Axis Capital Holdings Ltd 8-K, filed Oct 28, 2026

Axis Capital Holdings Ltd (AXS)

8-K 2026-10-28 For: 2026-10-28

Added on October 28, 2026

About this 8-K

Axis Capital Holdings Ltd filed this 8-K on October 28, 2026.

Axis Capital Holdings Limited reported third-quarter 2026 net income available to common shareholders of $202 million, operating income of $229 million, underwriting income of $134 million, combined ratio of 94.0%, and diluted book value per share of $79.06. AI summary

Items reported

Item 2.02: Financial results
Item 9.01: Financial statements and exhibits

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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


Exhibit Number						Description of Document
99.1						Press Release dated October 28, 2026
99.2						Third Quarter 2026 Investor Financial Supplement
99.3						Investor Presentation Materials
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)



			AXIS CAPITAL HOLDINGS LIMITED


			By:			/s/ G. Christina Gray-Trefry
						G. Christina Gray-Trefry
						General Counsel and Secretary


Cliff Gallant (Investor Contact):	(415) 262-6843;	investorrelations@axiscapital.com
Joe Cohen (Media Contact):	(212) 715-3524;	joseph.cohen@axiscapital.com


	Three months ended September 30,						Nine months ended September 30,
KEY RATIOS	2026		2025		Change		2026		2025		Change
Current accident year loss ratio, excluding catastrophe and weather-related losses(5) (6)	57.0	%	56.3	%	0.7	pts	56.9	%	56.3	%	0.6	pts
Catastrophe and weather-related losses ratio(5)	4.6	%	3.0	%	1.6	pts	4.4	%	3.1	%	1.3	pts
Current accident year loss ratio(6)	61.6	%	59.3	%	2.3	pts	61.3	%	59.4	%	1.9	pts
Prior year reserve development ratio	(0.9	%)	(1.3	%)	0.4	pts	(1.0	%)	(1.4	%)	0.4	pts
Net losses and loss expenses ratio	60.7	%	58.0	%	2.7	pts	60.3	%	58.0	%	2.3	pts
Acquisition cost ratio	22.5	%	19.7	%	2.8	pts	21.3	%	19.7	%	1.6	pts
General and administrative expense ratio	10.8	%	11.7	%	(0.9	pts)	10.7	%	11.8	%	(1.1	pts)
Combined ratio	94.0	%	89.4	%	4.6	pts	92.3	%	89.5	%	2.8	pts

Current accident year combined ratio(6)	94.9	%	90.7	%	4.2	pts	93.3	%	90.9	%	2.4	pts


Current accident year combined ratio, excluding catastrophe and weather-related losses(6)	90.3	%	87.7	%	2.6	pts	88.9	%	87.8	%	1.1	pts


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))


	Three months ended September 30,								Nine months ended September 30,
($ in thousands)	2026			2025			Change		2026			2025			Change
Gross premiums written	$	1,909,181		$	1,691,882		12.8	%	$	6,121,070		$	5,280,220		15.9	%
Net premiums written	1,228,754			1,084,947			13.3	%	3,893,140			3,420,038			13.8	%
Net premiums earned	1,300,185			1,085,612			19.8	%	3,629,099			3,128,658			16.0	%
Underwriting income	103,939			153,300			(32.2	%)	380,654			439,480			(13.4	%)

Underwriting ratios:
Current accident year loss ratio, excluding catastrophe and weather-related losses	54.2		%	52.3		%	1.9	pts	53.9		%	52.3		%	1.6	pts
Catastrophe and weather-related losses ratio	5.7		%	3.9		%	1.8	pts	5.5		%	4.1		%	1.4	pts
Current accident year loss ratio	59.9		%	56.2		%	3.7	pts	59.4		%	56.4		%	3.0	pts
Prior year reserve development ratio	(0.9		%)	(1.3		%)	0.4	pts	(1.1		%)	(1.4		%)	0.3	pts
Net losses and loss expenses ratio	59.0		%	54.9		%	4.1	pts	58.3		%	55.0		%	3.3	pts
Acquisition cost ratio	22.6		%	18.9		%	3.7	pts	20.9		%	19.0		%	1.9	pts
Underwriting-related general and administrative expense ratio	10.4		%	12.1		%	(1.7	pts)	10.3		%	12.0		%	(1.7	pts)
Combined ratio	92.0		%	85.9		%	6.1	pts	89.5		%	86.0		%	3.5	pts

Current accident year combined ratio	92.9		%	87.2		%	5.7	pts	90.6		%	87.4		%	3.2	pts


Current accident year combined ratio, excluding catastrophe and weather-related losses	87.2		%	83.3		%	3.9	pts	85.1		%	83.3		%	1.8	pts



	2026		2025

	(in thousands)
Assets
Investments:
Fixed maturities, available for sale, at fair value	$	13,691,574	$	13,018,027
Fixed maturities, held to maturity, at amortized cost	448,228		397,430
Equity securities, at fair value	721,104		707,569
Mortgage loans, held for investment, at fair value	316,834		356,840
Other investments, at fair value	1,050,776		1,027,798
Equity method investments	209,084		227,181
Short-term investments, at fair value	1,736		20,298
Total investments	16,439,336		15,755,143
Cash and cash equivalents	1,037,878		820,252
Restricted cash and cash equivalents	510,570		500,933
Accrued interest receivable	129,601		116,252
Insurance and reinsurance premium balances receivable	3,672,159		3,244,661
Reinsurance recoverable on unpaid losses and loss expenses	9,020,632		8,951,763
Reinsurance recoverable on paid losses and loss expenses	603,475		673,765
Deferred acquisition costs	906,779		801,778
Prepaid reinsurance premiums	2,534,227		2,139,294
Receivable for investments sold	50,997		12,806
Goodwill	66,498		66,498
Intangible assets	155,533		166,050

Operating lease right-of-use assets	90,194		93,900
Loan advances made	314,257		231,542
Other assets	948,930		887,289
Total assets	$	36,481,066	$	34,461,926

Liabilities
Reserve for losses and loss expenses	$	18,985,497	$	18,122,256
Unearned premiums	6,599,511		5,825,698
Insurance and reinsurance balances payable	2,375,395		1,882,021
Debt	1,317,905		1,316,710
Federal Home Loan Bank advances	50,130		66,380
Payable for investments purchased	133,120		36,982
Operating lease liabilities	105,653		110,095
Other liabilities	614,400		745,349
Total liabilities	30,181,611		28,105,491

Shareholders' equity
Preferred shares	550,000		550,000
Common shares	2,206		2,206
Additional paid-in capital	2,411,713		2,405,792
Accumulated other comprehensive income (loss)	(383,879)		28,431
Retained earnings	8,782,490		8,181,699
Treasury shares, at cost	(5,063,075)		(4,811,693)
Total shareholders' equity	6,299,455		6,356,435



Total liabilities and shareholders' equity	$	36,481,066	$	34,461,926



		Three months ended				Nine months ended
		2026		2025		2026		2025

		(in thousands, except per share amounts)
Revenues
	Net premiums earned	$	1,619,334	$	1,451,883	$	4,618,785	$	4,186,133
	Net investment income	211,367		184,903		577,699		579,911
	Net investment gains (losses)	(46,506)		30,905		(26,993)		44,365
	Other insurance related income	5,738		6,593		16,988		18,835
	Total revenues	1,789,933		1,674,284		5,186,479		4,829,244

Expenses
	Net losses and loss expenses	982,590		841,435		2,783,003		2,429,114
	Acquisition costs	364,301		285,618		984,825		826,094
	General and administrative expenses	174,570		171,637		497,616		491,878
	Foreign exchange losses (gains)	(10,041)		(13,492)		(48,580)		138,428
	Interest expense and financing costs	16,680		16,657		49,945		49,816
	Reorganization expenses	—		—		28,715		—

	Amortization of intangible assets	5,726		2,396		10,518		7,521
	Total expenses	1,533,826		1,304,251		4,306,042		3,942,851

Income before income taxes and interest in income of equity method investments		256,107		370,033		880,437		886,393
	Income tax expense	(49,424)		(70,252)		(166,635)		(170,773)
	Interest in income of equity method investments	2,395		2,083		8,133		3,669
Net income		209,078		301,864		721,935		719,289


	Preferred share dividends	7,563		7,563		22,688		22,688

Net income available to common shareholders		$	201,515	$	294,301	$	699,247	$	696,601

Per share data
Earnings per common share:
Earnings per common share		$	2.77	$	3.79	$	9.52	$	8.81
Earnings per diluted common share		$	2.75	$	3.74	$	9.42	$	8.70
Weighted average common shares outstanding		72,671		77,619		73,433		79,037
Weighted average diluted common shares outstanding		73,373		78,601		74,238		80,090
Cash dividends declared per common share		$	0.44	$	0.44	$	1.32	$	1.32



	2026									2025
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total

	(in thousands)
Gross premiums written	$	1,909,181		$	449,462		$	2,358,643		$	1,691,882		$	432,302		$	2,124,184
Net premiums written	1,228,754			255,895			1,484,649			1,084,947			268,042			1,352,989
Net premiums earned	1,300,185			319,149			1,619,334			1,085,612			366,271			1,451,883
Other insurance related income	319			5,420			5,738			261			6,332			6,593
Current accident year net losses and loss expenses	(779,429)			(218,004)			(997,433)			(610,650)			(249,731)			(860,381)
Net favorable prior year reserve development	11,845			2,998			14,843			14,843			4,103			18,946
Acquisition costs	(294,087)			(70,214)			(364,301)			(205,440)			(80,178)			(285,618)
Underwriting-related general and
administrative expenses(11)	(134,894)			(9,588)			(144,482)			(131,326)			(11,785)			(143,111)
Underwriting income	$	103,939		$	29,761		133,699			$	153,300		$	35,012		188,312

Net investment income							211,367									184,903
Net investment gains (losses)							(46,506)									30,905
Corporate expenses(11)							(30,088)									(28,526)
Foreign exchange gains							10,041									13,492
Interest expense and financing costs							(16,680)									(16,657)


Amortization of intangible assets							(5,726)									(2,396)
Income before income taxes and interest in income of equity method investments							256,107									370,033
Income tax expense							(49,424)									(70,252)
Interest in income of equity method investments							2,395									2,083
Net income							209,078									301,864
Preferred share dividends							7,563									7,563
Net income available to common shareholders							$	201,515								$	294,301

Current accident year loss ratio	59.9		%	68.3		%	61.6		%	56.2		%	68.2		%	59.3		%
Prior year reserve development ratio	(0.9		%)	(0.9		%)	(0.9		%)	(1.3		%)	(1.1		%)	(1.3		%)
Net losses and loss expenses ratio	59.0		%	67.4		%	60.7		%	54.9		%	67.1		%	58.0		%
Acquisition cost ratio	22.6		%	22.0		%	22.5		%	18.9		%	21.9		%	19.7		%
Underwriting-related general and administrative expense ratio	10.4		%	3.0		%	8.9		%	12.1		%	3.2		%	9.7		%
Corporate expense ratio							1.9		%							2.0		%
Combined ratio	92.0		%	92.4		%	94.0		%	85.9		%	92.2		%	89.4		%


			Page(s)
Basis of Presentation			1
I. Financial Highlights			2
II. Income Statements
a. Consolidated Statement of Operations and Key Ratios			3 - 4
b. Consolidated Data			5
c. Consolidated Segment Data			6
d .Gross Premiums Written by Segment by Line of Business			7

e. Segment Data			8 - 9
f. Net Investment Income			10
III. Balance Sheets
a. Consolidated Balance Sheets			11
b. Cash and Invested Assets:
• Cash and Invested Assets Portfolio			12
• Cash and Invested Assets Composition			13

IV. Losses Reserve Analysis
a. Paid to Incurred Analysis			14
b. Paid to Incurred Analysis by Segment			15
V. Share Analysis

a. Book Value Per Diluted Common Share, Tangible Book Value Per Diluted Common Share and Book Value Per Diluted Common Share, Excluding Accumulated Other Comprehensive Income (Loss) ("AOCI ")			16
VI. Non-GAAP Financial Measures
a. Operating Income and Operating Return on Average Common Equity			17
b. Rationale for the Use of Non-GAAP Financial Measures			18 - 20



	Q3 2026			Q2 2026			Q1 2026			Q4 2025			Q3 2025
REVENUES






Net premiums earned	$	1,619,334		$	1,518,984		$	1,480,466		$	1,528,475		$	1,451,883
Net investment income	211,367			181,594			184,740			186,992			184,903
Net investment gains (losses)	(46,506)			46,735			(27,224)			14,584			30,905
Other insurance related income	5,738			5,601			5,649			4,383			6,593
Total revenues	1,789,933			1,752,914			1,643,631			1,734,434			1,674,284

EXPENSES
Net losses and loss expenses	982,590			933,130			867,283			859,427			841,435
Acquisition costs	364,301			316,268			304,255			310,375			285,618
General and administrative expenses	174,570			164,889			158,156			212,054			171,637
Foreign exchange losses (gains)	(10,041)			(2,344)			(36,196)			3,555			(13,492)
Interest expense and financing costs	16,680			16,838			16,426			16,844			16,657
Reorganization expenses	—			5,546			23,168			—			—
Amortization of intangible assets	5,726			2,396			2,396			2,396			2,396
Total expenses	1,533,826			1,436,723			1,335,488			1,404,651			1,304,251

















INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME OF EQUITY METHOD INVESTMENTS	256,107			316,191			308,143			329,783			370,033
Income tax expense	(49,424)			(61,404)			(55,806)			(45,959)			(70,252)
Interest in income of equity method investments	2,395			3,308			2,430			5,783			2,083
NET INCOME	209,078			258,095			254,767			289,607			301,864
Preferred share dividends	7,563			7,563			7,563			7,563			7,563
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	201,515		$	250,532		$	247,204		$	282,044		$	294,301

KEY RATIOS/PER SHARE DATA
Weighted average common shares outstanding	72,671			73,549			74,095			75,686			77,619
Dilutive share equivalents:
Share-based compensation plans	702			654			1,058			1,139			982
Weighted average diluted common shares outstanding	73,373			74,203			75,153			76,825			78,601

Earnings per common share	$	2.77		$	3.41		$	3.34		$	3.73		$	3.79
Earnings per diluted common share	$	2.75		$	3.38		$	3.29		$	3.67		$	3.74

Annualized ROACE	13.8		%	17.0		%	17.0		%	19.4		%	20.6		%
Annualized operating ROACE	15.7		%	14.3		%	17.7		%	17.2		%	17.8		%


											Nine months ended September 30,				Year ended December 31,
	Q3 2026		Q2 2026		Q1 2026		Q4 2025		Q3 2025		2026		2025		2025
UNDERWRITING REVENUES
Gross premiums written	$	2,358,643	$	2,667,631	$	3,097,967	$	2,209,707	$	2,124,184	$	8,124,240	$	7,434,807	$	9,644,514
Ceded premiums written	(873,994)		(1,061,833)		(1,190,931)		(826,514)		(771,195)		(3,126,757)		(2,696,344)		(3,522,858)
Net premiums written	1,484,649		1,605,798		1,907,036		1,383,193		1,352,989		4,997,483		4,738,463		6,121,656

Gross premiums earned	2,566,454		2,420,835		2,357,298		2,381,138		2,280,608		7,344,586		6,657,023		9,038,161
Ceded premiums earned	(947,120)		(901,851)		(876,832)		(852,663)		(828,725)		(2,725,801)		(2,470,890)		(3,323,552)
Net premiums earned	1,619,334		1,518,984		1,480,466		1,528,475		1,451,883		4,618,785		4,186,133		5,714,609
Other insurance related income	5,738		5,601		5,649		4,383		6,593		16,988		18,835		23,216
Total underwriting revenues	1,625,072		1,524,585		1,486,115		1,532,858		1,458,476		4,635,773		4,204,968		5,737,825

UNDERWRITING EXPENSES
Net losses and loss expenses	982,590		933,130		867,283		859,427		841,435		2,783,003		2,429,114		3,288,541
Acquisition costs	364,301		316,268		304,255		310,375		285,618		984,825		826,094		1,136,469
Underwriting-related general and administrative expenses [a]	144,482		132,260		127,214		178,879		143,111		403,957		408,790		587,669
Total underwriting expenses	1,491,373		1,381,658		1,298,752		1,348,681		1,270,164		4,171,785		3,663,998		5,012,679
UNDERWRITING INCOME [b]	$	133,699	$	142,927	$	187,363	$	184,177	$	188,312	$	463,988	$	540,970	$	725,146

OTHER (EXPENSES) REVENUES
Net investment income	211,367		181,594		184,740		186,992		184,903		577,699		579,911		766,903
Net investment gains (losses)	(46,506)		46,735		(27,224)		14,584		30,905		(26,993)		44,365		58,950
Corporate expenses [a]	(30,088)		(32,629)		(30,942)		(33,175)		(28,526)		(93,659)		(83,088)		(116,262)
Foreign exchange (losses) gains	10,041		2,344		36,196		(3,555)		13,492		48,580		(138,428)		(141,983)
Interest expense and financing costs	(16,680)		(16,838)		(16,426)		(16,844)		(16,657)		(49,945)		(49,816)		(66,659)
Reorganization expenses	—		(5,546)		(23,168)		—		—		(28,715)		—		—
Amortization of intangible assets	(5,726)		(2,396)		(2,396)		(2,396)		(2,396)		(10,518)		(7,521)		(9,917)
Total other (expenses) revenues	122,408		173,264		120,780		145,606		181,721		416,449		345,423		491,032
INCOME BEFORE INCOME TAXES AND INTEREST IN INCOME OF EQUITY METHOD INVESTMENTS	256,107		316,191		308,143		329,783		370,033		880,437		886,393		1,216,178
Income tax expense	(49,424)		(61,404)		(55,806)		(45,959)		(70,252)		(166,635)		(170,773)		(216,732)
Interest in income of equity method investments	2,395		3,308		2,430		5,783		2,083		8,133		3,669		9,452
NET INCOME	209,078		258,095		254,767		289,607		301,864		721,935		719,289		1,008,898
Preferred share dividends	(7,563)		(7,563)		(7,563)		(7,563)		(7,563)		(22,688)		(22,688)		(30,250)
NET INCOME AVAILABLE TO COMMON SHAREHOLDERS	$	201,515	$	250,532	$	247,204	$	282,044	$	294,301	$	699,247	$	696,601	$	978,648

Catastrophe and weather-related losses, net of reinstatement premiums	$	74,508	$	80,334	$	47,800	$	29,855	$	43,659	$	202,641	$	129,355	$	159,210
Net favorable prior year reserve development	$	14,843	$	14,836	$	18,062	$	29,852	$	18,946	$	47,741	$	57,112	$	86,963

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	57.0%		57.1%		56.6%		56.2%		56.3%		56.9%		56.3%		56.3%
Catastrophe and weather-related losses ratio	4.6%		5.3%		3.2%		2.0%		3.0%		4.4%		3.1%		2.8%
Current accident year loss ratio	61.6%		62.4%		59.8%		58.2%		59.3%		61.3%		59.4%		59.1%
Prior year reserve development ratio	(0.9%)		(1.0%)		(1.2%)		(2.0%)		(1.3%)		(1.0%)		(1.4%)		(1.6%)
Net losses and loss expenses ratio	60.7%		61.4%		58.6%		56.2%		58.0%		60.3%		58.0%		57.5%
Acquisition cost ratio	22.5%		20.8%		20.5%		20.3%		19.7%		21.3%		19.7%		19.9%
General and administrative expenses ratio [c]	10.8%		10.9%		10.7%		13.9%		11.7%		10.7%		11.8%		12.4%
Combined ratio	94.0%		93.1%		89.8%		90.4%		89.4%		92.3%		89.5%		89.8%


Item 2.02			Results of Operations and Financial Condition


Item 9.01			Financial Statements and Exhibits


											Nine months ended September 30,				Year ended December 31,
	Q3 2026		Q2 2026		Q1 2026		Q4 2025		Q3 2025		2026		2025			2025

INSURANCE SEGMENT
Property	$	521,142	$	778,343	$	613,480	$	557,230	$	468,098	$	1,912,964	$	1,608,992		$	2,166,222
Professional Lines	391,106		397,536		345,381		404,835		337,888		1,134,024		938,417			1,343,252
Liability	340,243		394,168		337,674		351,489		345,455		1,072,084		1,014,756			1,366,245
Cyber	110,528		130,381		119,999		119,693		103,404		360,908		353,911			473,604
Marine and Aviation	255,277		276,473		294,960		198,739		190,321		826,710		681,865			880,604
Accident and Health	194,654		147,342		171,365		151,078		161,470		513,362		413,296			564,374
Credit and Political Risk	96,231		103,904		100,883		115,922		85,246		301,018		268,983			384,905
TOTAL INSURANCE SEGMENT	$	1,909,181	$	2,228,147	$	1,983,742	$	1,898,986	$	1,691,882	$	6,121,070	$	5,280,220		$	7,179,206

REINSURANCE SEGMENT
Liability	$	116,356	$	108,262	$	163,106	$	91,530	$	154,460	$	387,724	$	576,096		$	667,626
Professional Lines	24,781		87,417		177,953		16,403		38,567		290,151		398,863			415,266
Motor	49,510		19,453		87,312		70,332		47,303		156,276		197,749			268,080
Accident and Health	34,201		25,609		296,290		44,275		18,192		356,101		321,884			366,159
Credit and Surety	101,675		119,947		308,973		80,634		108,505		530,595		429,460			510,094
Agriculture	112,301		56,396		52,715		1,290		55,704		221,412		159,860			161,151
Marine and Aviation	8,021		20,687		25,978		3,903		8,602		54,683		60,968			64,870






Run-off lines [a]	2,617		1,713		1,898		2,354		969		6,228		9,707			12,062
TOTAL REINSURANCE SEGMENT	$	449,462	$	439,484	$	1,114,225	$	310,721	$	432,302	$	2,003,170	$	2,154,587		$	2,465,308

CONSOLIDATED TOTAL	$	2,358,643	$	2,667,631	$	3,097,967	$	2,209,707	$	2,124,184	$	8,124,240	$	7,434,807		$	9,644,514


											Nine months ended September 30,			Year ended December 31,
	Q3 2026		Q2 2026		Q1 2026		Q4 2025		Q3 2025			2026		2025		2025

Fixed maturities	$	182,411	$	163,304	$	156,696	$	159,830	$	155,796		$	502,411	$	452,368	$	612,198
Other investments	19,202		6,226		17,705		13,367		15,019			43,132		55,907		69,275
Equity securities	4,127		4,631		4,152		4,185		3,046			12,909		9,408		13,593
Mortgage loans	4,067		4,154		4,165		4,873		5,890			12,386		18,714		23,587
Cash and cash equivalents	9,272		10,655		8,918		12,466		12,597			28,846		62,626		75,092
Short-term investments	62		71		132		254		355			265		2,882		3,136

Gross investment income	219,141		189,041		191,768		194,975		192,703			599,949		601,905		796,881
Investment expenses	(7,774)		(7,447)		(7,028)		(7,983)		(7,800)			(22,250)		(21,994)		(29,978)

Net investment income	$	211,367	$	181,594	$	184,740	$	186,992	$	184,903		$	577,699	$	579,911	$	766,903


	Three months ended September 30, 2026									Nine months ended September 30, 2026
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total
UNDERWRITING REVENUES
Gross premiums written	$	1,909,181		$	449,462		$	2,358,643		$	6,121,070		$	2,003,170		$	8,124,240
Ceded premiums written	(680,427)			(193,567)			(873,994)			(2,227,930)			(898,827)			(3,126,757)
Net premiums written	1,228,754			255,895			1,484,649			3,893,140			1,104,343			4,997,483

Gross premiums earned	2,013,223			553,231			2,566,454			5,637,579			1,707,007			7,344,586
Ceded premiums earned	(713,038)			(234,082)			(947,120)			(2,008,480)			(717,321)			(2,725,801)
Net premiums earned	1,300,185			319,149			1,619,334			3,629,099			989,686			4,618,785
Other insurance related income	319			5,420			5,738			955			16,033			16,988
Total underwriting revenues	1,300,504			324,569			1,625,072			3,630,054			1,005,719			4,635,773

UNDERWRITING EXPENSES
Net losses and loss expenses	767,584			215,006			982,590			2,115,454			667,549			2,783,003
Acquisition costs	294,087			70,214			364,301			756,679			228,146			984,825
Underwriting-related general and administrative expenses	134,894			9,588			144,482			377,267			26,690			403,957
Total underwriting expenses	1,196,565			294,808			1,491,373			3,249,400			922,385			4,171,785

UNDERWRITING INCOME	$	103,939		$	29,761		$	133,699		$	380,654		$	83,334		$	463,988

Catastrophe and weather-related losses, net of reinstatement premiums	$	74,508		$	—		$	74,508		$	199,916		$	2,725		$	202,641
Net favorable prior year reserve development	$	11,845		$	2,998		$	14,843		$	38,755		$	8,986		$	47,741

KEY RATIOS
Current accident year loss ratio, excluding catastrophe and weather-related losses	54.2		%	68.3		%	57.0		%	53.9		%	68.1		%	56.9		%
Catastrophe and weather-related losses ratio	5.7		%	—		%	4.6		%	5.5		%	0.3		%	4.4		%
Current accident year loss ratio	59.9		%	68.3		%	61.6		%	59.4		%	68.4		%	61.3		%
Prior year reserve development ratio	(0.9		%)	(0.9		%)	(0.9		%)	(1.1		%)	(0.9		%)	(1.0		%)
Net losses and loss expenses ratio	59.0		%	67.4		%	60.7		%	58.3		%	67.5		%	60.3		%
Acquisition cost ratio	22.6		%	22.0		%	22.5		%	20.9		%	23.1		%	21.3		%
Underwriting-related general and administrative expense ratio	10.4		%	3.0		%	8.9		%	10.3		%	2.6		%	8.7		%
Corporate expense ratio							1.9		%							2.0		%
Combined ratio	92.0		%	92.4		%	94.0		%	89.5		%	93.2		%	92.3		%


	September 30,			June 30,			March 31,			December 31,			September 30,
	2026			2026			2026			2025			2025
ASSETS
Investments:
Fixed maturities, available for sale, at fair value	$	13,691,574		$	13,828,314		$	13,107,142		$	13,018,027		$	12,879,372
Fixed maturities, held to maturity, at amortized cost	448,228			407,024			405,220			397,430			406,658
Equity securities, at fair value	721,104			748,532			688,842			707,569			649,970
Mortgage loans, held for investment, at fair value	316,834			335,537			343,959			356,840			409,699
Other investments, at fair value	1,050,776			1,062,933			1,042,649			1,027,798			972,867
Equity method investments	209,084			203,661			236,767			227,181			220,022
Short-term investments, at fair value	1,736			2,828			5,836			20,298			17,185
Total investments	16,439,336			16,588,829			15,830,415			15,755,143			15,555,773
Cash and cash equivalents	1,548,448			1,223,058			1,388,118			1,321,185			1,358,078
Accrued interest receivable	129,601			124,281			118,475			116,252			117,720
Insurance and reinsurance premium balances receivable	3,672,159			4,011,370			3,878,950			3,244,661			3,326,346
Reinsurance recoverable on unpaid losses and loss expenses	9,020,632			8,949,022			8,890,145			8,951,763			9,043,009
Reinsurance recoverable on paid losses and loss expenses	603,475			626,691			581,945			673,765			648,126
Deferred acquisition costs	906,779			946,416			933,802			801,778			822,774
Prepaid reinsurance premiums	2,534,227			2,610,988			2,452,190			2,139,294			2,164,297
Receivable for investments sold	50,997			4,796			5,422			12,806			3,813
Goodwill	66,498			66,498			66,498			66,498			66,498
Intangible assets	155,533			161,258			163,654			166,050			168,446

Operating lease right-of-use assets	90,194			92,801			94,670			93,900			92,706
Loan advances made	314,257			316,342			302,157			231,542			250,537
Other assets	948,930			900,128			912,305			887,289			899,509
TOTAL ASSETS	$	36,481,066		$	36,622,478		$	35,618,746		$	34,461,926		$	34,517,632

LIABILITIES
Reserve for losses and loss expenses	$	18,985,497		$	18,613,412		$	18,294,149		$	18,122,256		$	17,996,236
Unearned premiums	6,599,511			6,807,320			6,563,778			5,825,698			5,994,611
Insurance and reinsurance balances payable	2,375,395			2,410,199			2,180,053			1,882,021			1,855,349
Debt	1,317,905			1,317,502			1,317,104			1,316,710			1,316,321
Federal Home Loan Bank advances	50,130			61,130			66,380			66,380			66,380
Payable for investments purchased	133,120			189,180			69,071			36,982			194,988
Operating lease liabilities	105,653			108,326			110,181			110,095			108,960
Other liabilities	614,400			612,199			637,394			745,349			617,778
TOTAL LIABILITIES	30,181,611			30,119,268			29,238,110			28,105,491			28,150,623

SHAREHOLDERS’ EQUITY
Preferred shares	550,000			550,000			550,000			550,000			550,000
Common shares	2,206			2,206			2,206			2,206			2,206
Additional paid-in capital	2,411,713			2,399,137			2,394,568			2,405,792			2,395,615
Accumulated other comprehensive income (loss)	(383,879)			(107,803)			(97,128)			28,431			10,169
Retained earnings	8,782,490			8,613,341			8,395,795			8,181,699			7,932,969
Treasury shares, at cost	(5,063,075)			(4,953,671)			(4,864,805)			(4,811,693)			(4,523,950)


TOTAL SHAREHOLDERS' EQUITY	6,299,455			6,503,210			6,380,636			6,356,435			6,367,009

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	36,481,066		$	36,622,478		$	35,618,746		$	34,461,926		$	34,517,632






Debt to total capital [a]	17.3		%	16.8		%	17.1		%	17.2		%	17.1		%


	At September 30, 2026												At December 31, 2025
	Cost or Amortized Cost		Allowance for Expected Credit Losses		Unrealized Gains		Unrealized Losses		Fair Value or Net Carrying Value		Percentage			Fair Value or Net Carrying Value		Percentage
Fixed Maturities, available for sale, at fair value
U.S. government and agency	$	2,496,625	$	—	$	13	$	(48,813)	$	2,447,825	13.5	%		$	2,417,901	14.0	%
Non-U.S. government	835,820		(107)		2,174		(26,095)		811,792		4.5	%		810,544		4.7	%
Corporate debt	5,724,193		(1,173)		13,841		(181,353)		5,555,508		30.8	%		5,222,433		30.4	%
Agency RMBS	2,403,616		—		902		(153,231)		2,251,287		12.5	%		2,035,352		11.9	%
CMBS	821,574		(350)		347		(31,425)		790,146		4.4	%		801,511		4.7	%
Non-Agency RMBS	220,710		(255)		372		(7,814)		213,013		1.2	%		190,124		1.1	%
ABS	1,601,297		(81)		2,925		(18,267)		1,585,874		8.8	%		1,488,067		8.7	%
Municipals	37,719		—		9		(1,599)		36,129		0.2	%		52,095		0.3	%
Total fixed maturities, available for sale, at fair value	14,141,554		(1,966)		20,583		(468,597)		13,691,574		75.9	%		13,018,027		75.8	%

Fixed maturities, held to maturity, at amortized cost
Corporate debt	163,889		—		—		—		163,889		0.9	%		145,137		0.8	%
ABS	284,339		—		—		—		284,339		1.6	%		252,293		1.5	%
Total fixed maturities, held to maturity, at amortized cost	448,228		—		—		—		448,228		2.5	%		397,430		2.3	%

Equity securities, at fair value
Common stocks	3,210		—		348		(376)		3,182		—	%		13,695		0.1	%
Preferred Stocks	52,422		—		321		(696)		52,047		0.3	%		20,311		0.1	%
Exchange-traded funds	268,849		—		175,465		(4,540)		439,774		2.4	%		401,757		2.3	%
Bond mutual funds	266,829		—		4,106		(44,834)		226,101		1.3	%		271,806		1.6	%
Total equity securities, at fair value	591,310		—		180,240		(50,446)		721,104		4.0	%		707,569		4.1	%

Total fixed maturities and equity securities	$	15,181,092	$	(1,966)	$	200,823	$	(519,043)	14,860,906		82.4	%		14,123,026		82.2	%
Mortgage loans, held for investment									316,834		1.8	%		356,840		2.1	%
Other investments									1,050,776		5.8	%		1,027,798		6.0	%
Equity method investments									209,084		1.2	%		227,181		1.3	%
Short-term investments									1,736		—	%		20,298		0.2	%
Total investments									16,439,336		91.2	%		15,755,143		91.8	%
Cash and cash equivalents [a]									1,548,448		8.6	%		1,321,185		7.7	%
Accrued interest receivable									129,601		0.7	%		116,252		0.7	%
Net receivable/(payable) for investments sold (purchased)									(82,123)		(0.5	%)		(24,176)		(0.2	%)
Total cash and invested assets									$	18,035,262	100.0	%		$	17,168,404	100.0	%


	At September 30, 2026				At December 31, 2025
	Fair Value		Percentage		Fair Value		Percentage
Other Investments:

Multi-strategy funds	$	6,344	0.6	%	$	11,577	1.1	%

Direct lending funds	167,784		16.0	%	186,747		18.2	%
Real estate funds	267,327		25.4	%	291,491		28.4	%
Private equity funds	416,938		39.7	%	364,376		35.5	%
Other privately held investments	192,383		18.3	%	173,607		16.8	%

Total	$	1,050,776	100.0	%	$	1,027,798	100.0	%


	At September 30, 2026				At December 31, 2025

	Common Shareholders’ Equity		Common Shares Outstanding, net of Treasury Shares	Per share	Common Shareholders’ Equity		Common Shares Outstanding, net of Treasury Shares	Per share

Closing stock price				$94.20				$107.09

Book value per common share	$	5,749,455	72,084	$79.76	$	5,806,435	74,135	$78.32

Dilutive securities:

Restricted stock units			643	(0.70)			1,074	(1.12)
Book value per diluted common share	$	5,749,455	72,727	$79.06	$	5,806,435	75,209	$77.20