AXIS Capital Holdings Limited

What they do

AXIS Capital underwrites a broad range of specialty insurance and reinsurance products across Bermuda, the U.S., Europe, Singapore, and Canada. The company operates through two reportable segments: insurance and reinsurance. It provides risk transfer products and services to clients and distribution partners, backed by financial strength ratings.

Revenue drivers

• AXIS Insurance — Writes specialty insurance lines, including property, casualty, and professional lines; contributed to gross premiums written of $9.6 billion in 2025.
• AXIS Re — Provides reinsurance solutions; together with insurance, drove net premiums earned of $5.7 billion in 2025.
• Net investment income — Generated $767 million in 2025 and $182 million in Q2 2026, supporting overall profitability.

Recent performance

For the full year 2025, AXIS Capital reported net income available to common shareholders of $979 million, or $12.52 per diluted share, with gross premiums written of $9.6 billion and a combined ratio of 89.8%. In Q2 2026, net income was $251 million, or $3.38 per diluted share, with gross premiums written of $2.7 billion and a combined ratio of 93.1%. Total assets grew to $34.5 billion at year-end 2025 and $36.6 billion at June 30, 2026.

Strategy

The company aims to grow in targeted specialty lines while re-balancing its portfolio towards highly targeted specialty risks. It manages the portfolio holistically to construct an optimum balance of risks, consistent with risk appetite. AXIS is focused on achieving superior risk-adjusted returns through disciplined underwriting and operational efficiency. In 2026, it initiated streamlining initiatives, incurring reorganization expenses in Q2.

Risks

• Catastrophe and weather-related losses — The company has exposure to unexpected losses from natural and man-made catastrophes; in 2025, pre-tax catastrophe losses were $159 million, including California Wildfires and Hurricane Melissa.
• Cyclical market conditions — The insurance and reinsurance industry is cyclical, and periods of excess underwriting capacity could lead to lower premium rates and less favorable terms.
• Reserve adequacy — Uncertainty in the occurrence, amount, and timing of insurance and reinsurance liabilities could lead to adverse reserve development.
• Geopolitical events — The Middle East Conflict contributed $31 million in losses in Q2 2026; ongoing geopolitical tensions could cause further losses.

Outlook

Management expects continued growth in attractive specialty lines, while re-balancing toward targeted risks. The company is implementing operational streamlining initiatives initiated in early 2026. It remains focused on managing its portfolio to achieve sustained profitable growth and superior risk-adjusted returns.