%				(2.2)						61.5		%				59.4		%				—						59.4		%
			Prior year reserve development ratio			(1.3		%)				(0.7)						(0.6		%)				(1.4		%)				(1.2)						(0.2		%)
			Net losses and loss expenses ratio			58.0		%				(2.9)						60.9		%				58.0		%				(1.2)						59.2		%
			Acquisition cost ratio			19.7		%				(0.4)						20.1		%				19.7		%				(0.5)						20.2		%
			General and administrative expense ratio(2)			11.7		%				(0.4)						12.1		%				11.8		%				(0.4)						12.2		%
			Combined ratio			89.4		%				(3.7)						93.1		%				89.5		%				(2.1)						91.6		%

(1)    Current accident year loss ratio, catastrophe and weather-related losses ratio and current accident year loss ratio, excluding catastrophe and weather-related losses are non-GAAP financial measures as defined in Item 10(e) of SEC Regulation S-K. The reconciliations to the most comparable GAAP financial measure, net losses and loss expenses ratio is provided above and a discussion of the rationale for the presentation of these items are provided in 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation'.

(2)    The general and administrative expense ratio included corporate expenses not allocated to underwriting segments of 2.0% and 2.5% for the three months ended September 30, 2025 and 2024, respectively, and 2.0% and 2.2% for the nine months ended September 30, 2025 and 2024, respectively. Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Other Expenses (Revenues), Net' for further details.

Refer to 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Results by Segment' for further details on underwriting expenses.

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RESULTS BY SEGMENT

Insurance Segment

Results for the insurance segment were as follows:

						Three months ended September 30,																		Nine months ended September 30,
						2025						% Change						2024						2025						% Change						2024
			Revenues:
			Gross premiums written			$	1,691,882					11%						$	1,526,676					$	5,280,220					7%						$	4,915,247
			Net premiums written			1,084,947						11%						975,911						3,420,038						7%						3,192,462
			Net premiums earned			1,085,612						6%						1,023,851						3,128,658						8%						2,900,011
			Other insurance related income			261						nm						93						424						nm						53
			Expenses:
			Current accident year net losses and loss expenses			(610,650)												(606,663)						(1,763,702)												(1,646,118)
			Prior year reserve development			14,843												4,009						44,036												4,008
			Acquisition costs			(205,440)												(203,255)						(594,372)												(567,310)
			Underwriting-related general and administrative expenses			(131,326)												(119,249)						(375,564)												(353,230)
			Underwriting income			$	153,300											$	98,786					$	439,480											$	337,414
			Ratios:									% Point Change																		% Point Change
			Current accident year loss ratio, excluding catastrophe and weather-related losses			52.3		%				—						52.3		%				52.3		%				0.2						52.1		%
			Catastrophe and weather-related losses ratio			3.9		%				(3.1)						7.0		%				4.1		%				(0.6)						4.7		%
			Current accident year loss ratio			56.2		%				(3.1)						59.3		%				56.4		%				(0.4)						56.8		%
			Prior year reserve development ratio			(1.3		%)				(0.9)						(0.4		%)				(1.4		%)				(1.2)						(0.2		%)
			Net losses and loss expenses ratio			54.9		%				(4.0)						58.9		%				55.0		%				(1.6)						56.6		%
			Acquisition cost ratio			18.9		%				(1.0)						19.9		%				19.0		%				(0.6)						19.6		%
			Underwriting-related general and administrative expense ratio			12.1		%				0.5						11.6		%				12.0		%				(0.2)						12.2		%
			Combined ratio			85.9		%				(4.5)						90.4		%				86.0		%				(2.4)						88.4		%

nm – not meaningful

Gross Premiums Written

Gross premiums written by line of business were as follows:

						Three months ended September 30,																														Nine months ended September 30,
						2025												2024												% Change						2025												2024												% Change
			Property			$	468,098					28		%				$	433,843					28		%				8%						$	1,608,992					30		%				$	1,553,825					31		%				4%
			Professional lines			337,888						20		%				286,108						19		%				18%						938,417						18		%				821,859						17		%				14%
			Liability			345,455						20		%				321,205						21		%				8%						1,014,756						19		%				920,473						19		%				10%
			Cyber			103,404						6		%				129,543						8		%				(20%)						353,911						7		%				426,998						9		%				(17%)
			Marine and aviation			190,321						11		%				163,838						11		%				16%						681,865						13		%				645,698						13		%				6%
			Accident and health			161,470						10		%				119,686						8		%				35%						413,296						8		%				325,534						7		%				27%
			Credit and political risk			85,246						5		%				72,453						5		%				18%						268,983						5		%				220,860						4		%				22%
			Total			$	1,691,882					100		%				$	1,526,676					100		%				11%						$	5,280,220					100		%				$	4,915,247					100		%				7%

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Gross premiums written for the three months ended September 30, 2025 increased by $165 million, or 11% ($154 million, or 10%, on a constant currency basis(1)), compared to the three months ended September 30, 2024. The increase was primarily attributable to professional lines, accident and health, property, marine and aviation, liability, and credit and political risk lines, partially offset by a decrease in cyber lines.

The increase in professional lines was due to positive premium adjustments related to transactional liability business, higher renewals of financial lines and program business, together with new financial lines, U.S. design professional, Allied Health and program business. The increase in accident and health lines was attributable to a higher level of premiums and increased rate associated with renewed pet insurance business, together with new pet insurance business. The increase in property lines was due to new excess and surplus lines market business including lower middle market business, and new program business, together with positive premium adjustments related to program business. The increase in marine and aviation lines was attributable to higher renewals of marine war business and ocean marine business, the timing of renewals and positive premium adjustments related to marine offshore renewable energy business, together with new marine energy business. The increase in liability lines was driven by new U.S. excess casualty business, increased rate associated with renewed U.S. excess casualty business, and a higher level of premiums associated with renewals of program business, partially offset by a decrease in U.S. primary casualty business. The increase in credit and political risk lines was driven by new business and higher renewals of surety program business.

The decrease in cyber lines was attributable to the cancellation of two programs in 2024.

Gross premiums written for the nine months ended September 30, 2025 increased by $365 million, or 7%, compared to the nine months ended September 30, 2024. The increase was primarily attributable to professional lines, liability, accident and health, property, credit and political risk, and marine and aviation lines, partially offset by a decrease in cyber lines.

The increases in professional lines, liability, accident and health, property, credit and political risk, and marine and aviation lines were driven by new business.

The increase in professional lines was also driven by increased rate associated with renewed environmental business, higher renewals of program business, together with premium adjustments related to transactional liability business. The increase in liability lines was also driven by increased rate associated with renewed U.S. excess casualty business including lower middle market business, the timing of a renewal of a significant contract and higher renewals of program business, partially offset by a decrease in U.S. primary casualty business. The increase in accident and health lines was also attributable to a higher level of premiums and increased rate associated with renewed pet insurance business. The increase in property lines was also due to higher renewals of program business and onshore renewable energy business, together with increased rate associated with program business, partially offset by reduced opportunities in the excess and surplus lines market associated with competitive market conditions.

The increase in credit and political risk lines was also due to higher renewals of surety program business. The increase in marine and aviation lines was also attributable to premium adjustments principally related to aviation business written on a line slip basis, partially offset by a lower level of premiums associated with aviation war business and marine war business.

The decrease in cyber lines was related to the cancellation of two programs in 2024, partially offset by premium adjustments related to business written on a line slip basis.

Ceded Premiums Written

Ceded premiums written for the three months ended September 30, 2025 was $607 million, or 36%, of gross premiums written, compared to $551 million, or 36%, of gross premiums written for the three months ended September 30, 2024. The increase in ceded premiums written of $56 million, or 10%, was primarily driven by increases in accident and health, professional lines, marine and aviation, credit and political risk, and property lines, partially offset by decreases in cyber and liability lines. The increases in accident and health, professional lines, marine and aviation, credit and political risk, and property lines reflected the increase in gross premiums written for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The increase in accident and health lines was also attributable to a new quota share treaty.

(1) Amounts presented on a constant currency basis are non-GAAP financial measures as defined in Item 10 (e) of SEC Regulation S-K. The constant currency basis is calculated by applying the average foreign exchange rate from the current year to the prior year balance. Variances that are unchanged on a constant currency basis are omitted from the narrative

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The decrease in cyber lines reflected the decrease in gross premiums written for the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The decrease in liability lines was due to the restructuring of an existing quota share treaty, partially offset by the increase in gross premiums written for the three months ended September 30, 2025, compared to the three months ended September 30, 2024.

Ceded premiums written for the nine months ended September 30, 2025 was $1,860 million, or 35%, of gross premiums written, compared to $1,723 million, or 35%, of gross premiums written for the nine months ended September 30, 2024. The increase in ceded premiums written of $137 million, or 8%, was primarily driven by increases in accident and health, professional lines and credit and political risk lines, partially offset by a decrease in property lines. The increase in accident and health lines was attributable to a new quota share treaty and the increase in gross premiums written for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. The increases in professional lines and credit and political risk lines reflected the increase in gross premiums written for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.

The decrease in property lines was due to the restructuring of an existing quota share treaty, partially offset by the increase in gross premiums written for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024.

Net Premiums Earned

Net premiums earned by line of business were as follows:

						Three months ended September 30,																														Nine months ended September 30,
						2025												2024												% Change						2025												2024												% Change
			Property			$	343,557					31		%				$	301,546					30		%				14%						$	994,471					33		%				$	829,209					28		%				20%
			Professional lines			224,869						21		%				218,087						21		%				3%						639,348						20		%				614,560						21		%				4%
			Liability			142,198						13		%				127,285						12		%				12%						388,405						12		%				372,062						13		%				4%
			Cyber			74,802						7		%				88,292						9		%				(15%)						233,174						7		%				257,440						9		%				(9%)
			Marine and aviation			169,397						16		%				151,001						15		%				12%						478,986						15		%				450,375						16		%				6%
			Accident and health			80,246						7		%				95,670						9		%				(16%)						249,749						8		%				267,628						9		%				(7%)
			Credit and political risk			50,543						5		%				41,970						4		%				20%						144,525						5		%				108,737						4		%				33%
			Total			$	1,085,612					100		%				$	1,023,851					100		%				6%						$	3,128,658					100		%				$	2,900,011					100		%				8%

Net premiums earned for the three months ended September 30, 2025 increased by $62 million, or 6% ($52 million, or 5%, on a constant currency basis), compared to the three months ended September 30, 2024. The increase was primarily driven by increases in gross premiums earned in property, accident and health, marine and aviation, and liability lines, together with decreases in ceded premiums earned in cyber and property lines. These amounts were partially offset by increases in ceded premiums earned in accident and health, and marine and aviation lines, and a decrease in gross premiums earned in cyber lines.

Net premiums earned for the nine months ended September 30, 2025 increased by $229 million, or 8%, compared to the nine months ended September 30, 2024. The increase was primarily driven by increases in gross premiums earned in property, accident and health, credit and political risk, professional lines, liability, and marine and aviation lines, together with decreases in ceded premiums earned in cyber and property lines. These amounts were partially offset by increases in ceded premiums earned in accident and health, and credit and political risk lines, and a decrease in gross premiums earned in cyber lines.

Loss Ratio

The components of the loss ratio were as follows:

						Three months ended September 30,																		Nine months ended September 30,
						2025						% Point Change						2024						2025						% Point Change						2024
			Current accident year loss ratio			56.2		%				(3.1)						59.3		%				56.4		%				(0.4)						56.8		%
			Prior year reserve development ratio			(1.3		%)				(0.9)						(0.4		%)				(1.4		%)				(1.2)						(0.2		%)
			Loss ratio			54.9		%				(4.0)						58.9		%				55.0		%				(1.6)						56.6		%

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Current Accident Year Loss Ratio

The current accident year loss ratio decreased to 56.2% for the three months ended September 30, 2025, from 59.3% for the three months ended September 30, 2024.

The decrease in the current accident year loss ratio for the three months ended September 30, 2025, compared to the same period in 2024, was impacted by a lower level of catastrophe and weather-related losses. During the three months ended September 30, 2025, catastrophe and weather-related losses, net of reinsurance, were $43 million, or 3.9 points, including $20 million, or 1.8 points attributable to the Middle East Conflict. The remaining losses were primarily attributable to weather-related events. Comparatively, during the three months ended September 30, 2024, catastrophe and weather-related losses, were $71 million, or 7.0 points, attributable to Hurricane Helene, Hurricane Beryl, other weather-related events, and the Red Sea Conflict.

Adjusting for the impact of the catastrophe and weather-related losses, the current accident year loss ratio of 52.3% for the three months ended September 30, 2025, is consistent with the ratio of 52.3% for the three months ended September 30, 2024, principally due to the impact of changes in business mix, rate and trend.

The current accident year loss ratio decreased to 56.4% for the nine months ended September 30, 2025, from 56.8% for the nine months ended September 30, 2024.

The decrease in the current accident year loss ratio for the nine months ended September 30, 2025, compared to the same period in 2024, was impacted by a lower level of catastrophe and weather-related losses. During the nine months ended September 30, 2025, catastrophe and weather-related losses, net of reinsurance, were $127 million, or 4.1 points, including $31 million, or 1.0 point attributable to California Wildfires and $20 million or 0.7 points attributable to the Middle East Conflict. The remaining losses were attributable to other weather-related events. Comparatively, during the nine months ended September 30, 2024, catastrophe and weather-related losses, were $136 million, or 4.7 points, attributable to Hurricane Helene, Hurricane Beryl, other weather-related events, and the Red Sea Conflict.

Adjusting for the impact of the catastrophe and weather-related losses, the current accident year loss ratio increased to 52.3% for the nine months ended September 30, 2025, from 52.1% for the nine months ended September 30, 2024, principally due to the impact of changes in business mix, rate and trend.

Prior Year Reserve Development

Refer to Item 1, Note 6 to the Consolidated Financial Statements 'Reserve for losses and loss expenses' for details on prior year reserve development by segment, reserve class and accident year.

Acquisition Cost Ratio

The acquisition cost ratio decreased to 18.9% for the three months ended September 30, 2025, from 19.9% for the three months ended September 30, 2024, primarily related to an increase in ceding commission in accident and health lines, partially offset by a decrease in ceding commissions in liability and property lines.

The acquisition cost ratio decreased to 19.0% for the nine months ended September 30, 2025, from 19.6% for the nine months ended September 30, 2024, primarily related to increases in ceding commission in accident and health lines.

Underwriting-Related General and Administrative Expense Ratio

The underwriting-related general and administrative expense ratio increased to 12.1% for the three months ended September 30, 2025, from 11.6% for the three months ended September 30, 2024, mainly driven by investments in underwriting teams and information technology, partially offset by an increase in net premiums earned.

The underwriting-related general and administrative expense ratio of 12.0% for the nine months ended September 30, 2025, was comparable to 12.2% for the nine months ended September 30, 2024, with an increase in net premiums earned, largely offset by investments in underwriting teams and information technology.

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Reinsurance Segment

Results from the reinsurance segment were as follows:

						Three months ended September 30,																		Nine months ended September 30,
						2025						% Change						2024						2025						% Change						2024
			Revenues:
			Gross premiums written			$	432,302					6%						$	409,226					$	2,154,587					2%						$	2,115,317
			Net premiums written			268,042						3%						260,074						1,318,425						(2%)						1,339,340
			Net premiums earned			366,271						7%						342,850						1,057,475						3%						1,029,210
			Other insurance related income			6,332						(6%)						6,745						18,411						(22%)						23,651
			Expenses:
			Current accident year net losses and loss expenses			(249,731)												(233,221)						(722,524)												(688,425)
			Prior year reserve development			4,103												4,003						13,076												4,003
			Acquisition costs			(80,178)												(71,680)						(231,722)												(226,970)
			Underwriting-related general and administrative expenses			(11,785)												(12,333)						(33,226)												(36,913)
			Underwriting income			$	35,012											$	36,364					$	101,490											$	104,556
			Ratios:									% Point Change																		% Point Change
			Current accident year loss ratio, excluding catastrophe and weather-related losses			67.9		%				1.9						66.0		%				68.1		%				2.1						66.0		%
			Catastrophe and weather-related losses ratio			0.3		%				(1.7)						2.0		%				0.2		%				(0.7)						0.9		%
			Current accident year loss ratio			68.2		%				0.2						68.0		%				68.3		%				1.4						66.9		%
			Prior year reserve development ratio			(1.1		%)				—						(1.1		%)				(1.2		%)				(0.8)						(0.4		%)
			Net losses and loss expenses ratio			67.1		%				0.2						66.9		%				67.1		%				0.6						66.5		%
			Acquisition cost ratio			21.9		%				1.0						20.9		%				21.9		%				(0.2)						22.1		%
			Underwriting-related general and administrative expense ratio			3.2		%				(0.4)						3.6		%				3.1		%				(0.4)						3.5		%
			Combined ratio			92.2		%				0.8						91.4		%				92.1		%				—						92.1		%

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Gross Premiums Written

Gross premiums written by line of business were as follows:

						Three months ended September 30,																																				Nine months ended September 30,
						2025												2024												%  Change												2025												2024												%  Change
			Liability			$	154,460					36		%				$	132,245					32		%				17%												$	576,096					27		%				$	520,353					25		%				11%
			Professional lines			38,567						9		%				44,013						11		%				(12%)												398,863						19		%				393,846						19		%				1%
			Motor			47,303						11		%				35,295						9		%				34%												197,749						9		%				213,479						10		%				(7%)
			Accident and health			18,192						4		%				47,452						12		%				(62%)												321,884						15		%				390,621						18		%				(18%)
			Credit and surety			108,505						25		%				100,352						25		%				8%												429,460						20		%				352,676						17		%				22%
			Agriculture			55,704						13		%				33,265						8		%				67%												159,860						7		%				147,056						7		%				9%
			Marine and aviation			8,602						2		%				11,059						3		%				(22%)												60,968						3		%				80,073						4		%				(24%)
			Total			431,333						100		%				403,681						100		%				7%												2,144,880						100		%				2,098,104						100		%				2%
			Run-off lines
			Catastrophe			(510)						—		%				1,564						(1		%)				nm												706						—		%				7,477						—		%				(91%)
			Property			577						—		%				1,800						—		%				(68%)												3,071						—		%				3,657						—		%				(16%)
			Engineering			902						—		%				2,181						1		%				(59%)												5,930						—		%				6,079						—		%				(2%)
			Total run-off lines			969						—		%				5,545						—		%				(83%)												9,707						—		%				17,213						—		%				(44%)
			Total			$	432,302					100		%				$	409,226					100		%				6%												$	2,154,587					100		%				$	2,115,317					100		%				2%

Gross premiums written for the three months ended September 30, 2025, increased by $23 million, or 6% ($19 million, or 5%, on a constant currency basis), compared to the three months ended September 30, 2024. The increase was primarily attributable to agriculture, liability, motor, and credit and surety lines, partially offset by a decrease in accident and health, and professional lines.

The increase in agriculture lines was primarily due to new business. The increase in liability lines was due to positive premium adjustments in the three months ended September 30, 2025, compared to negative premium adjustments in the three months ended September 30, 2024, and a higher level of premiums related to several contracts associated with favorable market conditions, partially offset by non-renewals attributable to underwriting actions, together with client retentions. The increase in motor lines was attributable to a higher level of premiums related to one proportional contract and a higher level of positive premium adjustments related to non-proportional business associated with favorable market conditions, partially offset by the timing of renewals of several contracts. The increase in credit and surety lines was driven by new credit and political risk business and new surety business, a higher level of positive premium adjustments, together with the timing of renewals of both credit contracts and surety contracts, partially offset by a lower level of positive premium adjustments related to mortgage business.

The decrease in accident and health lines was driven by non-renewals mainly related to employer stop loss business largely attributable to client retentions and a lower level of premiums associated with a short-term medical program. The decrease in professional lines was attributable to a higher level of negative premium adjustments related to cyber business associated with challenging market conditions, partially offset by the timing of the renewal of a significant contract.

Gross premiums written for the nine months ended September 30, 2025, increased by $39 million, or 2% ($59 million, or 3%, on a constant currency basis), compared to the nine months ended September 30, 2024. The increase was primarily attributable to credit and surety, liability, agriculture and professional lines, partially offset by decreases in accident and health, marine and aviation, and motor lines.

The increase in credit and surety lines was driven by new credit and political risk business and new surety business, a higher level of positive premium adjustments attributable to credit business, partially offset by a lower level of positive premium adjustments related to mortgage business. The increase in liability lines was due to a higher level of positive premium adjustments, new general liability business at Lloyd's together with new workers compensation business, the restructuring of a contract at Lloyds, the timing of renewals, a higher level of premiums related to several contracts associated with favorable market conditions and increased line sizes, partially offset by non-renewals. The increase in agriculture lines was due to new business, partially offset by the non-renewal of a significant contract. The increase in professional lines was primarily attributable to new cyber business and the timing of the renewal of a

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significant contract, partially offset by a higher level of negative premium adjustments related to cyber business associated with challenging market conditions, decreased line sizes mainly on cyber contracts and non-renewals.

The decrease in accident and health lines was driven by decreased line sizes and non-renewals attributable to increased competition and client retentions, a lower level of premiums associated with a short-term medical program, and negative premium adjustments in the nine months ended September 30, 2025, compared to positive premium adjustments in the nine months ended September 30, 2024 associated with a short-term medical program, partially offset by the timing of renewals of several contracts. The decrease in marine and aviation lines was related to decreased line sizes and non-renewals attributable to client retentions and increased competition for marine business. The decrease in motor lines was attributable to decreased line sizes and non-renewals due to increased competition for non-proportional U.K. business, partially offset by a higher level of positive premium adjustments primarily related to non-proportional business associated with favorable market conditions.

Ceded Premiums Written

Ceded premiums written for the three months ended September 30, 2025, was $164 million, or 38%, of gross premiums written, compared to $149 million, or 36%, of gross premiums written for the three months ended September 30, 2024. The increase in ceded premiums written of $15 million, or 10%, was primarily driven by increases in liability and agriculture lines, partially offset by a decrease in accident and health lines.

The increases in liability and agriculture reflected the increase in gross premiums written in the three months ended September 30, 2025, compared to the three months ended September 30, 2024. The increase in liability lines was also driven by the restructuring of a significant quota share retrocession treaty with a strategic capital partner. The increase in agriculture lines was also due to the restructuring of a quota share retrocession treaty.

The decrease in accident and health lines reflected the decrease in gross premiums written in the three months ended September 30, 2025, compared to the three months ended September 30, 2024.

Ceded premiums written for the nine months ended September 30, 2025, was $836 million, or 39%, of gross premiums written, compared to $776 million, or 37%, of gross premiums written for the nine months ended September 30, 2024. The increase in ceded premiums written of $60 million, or 8%, was primarily driven by increases in liability, credit and surety, agriculture and professional lines, partially offset by decreases in accident and health, and motor lines.

The increases in liability, credit and surety, and agriculture lines reflected the increase in gross premiums written in the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. The increases in liability, and credit and surety also reflected the restructuring of quota share retrocession treaties with strategic capital partners. The increases in credit and surety, and agriculture lines were also due to the restructuring of quota share retrocession treaties. The increase in professional lines reflected the restructuring of quota share retrocession treaties with strategic capital partners.

The decrease in accident and health, and motor lines reflected the decrease in gross premiums written in the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024. The decrease in motor lines was also driven by the restructuring of two quota share retrocession treaties with strategic capital partners.

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Net Premiums Earned

Net premiums earned by line of business were as follows:

						Three months ended September 30,																														Nine months ended September 30,
						2025												2024												% Change						2025												2024												% Change
			Liability			$	81,399					22		%				$	72,796					21		%				12%						$	236,222					22		%				$	237,946					23		%				(1%)
			Professional lines			50,040						14		%				43,686						13		%				15%						145,045						14		%				123,308						12		%				18%
			Motor			36,720						10		%				28,628						8		%				28%						98,253						9		%				91,749						9		%				7%
			Accident and health			73,497						20		%				77,460						23		%				(5%)						223,593						21		%				240,288						23		%				(7%)
			Credit and surety			64,502						18		%				56,459						16		%				14%						203,522						19		%				173,558						17		%				17%
			Agriculture			44,490						12		%				40,134						12		%				11%						98,435						9		%				91,101						9		%				8%
			Marine and aviation			14,335						4		%				16,461						5		%				(13%)						42,604						4		%				48,783						5		%				(13%)
			Total			364,983						100		%				335,624						98		%				9%						1,047,674						98		%				1,006,733						98		%				4%
			Run-off lines
			Catastrophe			(290)						(1)		%				2,167						—		%				nm						689						1		%				9,595						—		%				(93%)
			Property			651						—		%				1,981						1		%				(67%)						3,116						—		%				6,612						1		%				(53%)
			Engineering			927						1		%				3,078						1		%				(70%)						5,996						1		%				6,270						1		%				(4%)
			Total run-off lines			1,288						—		%				7,226						2		%				(82%)						9,801						2		%				22,477						2		%				(56%)
			Total			$	366,271					100		%				$	342,850					100		%				7%						$	1,057,475					100		%				$	1,029,210					100		%				3%

Net premiums earned for the three months ended September 30, 2025, increased by $23 million, or 7% ($19 million, or 6%, on a constant currency basis), compared to the three months ended September 30, 2024. The increase was primarily driven by increases in gross premiums earned in liability, and credit and surety lines, partially offset by an increase in ceded premiums earned in liability lines.

Net premiums earned for the nine months ended September 30, 2025, increased by $28 million, or 3%, compared to the nine months ended September 30, 2024. The increase was primarily driven by increases in gross premiums earned in credit and surety, professional lines, agriculture lines, together with decreases in ceded premiums earned in motor, and accident and health lines. These amounts were partially offset by decreases in gross premiums earned in accident and health, catastrophe, marine and aviation, and motor lines, together with increases in ceded premiums earned in credit and surety, and professional lines.

Other Insurance Related Income (Loss)

Other insurance related income for the three and nine months ended September 30, 2025 of $6 million and $18 million, respectively, compared to other insurance related income for the three and nine months ended September 30, 2024 of $7 million and $24 million, respectively, was primarily associated with fees related to arrangements with strategic capital partners.

Loss Ratio

The components of the loss ratio were as follows:

						Three months ended September 30,																		Nine months ended September 30,
						2025						% Point Change						2024						2025						% Point Change						2024
			Current accident year loss ratio			68.2		%				0.2						68.0		%				68.3		%				1.4						66.9		%
			Prior year reserve development ratio			(1.1		%)				—						(1.1		%)				(1.2		%)				(0.8)						(0.4		%)
			Loss ratio			67.1		%				0.2						66.9		%				67.1		%				0.6						66.5		%

Current Accident Year Loss Ratio

The current accident year loss ratio of 68.2% for the three months ended September 30, 2025, was comparable to 68.0% for the three months ended September 30, 2024.

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During the three months ended September 30, 2025, catastrophe and weather-related losses, net of reinsurance, were $1.0 million. Comparatively, during the three months ended September 30, 2024, catastrophe and weather-related losses, were $7 million, or 2.0 points, attributable to weather-related events.

Adjusting for the impact of the catastrophe and weather-related losses, the current accident year loss ratio increased to 67.9% for the three months ended September 30, 2025, from 66.0% for the three months ended September 30, 2024, principally due to the impact of changes in business mix, rate and trend.

The current accident year loss ratio increased to 68.3% for the nine months ended September 30, 2025, from 66.9% for the nine months ended September 30, 2024.

During the nine months ended September 30, 2025, catastrophe and weather-related losses, net of reinsurance, were $3 million, or 0.2 points, primarily attributable to California Wildfires. Comparatively, during the nine months ended September 30, 2024, catastrophe and weather-related losses, were $9 million, or 0.9 points, attributable to weather-related events.

Adjusting for the impact of the catastrophe and weather-related losses, the current accident year loss ratio increased to 68.1% for the nine months ended September 30, 2025, from 66.0% for the nine months ended September 30, 2024, principally due to the impact of rate and trend, partially offset by changes in business mix.

Prior Year Reserve Development

Refer to Item 1, Note 6 to the Consolidated Financial Statements 'Reserve for losses and loss expenses' for details on prior year reserve development by segment, reserve class and accident year.

Acquisition Cost Ratio

The acquisition cost ratio increased to 21.9% for the three months ended September 30, 2025, from 20.9% for the three months ended September 30, 2024, primarily related to gross acquisition costs driven by higher adjustments attributable to loss-sensitive features driven by improved loss performance mainly in accident and health lines together with changes in business mix due to increases in credit and surety, and liability lines business written in the recent periods which is associated with relatively higher acquisition cost ratios, partially offset by ceding commissions from retrocessional contracts attributable to liability lines.

The acquisition cost ratio of 21.9% for the nine months ended September 30, 2025, was comparable to 22.1% for the nine months ended September 30, 2024, primarily related to the benefit of changes in business mix on retrocessional contracts driven by increases in credit and surety, and liability lines business ceded in recent periods and lower adjustments attributable to loss-sensitive features in liability, and credit and surety lines including mortgage business, largely offset by an increase in gross acquisition costs driven by changes in business mix due to increases in credit and surety, and professional lines business written in the recent periods which is associated with relatively higher acquisition cost ratios.

Underwriting-Related General and Administrative Expense Ratio

The underwriting-related general and administrative expense ratio decreased to 3.2% and 3.1% for the three and nine months ended September 30, 2025, respectively from 3.6% and 3.5% for the three and nine months ended September 30, 2024, respectively mainly driven by a decrease in personnel costs and an increase in net premiums earned.

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NET INVESTMENT INCOME AND NET INVESTMENT GAINS (LOSSES)

Net Investment Income

Net investment income from our cash and investment portfolio by major asset class was as follows:

						Three months ended September 30,																		Nine months ended September 30,
						2025						% Change						2024						2025						% Change						2024
			Fixed maturities			$	155,796					(4%)						$	163,002					$	452,368					(1%)						$	456,421
			Other investments			15,019						(23%)						19,594						55,907						41%						39,569
			Equity securities			3,046						(14%)						3,529						9,408						1%						9,348
			Mortgage loans			5,890						(28%)						8,175						18,714						(29%)						26,412
			Cash and cash equivalents			12,597						(13%)						14,402						62,626						50%						41,796
			Short-term investments			355						(91%)						3,919						2,882						(74%)						11,148
			Gross investment income			192,703						(9%)						212,621						601,905						3%						584,694
			Investment expense			(7,800)						4%						(7,521)						(21,994)						4%						(21,236)
			Net investment income			$	184,903					(10%)						$	205,100					$	579,911					3%						$	563,458
			Pre-tax yield:(1)
			Fixed maturities			4.8		%										4.6		%				4.7		%										4.5		%

(1) Pre-tax yield is calculated by dividing annualized net investment income by the average month-end amortized cost balances.

Fixed Maturities

Net investment income attributable to fixed maturities for the three and nine months ended September 30, 2025 was $156 million and $452 million, respectively, compared to net investment income attributable to fixed maturities of $163 million and $456 million, respectively, for the three and nine months ended September 30, 2024. The decrease for the three and nine months ended September 30, 2025, compared to same period in 2024, was due to the decrease in fixed maturity assets associated with the LPT transaction with Enstar.

Other Investments

Net investment income from other investments was as follows:

						Three months ended September 30,												Nine months ended September 30,
						2025						2024						2025						2024
			Multi-strategy, direct lending, private equity and real estate funds			$	11,694					$	19,523					$	39,294					$	37,004
			Other privately held investments			3,325						42						16,029						2,527
			CLO-Equities			—						29						584						38
			Total net investment income from other investments			$	15,019					$	19,594					$	55,907					$	39,569
			Pre-tax return on other investments(1)			1.6		%				2.1		%				5.9		%				4.2		%

(1)Pre-tax return on other investments is calculated by dividing total net investment income from other investments by the average month-end fair value balances held for the periods indicated.

Net investment income attributable to other investments for the three and nine months ended September 30, 2025 was $15 million and $56 million, respectively, compared to net investment income attributable to other investments of $20 million and $40 million, respectively, for the three and nine months ended September 30, 2024. The decrease for the three months ended September 30, 2025, compared to the same period in 2024, was primarily related to lower returns on real estate funds. The increase for the nine months ended September 30, 2025, compared to the same period in 2024, was primarily related to higher returns on other privately held investments and direct lending funds.

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Net Investment Gains (Losses)

Net investment gains (losses) were as follows:

						Three months ended September 30,												Nine months ended September 30,
						2025						2024						2025						2024
			On sale of investments:
			Fixed maturities, short-term investments, and cash and cash equivalents			$	10,602					$	60					$	(27,279)					$	(75,876)
			Equity securities			—						(5,872)						28,510						17,041
			Mortgage loans			—						(4,275)						—						(4,275)
						10,602						(10,087)						1,231						(63,110)
			(Increase) decrease in allowance for expected credit losses, fixed maturities, available for sale			347						209						(757)						6,338
			(Increase) decrease in allowance for expected credit losses, mortgage loans			(5,822)						(1,343)						(9,781)						(15,771)
			Impairment losses (1)			(63)						(14)						(2,389)						(178)
			Change in fair value of investment derivatives			169						(870)						(1,282)						153
			Net unrealized gains (losses) on equity securities			25,672						44,287						57,343						42,065
			Net investment gains (losses)			$	30,905					$	32,182					$	44,365					$	(30,503)

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

On Sale of Investments and Net Unrealized Gains (Losses) on Equity Securities

Generally, sales of individual securities occur when there are changes in the relative value, credit quality, or duration of a particular issue. We may also sell securities to re-balance our investment portfolio in order to change exposure to particular asset classes or sectors.

Net investment gains for the three and nine months ended September 30, 2025 were $31 million and $44 million, respectively, compared to net investment gains of $32 million and net investment losses of $31 million, respectively, for the three and nine months ended September 30, 2024.

For the three months ended September 30, 2025, the net investment gains were primarily due to net unrealized gains on equity securities and net realized gains on sales of Non-U.S. government and corporate debt securities. For the three months ended September 30, 2024, the net investment gains were primarily due to net unrealized gains on equity securities, partially offset by net realized losses on sales of bond mutual funds and mortgage loans.

For the nine months ended September 30, 2025, the net investment gains were primarily due to net unrealized gains on equity securities and net realized gains on sales of equity securities, partially offset by net realized losses on sales of corporate debt, Agency RMBS and U.S. government securities. For the nine months ended September 30, 2024, the net investment losses were primarily due to net realized losses on sales of Agency RMBS, U.S. government and corporate debt securities, partially offset by net unrealized gains on equity securities and realized gains on sales of equity securities.

(Increase) decrease in allowance for expected credit losses, fixed maturities, available for sale

For the nine months ended September 30, 2024, the allowance for expected credit losses decreased by $6 million primarily related to sales of securities. Refer to Note 3(i) to the Consolidated Financial Statements 'Investments'.

(Increase) decrease in allowance for expected credit losses, mortgage loans

For the three and nine months ended September 30, 2025, the allowance for expected credit losses increased by $6 million and $10 million, respectively, primarily related to commercial properties exposed to the office sector. For the three and nine months ended September 30, 2024, the allowance for expected credit losses increased by $1 million and $16 million, respectively, primarily related to commercial properties exposed to the office sector. Refer to Note 3(d) to the Consolidated Financial Statements 'Investments'.

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Total Return

Total return on cash and investments was as follows:

						Three months ended September 30,												Nine months ended September 30,
						2025						2024						2025						2024
			Net investment income			$	184,903					$	205,100					$	579,911					$	563,458
			Net investment gains (losses)			30,905						32,182						44,365						(30,503)
			Change in net unrealized gains (losses) on fixed maturities (1)			46,402						385,209						324,219						354,478
			Interest in income of equity method investments			2,083						1,621						3,669						10,689
			Total			$	264,293					$	624,112					$	952,164					$	898,122
			Average cash and investments(2)			$	16,581,947					$	17,768,254					$	17,039,182					$	17,207,139
			Pre-tax, total return on average cash and investments:
			Including investment related foreign exchange movements			1.6		%				3.5		%				5.6		%				5.2		%
			Excluding investment related foreign exchange movements(3)			1.7		%				3.1		%				4.8		%				5.0		%

(1)Change in net unrealized gains (losses) on fixed maturities is calculated by taking net unrealized gains (losses) at period end less net unrealized gains (losses) at the prior period end.

(2)The average cash and investments balance is the average of the monthly fair value balances.

(3)Pre-tax, total return on average cash and investments excluding foreign exchange movements is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to pre-tax, total return on average cash and investments, the most comparable GAAP financial measure, included foreign exchange (losses) gains of $(15) million and $70 million for the three months ended September 30, 2025 and 2024, respectively, and foreign exchange (losses) gains of $129 million and $40 million for the nine months ended September 30, 2025 and 2024, respectively.

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OTHER EXPENSES (REVENUES), NET

The following table provides a summary of other expenses (revenues), net:

						Three months ended September 30,																		Nine months ended September 30,
						2025						% Change						2024						2025						% Change						2024
			Corporate expenses			$	28,526					(15%)						$	33,621					$	83,088					(4%)						$	86,873
			Foreign exchange losses (gains)			(13,492)						nm						92,204						138,428						nm						61,268
			Interest expense and financing costs			16,657						(1%)						16,849						49,816						(2%)						51,005
			Income tax expense (benefit)			70,252						47%						47,922						170,773						nm						(36,185)
			Total			$	101,943											$	190,596					$	442,105											$	162,961

nm – not meaningful

Corporate Expenses

Corporate expenses include holding company costs necessary to support our worldwide insurance and reinsurance operations and costs associated with operating as a publicly-traded company.

As a percentage of net premiums earned, corporate expenses decreased to 2.0% for the three and nine months ended September 30, 2025, from 2.5% for the three months ended September 30, 2024, and from 2.2% for the nine months ended September 30, 2024, respectively mainly driven by decreases in personnel costs and professional fees together with an increase in net premiums earned.

Foreign Exchange Losses (Gains)

Foreign exchange gains of $13 million for the three months ended September 30, 2025 reflected the impact of the strengthening of the U.S. dollar on the remeasurement of net insurance-related liabilities denominated in pound sterling and Canadian dollar, partially offset by the weakening of the U.S. dollar on the remeasurement of net insurance-related liabilities denominated in euro. Foreign exchange losses of $138 million for the nine months ended September 30, 2025 reflected the impact of the weakening of the U.S. dollar on the remeasurement of net insurance-related liabilities denominated in euro, pound sterling and Canadian dollar, partially offset by the strengthening of the U.S. dollar on the remeasurement of net insurance-related liabilities denominated in Australian dollar.

Foreign exchange losses of $92 million for the three months ended September 30, 2024 reflected the impact of the weakening of the U.S. dollar on the remeasurement of net insurance-related liabilities denominated in pound sterling and euro. Foreign exchange losses of $61 million for the nine months ended September 30, 2024 reflected the impact of the weakening of the U.S. dollar on the remeasurement of net insurance-related liabilities denominated in pound sterling and euro.

Interest Expense and Financing Costs

Interest expense and financing costs are related to interest due on senior unsecured notes, junior subordinated notes and the Federal Home Loan advances ("FHLB advances") received in 2024 and 2023.

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Income Tax Expense (Benefit)

Income tax expense (benefit) primarily results from income (loss) in our global operations. Our effective tax rate which is calculated as income tax expense (benefit) divided by income (loss) before tax including interest in income (loss) of equity method investments was 18.9% and 19.2%, for the three and nine months ended September 30, 2025, and 21.0% and (4.8%) for the three and nine months ended September 30, 2024, respectively. This effective rate can vary between periods depending on the distribution of net income (loss) among tax jurisdictions, as well as other factors.

The income tax expense of $70 million and $171 million for the three and nine months ended September 30, 2025, respectively was principally due to pre-tax income in our Bermuda, U.K., U.S., and European operations.

The income tax expense of $48 million for the three months ended September 30, 2024 was principally due to pre-tax income in our U.S., U.K, operations. The income tax benefit of $36 million for the nine months ended September 30, 2024 was due to the recognition of an income tax benefit of $163 million related to the future Bermuda corporate income tax rate of 15%, pursuant to the Corporate Income Tax Act 2023, partially offset by income tax expense associated with pre-tax income in our U.S., U.K. and European operations.

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FINANCIAL MEASURES

We believe the following financial indicators are important in evaluating performance and measuring the overall growth in value generated for common shareholders:

						Three months ended September 30,												Nine months ended September 30,
						2025						2024						2025						2024
			Annualized return on average common equity(1)			20.6		%				13.0		%				16.4		%				19.9		%
			Annualized operating return on average common equity(2)			17.8		%				17.3		%				18.2		%				18.2		%
			Book value per diluted common share(3)			$	73.82					$	64.65					$	73.82					$	64.65
			Cash dividends declared per common share			$	0.44					$	0.44					$	1.32					$	1.32
			Increase in book value per diluted common share adjusted for dividends			$	3.92					$	5.80					$	9.87					$	11.91

(1)Annualized return on average common equity ("ROACE") is calculated by dividing annualized net income (loss) available (attributable) to common shareholders for the period by the average common shareholders' equity determined using the common shareholders' equity balances at the beginning and end of the period.

(2)Annualized operating return on average common equity ("operating ROACE") is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to the most comparable GAAP financial measure, annualized ROACE, and a discussion of the rationale for its presentation is provided in 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Financial Measures Reconciliation'.

(3)Book value per diluted common share represents total common shareholders’ equity divided by the number of diluted common share outstanding, determined using the treasury stock method.

Return on Average Common Equity and Operating Return on Average Common Equity

Our objective is to generate superior returns on capital that appropriately reward common shareholders for the risks we assume and to grow revenue only when we expect the returns will meet or exceed our requirements. We recognize that the nature of underwriting cycles and the frequency or severity of large loss events in any one year may challenge the ability to achieve a profitability target in any specific period.

ROACE reflects the impact of net income (loss) available (attributable) to common shareholders, including net investment gains (losses), foreign exchange losses (gains), reorganization expenses, interest in income (loss) of equity method investments and Bermuda net deferred tax asset.

The increase in ROACE for the three months ended September 30, 2025, compared to the three months ended September 30, 2024, was primarily driven by foreign exchange gains, an increase in underwriting income and a decrease in corporate expenses, partially offset by increases in income tax expense and average common shareholders' equity and a decrease in net investment income.

The decrease in ROACE for the nine months ended September 30, 2025, compared to the nine months ended September 30, 2024, was primarily driven by income tax expense, increases in foreign exchange losses and average common shareholders' equity, and a decrease in interest in income of equity method investments, partially offset by increases in underwriting income and net investment income and net investment gains together with a decrease in reorganization expenses.

Operating ROACE excludes the impact of net investment gains (losses), foreign exchange losses (gains), reorganization expenses, interest in income (loss) of equity method investments and Bermuda net deferred tax asset.

The increase in operating ROACE for the three months ended September 30, 2025, compared to the three months ended September 30, 2024, was primarily driven by an increase in underwriting income and a decrease in corporate expenses, partially offset by increases in income tax expense and average common shareholders' equity and a decrease in net investment income.

ROACE for the nine months ended September 30, 2025 and 2024 was 18.2%, primarily driven by increases in underwriting income and net investments income, offset by income tax expense and an increase in average common shareholders' equity.

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Book Value per Diluted Common Share

We consider book value per diluted common share to be an appropriate measure of returns to common shareholders, as we believe growth in book value on a diluted basis will ultimately translate into appreciation of our stock price.

During the three and nine months ended September 30, 2025, book value per diluted common share increased by 4.9% and 13.1%, respectively due to net income for the period, and net unrealized investment gains recognized in accumulated other comprehensive income (loss), partially offset by common share repurchases and common share dividends declared.

Cash Dividends Declared per Common Share and Common Share Repurchases

We believe in returning excess capital to shareholders by way of dividends. Accordingly, dividend policy is an integral part of the value we create for shareholders. Our Board of Directors has approved quarterly common share dividends for twenty-two consecutive years.

Book Value per Diluted Common Share Adjusted for Dividends

Taken together, we believe that growth in book value per diluted common share and common share dividends declared represent the total value created for common shareholders. As companies in the insurance industry have differing dividend payout policies, we believe that investors use the book value per diluted common share adjusted for dividends metric to measure comparable performance across the industry.

During the three and nine months ended September 30, 2025, total value created for common shareholders increased by $3.92, or 5.6% and $9.87, or 15.1%, respectively.

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NON-GAAP FINANCIAL MEASURES RECONCILIATION

						Three months ended September 30,												Nine months ended September 30,
						2025						2024						2025						2024
			Net income available to common shareholders			$	294,301					$	173,165					$	696,601					$	765,465
			Net investment (gains) losses			(30,905)						(32,182)						(44,365)						30,503
			Foreign exchange losses (gains)			(13,492)						92,204						138,428						61,268
			Reorganization expenses			—						—						—						26,312
			Interest in income of equity method investments			(2,083)						(1,621)						(3,669)						(10,689)
			Bermuda net deferred tax asset(1)			—						—						—						(162,705)
			Income tax expense (benefit)(2)			7,454						(1,503)						(12,330)						(9,938)
			Operating income			$	255,275					$	230,063					$	774,665					$	700,216
			Earnings per diluted common share			$	3.74					$	2.04					$	8.70					$	8.97
			Net investment (gains) losses			(0.39)						(0.38)						(0.55)						0.36
			Foreign exchange losses (gains)			(0.17)						1.08						1.73						0.72
			Reorganization expenses			—						—						—						0.31
			Interest in income of equity method investments			(0.03)						(0.02)						(0.05)						(0.13)
			Bermuda net deferred tax asset			—						—						—						(1.91)
			Income tax expense (benefit)			0.10						(0.01)						(0.16)						(0.11)
			Operating income per diluted common share			$	3.25					$	2.71					$	9.67					$	8.21
			Weighted average diluted common shares outstanding(3)			78,601						85,000						80,090						85,338
			Average common shareholders' equity			$	5,720,704					$	5,321,349					$	5,678,194					$	5,123,212
			Annualized return on average common equity			20.6		%				13.0		%				16.4		%				19.9		%
			Annualized operating return on average common equity			17.8		%				17.3		%				18.2		%				18.2		%

(1)Net deferred tax benefit is due to the recognition of deferred tax assets net of deferred tax liabilities related to Bermuda corporate income tax that is effective for fiscal years beginning on or after January 1, 2025.

(2)Tax expense (benefit) associated with the adjustments to net income (loss) available (attributable) to common shareholders. Tax impact is estimated by applying the statutory rates of applicable jurisdictions.

(3)Refer to Item 1, Note 7 to our Consolidated Financial Statements 'Earnings per Common Share' for further details.

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Rationale for the Use of Non-GAAP Financial Measures

We present our results of operations in a way we believe will be meaningful and useful to investors, analysts, rating agencies and others who use our financial information to evaluate our performance. Some of the measurements we use are considered non-GAAP financial measures under SEC rules and regulations. In this Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A"), we present underwriting-related general and administrative expenses, consolidated underwriting income (loss), current accident year loss ratio, catastrophe and weather-related losses ratio, current accident year loss ratio, excluding catastrophe and weather-related losses, operating income (loss) (in total and on a per share basis), annualized operating return on average common equity ("operating ROACE"), amounts presented on a constant currency basis and pre-tax total return on cash and investments excluding foreign exchange movements, which are non-GAAP financial measures as defined in Item 10(e) of SEC Regulation S-K. We believe that these non-GAAP financial measures, which may be defined and calculated differently by other companies, help explain and enhance the understanding of our results of operations. However, these measures should not be viewed as a substitute for those determined in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

Underwriting-Related General and Administrative Expenses

Underwriting-related general and administrative expenses include those general and administrative expenses that are incremental and/or directly attributable to our underwriting operations. While this measure is presented in Item 1, Note 2 to the Consolidated Financial Statements 'Segment Information', it is considered a non-GAAP financial measure when presented elsewhere on a consolidated basis.

Corporate expenses include holding company costs necessary to support our worldwide insurance and reinsurance operations and costs associated with operating as a publicly-traded company. As these costs are not incremental and/or directly attributable to our underwriting operations, these costs are excluded from underwriting-related general and administrative expenses, and therefore, consolidated underwriting income (loss). General and administrative expenses, the most comparable GAAP financial measure to underwriting-related general and administrative expenses, also includes corporate expenses.

The reconciliation of underwriting-related general and administrative expenses to general and administrative expenses, the most comparable GAAP financial measure, is presented in 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Consolidated Results of Operations'.

Consolidated Underwriting Income (Loss)

Consolidated underwriting income (loss) is a pre-tax measure of underwriting profitability that takes into account net premiums earned and other insurance related income (loss) as revenues and net losses and loss expenses, acquisition costs and underwriting-related general and administrative expenses as expenses. While this measure is presented in Item 1, Note 2 to the Consolidated Financial Statements 'Segment Information', it is considered a non-GAAP financial measure when presented elsewhere on a consolidated basis.

We evaluate our underwriting results separately from the performance of our investment portfolio. As a result, we believe it is appropriate to exclude net investment income and net investment gains (losses) from our underwriting profitability measure.

Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on our net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio, including unrealized foreign exchange losses (gains) on our equity securities, and foreign exchange losses (gains) realized on the sale of our available for sale investments and equity securities recognized in net investment gains (losses), and unrealized foreign exchange losses (gains) on our available for sale investments in other comprehensive income (loss), generally offset a large portion of the foreign exchange losses (gains) arising from our underwriting portfolio, thereby minimizing the impact of foreign exchange rate movements on total shareholders' equity. As a result, we believe that foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a meaningful contributor to our underwriting performance. Therefore, foreign exchange losses (gains) are excluded from consolidated underwriting income (loss).

Interest expense and financing costs primarily relate to interest payable on our debt and Federal Home Loan Bank advances. As these expenses are not incremental and/or directly attributable to our underwriting operations, these expenses are excluded from underwriting-related general and administrative expenses and, therefore, consolidated underwriting income (loss).

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Reorganization expenses in 2024 primarily related to severance costs attributable to our "How We Work" program which is focused on simplifying our operating structure. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from consolidated underwriting income (loss).

Amortization of intangible assets arose from business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from consolidated underwriting income (loss).

We believe that the presentation of underwriting-related general and administrative expenses and consolidated underwriting income (loss) provides investors with an enhanced understanding of our results of operations, by highlighting the underlying pre-tax profitability of our underwriting activities. The reconciliation of consolidated underwriting income (loss) to net income (loss), the most comparable GAAP financial measure, is presented in 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Consolidated Results of Operations'.

Current Accident Year Loss Ratio

Current accident year loss ratio represents net losses and loss expenses ratio exclusive of net favorable (adverse) prior year reserve development. We believe that the presentation of current accident year loss ratio provides investors with an enhanced understanding of our results of operations by highlighting net losses and loss expenses associated with our underwriting activities excluding the impact of volatile prior year reserve development. The reconciliation of current accident year loss ratio to net losses and loss expenses ratio, the most comparable GAAP financial measure, is presented in 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Consolidated Results of Operations'.

Catastrophe and Weather-Related Losses Ratio and Current Accident Year Loss Ratio, excluding Catastrophe and Weather-Related Losses

Catastrophe and weather-related losses ratio represents net losses and loss expenses ratio associated with natural disasters, man-made catastrophes, other catastrophe events and other weather-related events exclusive of net favorable (adverse) prior year reserve development.

Current accident year loss ratio, excluding catastrophe and weather-related losses represents net losses and loss expenses ratio exclusive of net favorable (adverse) prior year reserve development and net losses and loss expenses associated with natural disasters, man-made catastrophes, other catastrophe events and other weather-related events.

We believe that the presentation of these ratios that separately identify net losses and loss expenses associated with catastrophe and weather-related events provide investors with an enhanced understanding of our results of operations due to the inherently unpredictable nature of the occurrence of these events, the potential magnitude of these losses and the complexity that affects our ability to accurately estimate ultimate losses associated with these events.

The reconciliation of catastrophe and weather-related losses ratio and current accident year loss ratio, excluding catastrophe and weather-related losses to net losses and loss expenses ratio, the most comparable GAAP financial measure, is presented in 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Consolidated Results of Operations'.

Operating Income (Loss)

Operating income (loss) represents after-tax operational results exclusive of net investment gains (losses), foreign exchange losses (gains), reorganization expenses, interest in income (loss) of equity method investments and Bermuda net deferred tax asset.

Although the investment of premiums to generate income and investment gains (losses) is an integral part of our operations, the determination to realize investment gains (losses) is independent of the underwriting process and is heavily influenced by the availability of market opportunities. Furthermore, many users believe that the timing of the realization of investment gains (losses) is somewhat opportunistic for many companies.

Foreign exchange losses (gains) in our consolidated statements of operations primarily relate to the impact of foreign exchange rate movements on net insurance-related liabilities. However, we manage our investment portfolio in such a way that unrealized and realized foreign exchange losses (gains) on our investment portfolio, including unrealized foreign exchange losses (gains) on our equity securities and foreign exchange losses (gains) realized on the sale of our available for sale investments and equity securities recognized in net investment gains (losses) and unrealized foreign exchange losses (gains) on our available for sale investments in other comprehensive income (loss), generally offset a large portion of the foreign exchange losses (gains) arising from our

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underwriting portfolio, thereby minimizing the impact of foreign exchange rate movements on total shareholders' equity. As a result, we believe that foreign exchange losses (gains) in our consolidated statements of operations in isolation are not a meaningful contributor to the performance of our business. Therefore, foreign exchange losses (gains) are excluded from operating income (loss).

Reorganization expenses in 2024 primarily related to severance costs attributable to our "How We Work" program which is focused on simplifying our operating structure. Reorganization expenses are primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, these expenses are excluded from operating income (loss).

Interest in income (loss) of equity method investments is primarily driven by business decisions, the nature and timing of which are not related to the underwriting process. Therefore, this income (loss) is excluded from operating income (loss).

Bermuda net deferred tax benefit is due to the recognition of deferred tax assets net of deferred tax liabilities related to Bermuda corporate income tax that is effective for fiscal years beginning on or after January 1, 2025. The Bermuda net deferred tax asset is not related to the underwriting process. Therefore, this income is excluded from operating income (loss).

Certain users of our financial statements evaluate performance exclusive of after-tax net investment gains (losses), foreign exchange losses (gains), reorganization expenses, interest in income (loss) of equity method investments and Bermuda net deferred tax asset in order to understand the profitability of recurring sources of income.

We believe that showing net income (loss) available (attributable) to common shareholders exclusive of after-tax net investment gains (losses), foreign exchange losses (gains), reorganization expenses, interest in income (loss) of equity method investments and Bermuda net deferred tax asset reflects the underlying fundamentals of our business. In addition, we believe that this presentation enables investors and other users of our financial information to analyze performance in a manner similar to how our management analyzes the underlying business performance. We also believe this measure follows industry practice and, therefore, facilitates comparison of our performance with our peer group. We believe that equity analysts and certain rating agencies that follow us, and the insurance industry as a whole, generally exclude these items from their analyses for the same reasons. The reconciliation of operating income (loss) to net income (loss) available (attributable) to common shareholders, the most comparable GAAP financial measure, is presented above.

We also present operating income (loss) per diluted common share and annualized operating ROACE, which are derived from the operating income (loss) measure and are reconciled above to the most comparable GAAP financial measures, earnings (loss) per diluted common share and annualized return on average common equity ("ROACE"), respectively.

Constant Currency Basis

We present gross premiums written and net premiums earned on a constant currency basis in this MD&A. The amounts presented on a constant currency basis are calculated by applying the average foreign exchange rate from the current year to the prior year amounts. We believe this presentation enables investors and other users of our financial information to analyze growth in gross premiums written and net premiums earned on a constant basis. The reconciliation to gross premiums written and net premiums earned on a GAAP basis is presented in 'Management's Discussion and Analysis of Financial Condition and Results of Operations – Results by Segment'.

Pre-Tax, Total Return on Average Cash and Investments excluding Foreign Exchange Movements

Pre-tax, total return on average cash and investments excluding foreign exchange movements measures net investment income (loss), net investments gains (losses), interest in income (loss) of equity method investments, and change in unrealized gains (losses) generated by average cash and investment balances. We believe this presentation enables investors and other users of our financial information to analyze the performance of our investment portfolio. The reconciliation of pre-tax, total return on average cash and investments excluding foreign exchange movements to pre-tax, total return on average cash and investments, the most comparable GAAP financial measure, is presented in 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Net Investment Income and Net Investment Gains (Losses)'.

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CASH AND INVESTMENTS

Details of cash and investments are as follows:

						September 30, 2025															December 31, 2024
									Fair Value												Fair Value
			Fixed maturities, available for sale						$	12,879,372											$	12,152,753
			Fixed maturities, held to maturity(1)						404,106												436,751
			Equity securities						649,970												579,274
			Mortgage loans						409,699												505,697
			Other investments						972,867												930,278
			Equity method investments						220,022												206,994
			Short-term investments						17,185												223,666
			Total investments						$	15,553,221											$	15,035,413
			Cash and cash equivalents(2)						$	1,358,078											$	3,063,621

(1)Presented at net carrying value of $407 million (2024: $443 million) in the consolidated balance sheets.

(2)Includes restricted cash and cash equivalents of $532 million and $920 million at September 30, 2025 and at December 31, 2024, respectively.

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Overview

The fair value of total investments increased by $518 million in the nine months ended September 30, 2025, driven by the reinvestment of interest income and cashflows from operations, and the increase in market value of fixed maturities due to the decline in yields.

An analysis of our investment portfolio by asset class is detailed below:

Fixed Maturities

Details of our fixed maturities portfolio are as follows:

						September 30, 2025												December 31, 2024
						Fair Value						% of Total						Fair Value						% of Total
			Fixed maturities:
			U.S. government and agency			$	2,537,675					19		%				$	2,802,986					22		%
			Non-U.S. government			791,850						6		%				729,939						6		%
			Corporate debt			5,279,435						41		%				4,957,807						39		%
			Agency RMBS			1,888,486						14		%				1,184,845						9		%
			CMBS			831,084						6		%				819,608						7		%
			Non-agency RMBS			197,318						1		%				122,536						1		%
			ABS			1,697,444						13		%				1,860,966						15		%
			Municipals(1)			60,186						—		%				110,817						1		%
			Total			$	13,283,478					100		%				$	12,589,504					100		%
			Credit ratings:
			U.S. government and agency			$	2,537,675					19		%				$	2,802,986					22		%
			AAA(2)			2,600,542						20		%				2,665,334						21		%
			AA			3,017,708						22		%				2,354,372						19		%
			A			2,357,613						18		%				2,090,516						17		%
			BBB			1,289,152						10		%				1,190,381						9		%
			Below BBB(3)			1,480,788						11		%				1,485,915						12		%
			Total			$	13,283,478					100		%				$	12,589,504					100		%

(1)Includes bonds issued by states, municipalities, and political subdivisions.

(2)Includes U.S. government-sponsored agencies, residential mortgage-backed securities ("RMBS") and commercial mortgage-backed securities ("CMBS").

(3)Non-investment grade and non-rated securities.

At September 30, 2025, fixed maturities had a weighted average credit rating of A+ (2024: A+), a book yield of 4.6% (2024: 4.5%), and an average duration of 3.2 years (2024: 2.8 years). At September 30, 2025, fixed maturities together with short-term investments, cash and cash equivalents (i.e. total investments of $14.7 billion) had a weighted average credit rating of AA- (2024: AA-) and an average duration of 2.9 years (2024: 2.5 years).

At September 30, 2025, net unrealized gains on fixed maturities, available for sale were $57 million, compared to net unrealized losses of $267 million at December 31, 2024, an increase of $324 million due to the improvement in market values.

Equity Securities

At September 30, 2025, net unrealized gains on equity securities were $116 million, compared to $59 million at December 31, 2024, an increase of $57 million driven by the improvement in market values, partially offset by realized gains associated with sales in the period.

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Mortgage Loans

At September 30, 2025, investment in commercial mortgage loans was $410 million, compared to $506 million at December 31, 2024, a decrease of $96 million mainly driven by loan repayments. The commercial mortgage loans are high quality, and collateralized by a variety of commercial properties and diversified geographically throughout the U.S. and by property type to reduce the risk of concentration. At September 30, 2025, the allowance for credit losses of $33 million, was primarily related to commercial properties exposed to the office sector.

Other Investments

Details of our other investments portfolio are as follows:

						September 30, 2025												December 31, 2024
						Fair Value						% of Total						Fair Value						% of Total
			Multi-strategy funds			$	14,168					1		%				$	24,919					3		%
			Direct lending funds			175,495						18		%				171,048						18		%
			Private equity funds			356,421						37		%				320,690						35		%
			Real estate funds			289,087						30		%				291,640						31		%
			Total multi-strategy, direct lending, private equity and real estate funds			835,171						86		%				808,297						87		%
			Other privately held investments			137,696						14		%				121,981						13		%
			Total other investments			$	972,867					100		%				$	930,278					100		%

Refer to Note 3(e) to the Consolidated Financial Statements 'Investments'.

Equity Method Investments

Refer to Note 3(f) to the Consolidated Financial Statements 'Investments'.

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LIQUIDITY AND CAPITAL RESOURCES

Refer to the ‘Liquidity and Capital Resources’ section included in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024 for a general discussion of liquidity and capital resources.

The following table summarizes consolidated capital:

						September 30, 2025						December 31, 2024
			Debt			$	1,316,321					$	1,315,179
			Preferred shares			550,000						550,000
			Common equity			5,817,009						5,539,379
			Shareholders’ equity			6,367,009						6,089,379
			Total capital			$	7,683,330					$	7,404,558
			Ratio of debt to total capital			17.1		%				17.8		%

We finance our operations with a combination of debt and equity capital. The debt to total capital ratio provides an indication of our capital structure, along with some insight into our financial strength. We believe that our financial flexibility remains strong. Adjustments are made if developments occur that are different from previous expectations.

Federal Home Loan Bank Advances

The Company's subsidiaries, AXIS Insurance Company and AXIS Surplus Insurance Company, are members of the Federal Home Loan Bank of Chicago ("FHLB").

At September 30, 2025, the companies had admitted assets of approximately $3.4 billion which provides borrowing capacity of up to approximately $848 million.

At September 30, 2025, the Company had borrowings under the FHLB program of $66 million. The FHLB advances have maturities in 2026 and interest payable at interest rates between 4.2% and 4.6%. The Company incurred interest expense of $1 million for the three months ended September 30, 2025 and $2 million for the nine months ended September 30, 2025.

The borrowings under the FHLB program are secured by cash and investments with a fair value of $73 million.

Refer to Note 11 to the Consolidated Financial Statements 'Federal Home Loan Advances'.

Letter of Credit Facility

On August 26, 2025, AXIS Corporate Capital UK II Limited (the "Borrower"), acting through AXIS Managing Agency Limited, as managing agent of AXIS Syndicate 1686 and AXIS Syndicate 2050 (collectively, the "Syndicates"), entered into a facility letter and master agreement (collectively, the "Agreements") with Citibank Europe Plc (the "Lender"), providing for an uncommitted unsecured letter of credit facility up to a maximum aggregate amount of $90 million (the "$90 million Facility") with tenors of issuable letters of credit to August 31, 2030. The facility is supported by a guarantee issued by AXIS Specialty Limited.

The letter of credit facility is intended to support the Borrower's obligations in connection with the Syndicates’ participation in the Lloyd’s insurance market, specifically its Funds at Lloyd’s requirements. The facility contains customary representations, warranties, covenants, and events of default for transactions of this nature.

On March 23, 2025, the $300 million Facility was amended to extend the tenors of issuable letters of credit to March 31, 2027.

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Common Equity

During the nine months ended September 30, 2025, common equity increased by $278 million. The following table reconciles opening and closing common equity positions:

			Nine months ended September 30,			2025
			Common equity - opening			$	5,539,379
			Share-based compensation expense			32,108
			Change in unrealized gains on available for sale investments, net of tax			265,305
			Foreign currency translation adjustment			12,421
			Net income			719,289
			Preferred share dividends			(22,688)
			Common share dividends			(105,201)
			Treasury shares repurchased			(625,633)
			Treasury shares reissued			2,029
			Common equity - closing			$	5,817,009

During the nine months ended September 30, 2025, we repurchased 6.7 million common shares for a total of $626 million, including $600 million repurchased pursuant to our Board-authorized share repurchase programs and $26 million from employees to facilitate the satisfaction of their personal withholding tax liabilities that arise on the vesting of share-settled restricted stock units granted under our 2017 Long-Term Equity Compensation Plan.

On February 6, 2025, authorization under our Board-authorized share repurchase program for common share repurchases approved in May 2024 was exhausted.

On February 19, 2025, the Board of Directors approved a new share repurchase program for up to $400 million of the Company's common shares. The new share repurchase program is open-ended, allowing the Company to repurchase its shares from time to time in the open market or privately negotiated transactions, depending on market conditions. On September 3, 2025, authorization under this plan was exhausted.

On September 17, 2025, the Board of Directors approved a new share repurchase program for up to $400 million of the Company's common shares. The new share repurchase program is open-ended, allowing the Company to repurchase its shares from time to time in the open market or privately negotiated transactions, depending on market conditions. At September 30, 2025, we had $400 million of remaining authorization under our open-ended Board-authorized share repurchase program for common share repurchases (refer to Part II, Item 2 'Unregistered Sales of Equity Securities and Use of Proceeds' for further details).

We expect cash flows generated from operations, combined with liquidity provided by our investment portfolio, will be sufficient to cover cash outflows and other contractual commitments through the foreseeable future.

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CRITICAL ACCOUNTING ESTIMATES

The consolidated financial statements include certain amounts that are inherently uncertain and judgmental in nature. As a result, we are required to make assumptions and best estimates in order to determine the reported values. We consider an accounting estimate to be critical if: (1) it requires that significant assumptions be made in order to deal with uncertainties and (2) changes in the estimate could have a material impact on our results of operations, financial condition or liquidity.

We believe the material items requiring such subjective and complex estimates are:

•reserves for losses and loss expenses;

•reinsurance recoverable on unpaid losses and loss expenses, including the allowance for expected credit losses;

•gross premiums written and net premiums earned;

•fair value measurements of financial assets and liabilities; and

•the allowance for expected credit losses associated with fixed maturities, available for sale.

We believe that the critical accounting estimates discussion in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024, continues to describe the significant estimates and judgments included in the preparation of the consolidated financial statements.

RECENT ACCOUNTING PRONOUNCEMENTS

At September 30, 2025, there were no recently issued accounting pronouncements that we have not yet adopted that we expect could have a material impact on our results of operations, financial condition or liquidity.

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ITEM 3.     QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Refer to Item 7A included in our Annual Report on Form 10-K for the year ended December 31, 2024. There have been no material changes to this item since December 31, 2024, with the exception of the changes in exposure to foreign currency risk presented below.

Foreign Currency Risk

The table below provides a sensitivity analysis of total net foreign currency exposures:

						AUD												CAD						EUR						GBP						JPY						Other						Total
			At September 30, 2025
			Net managed assets (liabilities), excluding derivatives			$	115,702											$	403,362					$	(3,051)					$	66,728					$	(13,859)					$	165,090					$	733,972
			Foreign currency derivatives, net			(89,627)												(416,966)						(588)						(149,125)						1,015						(137,026)						(792,317)
			Net managed foreign currency exposure			26,075												(13,604)						(3,639)						(82,397)						(12,844)						28,064						(58,345)
			Other net foreign currency exposure			—												222						23						122						—						1						368
			Total net foreign currency exposure			$	26,075											$	(13,382)					$	(3,616)					$	(82,275)					$	(12,844)					$	28,065					$	(57,977)
			Net foreign currency exposure as a percentage of total shareholders’ equity			0.4		%										(0.2		%)				(0.1		%)				(1.3		%)				(0.2		%)				0.4		%				(0.9		%)
			Pre-tax impact of net foreign currency exposure on shareholders’ equity given a hypothetical 10% rate movement(1)			$	2,608											$	(1,338)					$	(362)					$	(8,228)					$	(1,284)					$	2,807					$	(5,798)

(1)Assumes 10% appreciation in underlying currencies relative to the U.S. dollar.

Total Net Foreign Currency Exposure

At September 30, 2025, total net foreign currency liabilities were $58 million primarily driven by exposures to the pound sterling, Canadian dollar, Japanese yen and euro. During the nine months ended September 30, 2025, the change in total net foreign currency exposure was primarily due to new business written in the period.

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ITEM 4.     CONTROLS AND PROCEDURES

Disclosure Controls and Procedures

The Company’s management has performed an evaluation, with the participation of the Company’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934 (the "Exchange Act")) at September 30, 2025. Based upon that evaluation, the Company's Chief Executive Officer and Chief Financial Officer concluded that, at September 30, 2025, the Company's disclosure controls and procedures are effective to ensure that information required to be disclosed by the Company in reports that it files or submits under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC and is accumulated and communicated to management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.

Changes in Internal Control Over Financial Reporting

The Company’s management has performed an evaluation, with the participation of the Company’s Chief Executive Officer and the Company’s Chief Financial Officer, of changes in the Company’s internal control over financial reporting that occurred during the three months ended September 30, 2025.

Based upon that evaluation, there were no changes in the Company's internal control over financial reporting that occurred during the three months ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

PART II     OTHER INFORMATION

ITEM 1.     LEGAL PROCEEDINGS

From time to time, we are subject to routine legal proceedings, including arbitrations, arising in the ordinary course of business. These legal proceedings generally relate to claims asserted by or against us in the ordinary course of our insurance or reinsurance operations. Estimated amounts payable related to these proceedings are included in the reserve for losses and loss expenses in our consolidated balance sheets.

We are not party to any material legal proceedings arising outside the ordinary course of business.

ITEM 1A.     RISK FACTORS

There were no material changes from the risk factors disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

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ITEM 2.     UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities

The following table shows information regarding the number of common shares repurchased in the quarter ended September 30, 2025:

Period			Total number of shares purchased (a) (b)						Average price paid per share						Total number of shares purchased as part of publicly announced programs (a)						Maximum number (or approximate dollar value) of shares that may yet be purchased under the announced programs (c) (d) (e)
July 1-31, 2025			1						$102.44						—						$110 million
August 1-31, 2025			1,063						$96.37						1,063						$8 million
September 1-30, 2025			76						$98.57						76						$400 million
Total			1,140												1,139						$400 million

(a) In thousands.

(b) Includes shares repurchased from employees to satisfy personal withholding tax liabilities that arise on the vesting of share-settled restricted stock units under our 2017 Long-Term Equity Compensation Plans.

(c) On February 6, 2025, authorization under our Board-authorized share repurchase program for common share repurchases approved in May 2024 was exhausted.

(d) On September 3, 2025, authorization under our Board-authorized share repurchase program for common share repurchases approved in February 2025 was exhausted.

(e) On September 17, 2025, the Company's Board of Directors approved a new share repurchase program for up to $400 million of the Company's common shares. The new share repurchase program is open-ended, allowing the Company to repurchase its shares from time to time in the open market or privately negotiated transactions, depending on market conditions.

ITEM 5.     OTHER INFORMATION

Disclosure of Certain Activities Under Section 13(r) of the Securities Exchange Act of 1934

Section 13(r) of the Securities Exchange Act of 1934, as amended, requires issuers to disclose in their annual and quarterly reports whether they or any of their affiliates knowingly engaged in certain activities with Iran or with individuals or entities that are subject to certain sanctions under U.S. law. Issuers are required to provide this disclosure even where the activities, transactions or dealings are conducted outside of the U.S. in compliance with applicable law.

As and when allowed by the applicable law and regulations, certain of our non-U.S. subsidiaries provide treaty reinsurance coverage to non-U.S. insurers on a worldwide basis, including insurers of liability, marine, aviation and energy risks, and as a result, these underlying insurance and reinsurance portfolios may have some exposure to Iran. In addition, we provide insurance and facultative reinsurance on a global basis to non-U.S. insureds and insurers, including for liability, marine, aviation and energy risks. Coverage provided to non-Iranian business may indirectly cover an exposure in Iran. For example, certain of our operations underwrite global marine hull war and cargo policies that provide coverage for vessels navigating into and out of ports worldwide, including Iran. For the quarter ended September 30, 2025, there has been no material amount of premium allocated or apportioned to activities relating to Iran. We intend for our non-U.S. subsidiaries to continue to provide such coverage only to the extent permitted by applicable law.

Insider Trading Arrangements and Policies

During the three months ended September 30, 2025, no director or officer of the Company adopted, terminated or is currently party to a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

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ITEM 6.     EXHIBITS

2.1			Rule 2.7 Announcement, dated July 5, 2017 in connection with acquisition of Novae Group plc (incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K filed on July 6, 2017).
2.2			Rule 2.7 Announcement, dated August 24, 2017 in connection with acquisition of Novae Group plc (incorporated by reference to Exhibit 2.1 to the Company's Current Report on Form 8-K filed on August 25, 2017).
3.1			Certificate of Incorporation and Memorandum of Association (incorporated by reference to Exhibit 3.1 to the Company’s Registration Statement on Form S-1(Amendment No. 1) (No. 333-103620) filed on April 16, 2003).
3.2			Amended and Restated Bye-Laws (incorporated by reference to Exhibit 4.2 to the Company’s Registration Statement on Form S-8 filed on May 15, 2009).
4.1			Specimen Common Share Certificate (incorporated by reference to Exhibit 4.1 to the Company’s Registration Statement on Form S-1 (Amendment No. 3) (No. 333-103620) filed on June 10, 2003).
4.2			Certificate of Designations establishing the specific rights, preferences, limitations and other terms of the Series E Preferred Shares (incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K filed on November 7, 2016).
†10.1			Directors Annual Compensation Program, effective January 1, 2026.
†31.1			Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
†31.2			Certification of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
†32.1			Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
†32.2			Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
†101			The following financial information from AXIS Capital Holdings Limited’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 formatted in Inline XBRL: (i) Consolidated Balance Sheets at September 30, 2025 and December 31, 2024; (ii) Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024; (iii) Consolidated Statements of Comprehensive Income for the three and nine months ended September 30, 2025 and 2024; (iv) Consolidated Statements of Changes in Shareholders' Equity for the nine months ended September 30, 2025 and 2024; (v) Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024; and (vi) Notes to Consolidated Financial Statements, tagged as blocks of text and in detail.
†104			Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

† Filed herewith.

* Management contract, compensatory plan or arrangement.

The agreements and other documents filed as exhibits to this report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Dated: October 29, 2025

 

AXIS CAPITAL HOLDINGS LIMITED
By:			/S/ VINCENT TIZZIO
			Vincent Tizzio
			President and Chief Executive Officer
			(Principal Executive Officer)
			/S/ PETER VOGT
			Peter Vogt
			Chief Financial Officer
			(Principal Financial Officer)

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FAQ

How did AXIS (AXS) perform in Q3 2025?

Net income was $301.9M versus $180.7M a year ago, with revenue at $1.67B and a combined ratio of 89.4%.

What were AXIS’s underwriting results in Q3 2025?

Underwriting income was $188.3M (from $135.2M), and the combined ratio improved to 89.4% from 93.1%.

What investment results did AXIS report for Q3 2025?

Net investment income was $184.9M, with $30.9M in net investment gains and foreign exchange gains of $13.5M.

What were AXIS’s year-to-date 2025 results?

Year to date, net income was $719.3M and the combined ratio was 89.5%.

How did cash flows and equity change for AXIS in 2025?

Operating cash flow for the first nine months was a use of $671.3M, and shareholders’ equity ended Q3 at $6.37B.

How many AXIS common shares were outstanding?

There were 77,037,743 common shares outstanding as of October 24, 2025.

Did AXIS’s AOCI position change in Q3 2025?

Yes. Accumulated other comprehensive income moved to $10.2M, reflecting improved unrealized positions.