Axis Capital Holdings Ltd 8-K, filed Apr 28, 2021

Axis Capital Holdings Ltd (AXS)

8-K 2021-04-28 For: 2021-04-28

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Added on April 08, 2026

About this 8-K

Axis Capital Holdings Ltd filed this 8-K on April 28, 2021.

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 April 28, 2021
99.2						First quarter 2021 Investor Financial Supplement
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)



			AXIS CAPITAL HOLDINGS LIMITED


			By:			/s/ Conrad D. Brooks
						Conrad D. Brooks
						General Counsel


Matt Rohrmann (Investor Contact):	(212) 940-3339;	investorrelations@axiscapital.com
Anna Kukowski (Media Contact):	(212) 715-3574;	anna.kukowski@axiscapital.com


	Three months ended March 31,
KEY RATIOS	2021		2020		Change
Current accident year loss ratio excluding catastrophe and weather-related losses4	55.1	%	57.1	%	(2.0	pts)
Catastrophe and weather-related losses ratio	10.1	%	26.9	%	(16.8	pts)
Current accident year loss ratio	65.2	%	84.0	%	(18.8	pts)
Prior year reserve development ratio	(0.4	%)	(0.6	%)	0.2	pts
Net losses and loss expenses ratio	64.8	%	83.4	%	(18.6	pts)
Acquisition cost ratio	19.8	%	21.9	%	(2.1	pts)
General and administrative expense ratio	14.3	%	14.5	%	(0.2	pts)
Combined ratio	98.9	%	119.8	%	(20.9	pts)

Current accident year combined ratio excluding catastrophe and weather-related losses	89.2	%	93.5	%	(4.3	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 March 31,
($ in thousands)	2021			2020			Change
Gross premiums written	$	1,103,198		$	940,715		17.3	%
Net premiums written	707,814			581,650			21.7	%
Net premiums earned	616,286			562,064			9.6	%
Underwriting income (loss)	38,821			(122,630)			nm

Underwriting ratios:
Current accident year loss ratio excluding catastrophe and weather-related losses	52.3		%	54.2		%	(1.9	pts)
Catastrophe and weather-related losses ratio	5.9		%	30.4		%	(24.5	pts)
Current accident year loss ratio	58.2		%	84.6		%	(26.4	pts)
Prior year reserve development ratio	(0.3		%)	(0.7		%)	0.4	pts
Net losses and loss expenses ratio	57.9		%	83.9		%	(26.0	pts)
Acquisition cost ratio	19.1		%	20.1		%	(1.0	pts)
Underwriting-related general and administrative expense ratio	16.8		%	17.9		%	(1.1	pts)
Combined ratio	93.8		%	121.9		%	(28.1	pts)

Current accident year combined ratio excluding catastrophe and weather-related losses	88.2		%	92.2		%	(4.0	pts)



	2021		2020

	(in thousands)
Assets
Investments:
Fixed maturities, available for sale, at fair value	$	11,728,611	$	12,041,799
Fixed maturities, held to maturity, at amortized cost	404,690		—
Equity securities, at fair value	547,676		518,445
Mortgage loans, held for investment, at fair value	629,576		593,290
Other investments, at fair value	790,530		829,156
Equity method investments	123,370		114,209
Short-term investments, at fair value	185,699		161,897
Total investments	14,410,152		14,258,796
Cash and cash equivalents	895,932		902,831
Restricted cash and cash equivalents	664,347		600,401
Accrued interest receivable	61,222		65,020
Insurance and reinsurance premium balances receivable	3,367,142		2,738,342
Reinsurance recoverable on unpaid losses and loss expenses	4,533,232		4,496,641
Reinsurance recoverable on paid losses and loss expenses	459,411		434,201
Deferred acquisition costs	577,509		431,439
Prepaid reinsurance premiums	1,379,450		1,194,455
Receivable for investments sold	1,450		2,150
Goodwill	100,801		100,801
Intangible assets	216,904		219,633
Value of business acquired	2,826		3,854
Operating lease right-of-use assets	116,693		123,579
Other assets	298,756		305,544
Total assets	$	27,085,827	$	25,877,687

Liabilities
Reserve for losses and loss expenses	$	14,025,274	$	13,926,766
Unearned premiums	4,551,424		3,685,886
Insurance and reinsurance balances payable	1,231,403		1,092,042
Debt	1,310,009		1,309,695
Payable for investments purchased	389,925		104,777
Operating lease liabilities	134,002		140,263
Other liabilities	267,400		322,564
Total liabilities	21,909,437		20,581,993

Shareholders' equity
Preferred shares	550,000		550,000
Common shares	2,206		2,206
Additional paid-in capital	2,316,147		2,330,054
Accumulated other comprehensive income	214,861		414,395
Retained earnings	5,842,850		5,763,607
Treasury shares, at cost	(3,749,674)		(3,764,568)
Total shareholders' equity	5,176,390		5,295,694



Total liabilities and shareholders' equity	$	27,085,827	$	25,877,687



		Three months ended
		2021		2020

		(in thousands, except per share amounts)
Revenues
	Net premiums earned	$	1,103,722	$	1,088,625
	Net investment income	114,165		93,101
	Net investment gains (losses)	29,645		(62,877)
	Other insurance related income (loss)	2,781		(8,707)

	Total revenues	1,250,313		1,110,142

Expenses
	Net losses and loss expenses	714,718		908,073
	Acquisition costs	218,871		238,650
	General and administrative expenses	158,408		157,060
	Foreign exchange losses (gains)	4,113		(61,683)
	Interest expense and financing costs	15,571		23,472
	Reorganization expenses	—		(982)
	Amortization of value of business acquired	1,028		1,799
	Amortization of intangible assets	2,690		2,870
	Total expenses	1,115,399		1,269,259

Income (loss) before income taxes and interest in income (loss) of equity method investments		134,914		(159,117)
	Income tax (expense) benefit	(20,776)		4,867
	Interest in income (loss) of equity method investments	9,162		(23,577)
Net income (loss)		123,300		(177,827)


	Preferred share dividends	7,563		7,563

Net income (loss) available (attributable) to common shareholders		$	115,737	$	(185,390)

Per share data
Earnings (loss) per common share:
Earnings (loss) per common share		$	1.37	$	(2.20)
Earnings (loss) per diluted common share		$	1.36	$	(2.20)
Weighted average common shares outstanding		84,514		84,094
Weighted average diluted common shares outstanding		84,965		84,094
Cash dividends declared per common share		$	0.42	$	0.41



	2021									2020
	Insurance			Reinsurance			Total			Insurance			Reinsurance			Total

	(in thousands)
Gross premiums written	$	1,103,198		$	1,432,283		$	2,535,481		$	940,715		$	1,490,443		$	2,431,158
Net premiums written	707,814			1,071,072			1,778,886			581,650			1,097,394			1,679,044
Net premiums earned	616,286			487,436			1,103,722			562,064			526,561			1,088,625
Other insurance related income (loss)	415			2,366			2,781			647			(9,354)			(8,707)
Net losses and loss expenses	(356,898)			(357,820)			(714,718)			(471,812)			(436,261)			(908,073)
Acquisition costs	(117,679)			(101,192)			(218,871)			(112,751)			(125,899)			(238,650)
Underwriting-related general and
administrative expenses(8)	(103,303)			(29,365)			(132,668)			(100,778)			(29,184)			(129,962)
Underwriting income (loss) (9)	$	38,821		$	1,425		40,246			$	(122,630)		$	(74,137)		(196,767)

Net investment income							114,165									93,101
Net investment gains (losses)							29,645									(62,877)
Corporate expenses(8)							(25,740)									(27,098)
Foreign exchange (losses) gains							(4,113)									61,683
Interest expense and financing costs							(15,571)									(23,472)

Reorganization expenses							—									982
Amortization of value of business acquired							(1,028)									(1,799)
Amortization of intangible assets							(2,690)									(2,870)
Income (loss) before income taxes and interest in income (loss) of equity method investments							$	134,914								$	(159,117)

Net losses and loss expenses ratio	57.9		%	73.4		%	64.8		%	83.9		%	82.9		%	83.4		%
Acquisition cost ratio	19.1		%	20.8		%	19.8		%	20.1		%	23.9		%	21.9		%
General and administrative
expense ratio	16.8		%	6.0		%	14.3		%	17.9		%	5.5		%	14.5		%
Combined ratio	93.8		%	100.2		%	98.9		%	121.9		%	112.3		%	119.8		%


						Page(s)
Basis of Presentation						i - iv
I. Financial Highlights						1
II. Income Statements
a. Consolidated Statement of Operations - As Reported, U.S.GAAP						2
b. Consolidated Statements of Operations - Quarter						3-4
c. Consolidated Segment Data						5
d. Gross Premiums Written by Segment by Line of Business						6
e. Consolidated Data - Quarter						7
f. Segment Data - Quarter						8-9
g. Strategic Capital Partners						10
h. Net Investment Income - Quarter						11
III. Balance Sheets
a. Consolidated Balance Sheets						12
b. Cash and Invested Assets:
• Cash and Invested Assets Portfolio						13
• Cash and Invested Assets Composition - Quarter						14

• Corporate Debt Composition						15
• Ten Largest Corporate Debt Holdings						16
• Mortgage-Backed and Asset-Backed Securities Composition						17
c. Reinsurance Recoverable Analysis						18-19
IV. Losses Reserve Analysis
a. Paid to Incurred Analysis						20
b. Paid to Incurred Analysis by Segment						21
c. Paid to Incurred Analysis by Segment - Quarter						22-23

d. Net Probable Maximum Losses to Certain Peak Industry Catastrophe Exposures						24
V. Share Analysis
a. Earnings Per Common Share Information - As Reported, U.S. GAAP						25
b. Earnings Per Common Share Information and Common Shares Rollforward - Quarter						26
c. Book Value Per Diluted Common Share Analysis - Treasury Stock Method						27
VI. Non-GAAP Financial Measures
a. Operating Income and Operating Return on Average Common Equity						28
b. Tangible Book Value Per Diluted Common Share						29
c. Rationale for the Use of Non-GAAP Financial Measures						30


	Q1 2021		Q4 2020		Q3 2020		Q2 2020		Q1 2020		Q1 2019
UNDERWRITING REVENUES
Gross premiums written	$	2,535,481	$	1,348,419	$	1,331,178	$	1,716,183	$	2,431,158	$	2,583,226
Ceded premiums written	(756,595)		(562,970)		(515,196)		(660,249)		(752,114)		(806,167)
Net premiums written	1,778,886		785,449		815,982		1,055,934		1,679,044		1,777,059

Gross premiums earned	1,671,139		1,735,932		1,680,529		1,694,861		1,657,412		1,684,814
Ceded premiums earned	(567,417)		(648,564)		(589,217)		(590,858)		(568,787)		(550,602)
Net premiums earned	1,103,722		1,087,368		1,091,312		1,104,003		1,088,625		1,134,212
Other insurance related income (loss)	2,781		(2,819)		1,440		1,996		(8,707)		6,929
Total underwriting revenues	1,106,503		1,084,549		1,092,752		1,105,999		1,079,918		1,141,141

UNDERWRITING EXPENSES
Net losses and loss expenses	714,718		817,239		879,677		676,261		908,073		664,028
Acquisition costs	218,871		231,800		230,564		228,502		238,650		260,418
Underwriting-related general and administrative expenses [a]	132,668		116,345		117,835		113,824		129,962		138,873
Total underwriting expenses	1,066,257		1,165,384		1,228,076		1,018,587		1,276,685		1,063,319

UNDERWRITING INCOME (LOSS) [b]	40,246		(80,835)		(135,324)		87,412		(196,767)		77,822

OTHER (EXPENSES) REVENUES
Net investment income	114,165		109,503		101,956		45,040		93,101		107,303
Net investment gains (losses)	29,645		83,356		55,609		53,043		(62,877)		12,767


Corporate expenses [a]	(25,740)		(26,907)		(20,988)		(26,828)		(27,098)		(36,218)
Foreign exchange (losses) gains	(4,113)		(72,309)		(60,734)		(9,709)		61,683		(7,056)
Interest expense and financing costs	(15,571)		(15,408)		(15,574)		(20,595)		(23,472)		(15,895)
Reorganization expenses	—		(7,059)		(1,413)		(392)		982		(14,820)
Amortization of value of business acquired	(1,028)		(1,028)		(1,028)		(1,285)		(1,799)		(13,104)
Amortization of intangible assets	(2,690)		(2,827)		(2,838)		(2,855)		(2,870)		(3,003)
Total other (expenses) revenues	94,668		67,321		54,990		36,419		37,650		29,974

INCOME (LOSS) BEFORE INCOME TAXES AND INTEREST IN INCOME (LOSS) OF EQUITY METHOD INVESTMENTS	134,914		(13,514)		(80,334)		123,831		(159,117)		107,796
Income tax (expense) benefit	(20,776)		6,291		12,056		(10,893)		4,867		(1,234)
Interest in income (loss) of equity method investments	9,162		9,967		2,896		7,102		(23,577)		2,219

NET INCOME (LOSS)	123,300		2,744		(65,382)		120,040		(177,827)		108,781





Preferred share dividends	(7,563)		(7,563)		(7,563)		(7,563)		(7,563)		(10,656)


NET INCOME (LOSS) AVAILABLE (ATTRIBUTABLE) TO COMMON SHAREHOLDERS	$	115,737	$	(4,819)	$	(72,945)	$	112,477	$	(185,390)	$	98,125


	Three months ended March 31, 2021									Three months ended March 31, 2020
	Insurance			Reinsurance			Total				Insurance			Reinsurance			Total
UNDERWRITING REVENUES
Gross premiums written	$	1,103,198		$	1,432,283		$	2,535,481			$	940,715		$	1,490,443		$	2,431,158
Ceded premiums written	(395,384)			(361,211)			(756,595)				(359,065)			(393,049)			(752,114)
Net premiums written	707,814			1,071,072			1,778,886				581,650			1,097,394			1,679,044

Gross premiums earned	1,012,941			658,198			1,671,139				932,078			725,334			1,657,412
Ceded premiums earned	(396,655)			(170,762)			(567,417)				(370,014)			(198,773)			(568,787)
Net premiums earned	616,286			487,436			1,103,722				562,064			526,561			1,088,625
Other insurance related income (loss)	415			2,366			2,781				647			(9,354)			(8,707)
Total underwriting revenues	616,701			489,802			1,106,503				562,711			517,207			1,079,918

UNDERWRITING EXPENSES
Net losses and loss expenses	356,898			357,820			714,718				471,812			436,261			908,073
Acquisition costs	117,679			101,192			218,871				112,751			125,899			238,650
Underwriting-related general and administrative expenses	103,303			29,365			132,668				100,778			29,184			129,962
Total underwriting expenses	577,880			488,377			1,066,257				685,341			591,344			1,276,685

UNDERWRITING INCOME (LOSS)	$	38,821		$	1,425		$	40,246			$	(122,630)		$	(74,137)		$	(196,767)

Catastrophe and weather-related losses, net of reinstatement premiums	$	36,026		$	74,224		$	110,250			$	177,583		$	122,112		$	299,695
Net favorable prior year reserve development	$	1,505		$	3,812		$	5,317			$	3,832		$	2,281		$	6,113

KEY RATIOS
Current accident year loss ratio excluding catastrophe and weather-related losses	52.3		%	58.6		%	55.1		%		54.2		%	60.2		%	57.1		%
Catastrophe and weather-related losses ratio	5.9		%	15.6		%	10.1		%		30.4		%	23.1		%	26.9		%
Current accident year loss ratio	58.2		%	74.2		%	65.2		%		84.6		%	83.3		%	84.0		%
Prior year reserve development ratio	(0.3		%)	(0.8		%)	(0.4		%)		(0.7		%)	(0.4		%)	(0.6		%)
Net losses and loss expenses ratio	57.9		%	73.4		%	64.8		%		83.9		%	82.9		%	83.4		%
Acquisition cost ratio	19.1		%	20.8		%	19.8		%		20.1		%	23.9		%	21.9		%
Underwriting-related general and administrative expense ratio	16.8		%	6.0		%	12.0		%		17.9		%	5.5		%	12.0		%
Corporate expense ratio							2.3		%								2.5		%
Combined ratio	93.8		%	100.2		%	98.9		%		121.9		%	112.3		%	119.8		%


Item 2.02			Results of Operations and Financial Condition.


Item 9.01			Financial Statements and Exhibits



	Q1 2021		Q4 2020		Q3 2020		Q2 2020		Q1 2020		Q1 2019

INSURANCE SEGMENT
Property	$	261,786	$	255,606	$	238,599	$	278,841	$	223,603	$	200,502
Marine	187,948		63,901		82,810		116,398		156,296		146,979
Terrorism	19,744		13,486		14,767		11,008		16,520		14,362
Aviation	20,402		23,946		22,702		23,794		17,230		17,670
Credit and Political Risk	37,451		56,264		24,473		28,002		47,675		45,907
Professional Lines	337,765		434,868		338,907		346,338		258,391		227,308
Liability	193,151		215,131		172,747		204,398		170,878		142,642
Accident and Health	44,847		40,843		39,262		27,419		51,062		51,048
Discontinued Lines - Novae	104		254		1,550		1,370		(940)		4,678
TOTAL INSURANCE SEGMENT	$	1,103,198	$	1,104,299	$	935,817	$	1,037,568	$	940,715	$	851,096

REINSURANCE SEGMENT
Catastrophe	$	250,956	$	24,497	$	74,656	$	189,706	$	262,283	$	358,133
Property	126,455		(1,115)		58,907		54,763		133,189		172,742
Credit and Surety	83,221		43,519		38,110		50,332		100,739		151,904
Professional Lines	131,255		45,888		31,752		111,725		123,570		109,828
Motor	223,524		(15,427)		(2,235)		42,970		279,132		281,401
Liability	269,201		113,591		136,791		149,635		218,896		185,320
Engineering	(2,428)		5,552		1,408		3,006		15,920		22,766
Agriculture	16,441		901		7,455		43,896		18,248		126,440
Marine and Aviation	32,340		10,900		6,341		25,867		29,993		36,336
Accident and Health	301,318		15,706		41,820		6,625		307,678		287,592
Discontinued Lines - Novae	—		108		356		90		795		(332)
TOTAL REINSURANCE SEGMENT	$	1,432,283	$	244,120	$	395,361	$	678,615	$	1,490,443	$	1,732,130

CONSOLIDATED TOTAL	$	2,535,481	$	1,348,419	$	1,331,178	$	1,716,183	$	2,431,158	$	2,583,226



	Q1 2021		Q4 2020		Q3 2020		Q2 2020		Q1 2020		Q1 2019

Fixed maturities	$	69,470	$	72,727	$	73,992	$	80,459	$	89,943	$	91,382
Other investments	41,833		30,634		25,125		(37,580)		(2,120)		6,895
Equity securities	2,498		3,069		1,871		2,263		2,125		2,328
Mortgage loans	4,187		4,110		3,609		3,660		4,053		3,063
Cash and cash equivalents	2,336		3,768		2,491		2,392		4,930		5,801
Short-term investments	133		446		440		366		1,498		3,894

Gross investment income	120,457		114,754		107,528		51,560		100,429		113,363
Investment expenses	(6,292)		(5,251)		(5,572)		(6,520)		(7,328)		(6,060)

Net investment income	$	114,165	$	109,503	$	101,956	$	45,040	$	93,101	$	107,303


	March 31,			December 31,			September 30,			June 30,			March 31,			March 31,
	2021			2020			2020			2020			2020			2019
ASSETS
Investments:
Fixed maturities, available for sale, at fair value	$	11,728,611		$	12,041,799		$	12,609,241		$	12,046,415		$	12,076,186		$	11,874,518
Fixed maturities, held to maturity, at amortized cost	404,690			—			—			—			—			—
Equity securities, at fair value	547,676			518,445			417,886			378,860			404,945			418,863
Mortgage loans, held for investment, at fair value	629,576			593,290			544,095			524,757			517,181			313,421
Other investments, at fair value	790,530			829,156			760,206			768,635			797,808			795,331
Equity method investments	123,370			114,209			104,242			101,346			94,244			110,322
Short-term investments, at fair value	185,699			161,897			69,996			34,337			77,101			41,853
Total investments	14,410,152			14,258,796			14,505,666			13,854,350			13,967,465			13,554,308
Cash and cash equivalents	1,560,279			1,503,232			1,440,816			1,648,833			1,241,063			1,606,258
Accrued interest receivable	61,222			65,020			70,013			68,880			76,569			78,594
Insurance and reinsurance premium balances receivable	3,367,142			2,738,342			3,131,791			3,527,147			3,485,043			3,667,923
Reinsurance recoverable on unpaid losses and loss expenses	4,533,232			4,496,641			4,337,683			4,160,521			4,101,579			3,555,341
Reinsurance recoverable on paid losses and loss expenses	459,411			434,201			373,431			395,990			357,185			321,798
Deferred acquisition costs	577,509			431,439			520,706			583,484			611,229			703,028
Prepaid reinsurance premiums	1,379,450			1,194,455			1,278,672			1,352,090			1,281,808			1,271,303
Receivable for investments sold	1,450			2,150			17,513			2,985			34,137			10,888
Goodwill	100,801			100,801			102,003			102,003			102,003			102,003
Intangible assets	216,904			219,633			222,362			225,092			227,821			238,763
Value of business acquired	2,826			3,854			4,881			5,909			7,194			22,610
Operating lease right-of-use assets	116,693			123,579			131,776			136,815			140,149			143,887
Other assets	298,756			305,544			315,683			295,074			315,523			280,878
TOTAL ASSETS	$	27,085,827		$	25,877,687		$	26,452,996		$	26,359,173		$	25,948,768		$	25,557,582

LIABILITIES
Reserve for losses and loss expenses	$	14,025,274		$	13,926,766		$	13,653,488		$	13,179,166		$	13,082,273		$	12,275,771
Unearned premiums	4,551,424			3,685,886			4,070,649			4,418,728			4,395,240			4,535,163
Insurance and reinsurance balances payable	1,231,403			1,092,042			1,244,846			1,365,799			1,263,389			1,440,942
Debt	1,310,009			1,309,695			1,309,384			1,309,076			1,808,645			1,342,345
Payable for investments purchased	389,925			104,777			458,111			350,347			123,678			159,544
Operating lease liabilities	134,002			140,263			140,058			141,621			143,071			144,298
Other liabilities	267,400			322,564			310,565			296,616			292,894			359,363
TOTAL LIABILITIES	21,909,437			20,581,993			21,187,101			21,061,353			21,109,190			20,257,426

SHAREHOLDERS’ EQUITY
Preferred shares	550,000			550,000			550,000			550,000			550,000			775,000
Common shares	2,206			2,206			2,206			2,206			2,206			2,206
Additional paid-in capital	2,316,147			2,330,054			2,325,196			2,317,354			2,307,998			2,296,639
Accumulated other comprehensive income (loss)	214,861			414,395			350,111			281,599			(89,919)			29,096
Retained earnings	5,842,850			5,763,607			5,804,637			5,913,029			5,836,007			5,976,603
Treasury shares, at cost	(3,749,674)			(3,764,568)			(3,766,255)			(3,766,368)			(3,766,714)			(3,779,388)


TOTAL SHAREHOLDERS' EQUITY	5,176,390			5,295,694			5,265,895			5,297,820			4,839,578			5,300,156

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$	27,085,827		$	25,877,687		$	26,452,996		$	26,359,173		$	25,948,768		$	25,557,582

Common shares outstanding	84,753			84,353			84,309			84,306			84,298			83,934
Diluted common shares outstanding [a]	87,235			86,143			86,132			86,178			86,170			85,632
Book value per common share	$54.59			$56.26			$55.94			$56.32			$50.89			$53.91
Book value per diluted common share	$53.03			$55.09			$54.75			$55.09			$49.78			$52.84
Tangible book value per diluted common share	$49.91			$51.90			$51.52			$51.79			$46.45			$49.37
Debt to total capital [b]	20.2		%	19.8		%	19.9		%	19.8		%	27.2		%	20.2		%
Debt and preferred equity to total capital	28.7		%	28.2		%	28.3		%	28.1		%	35.5		%	31.9		%


	Cost or Amortized Cost		Allowance for Expected Credit Losses		Unrealized Gains		Unrealized Losses		Fair Value or Net Carrying Value		Percentage
Fixed Maturities, available for sale, at fair value
U.S. government and agency	$	2,181,808	$	—	$	20,184	$	(14,899)	$	2,187,093	14.0	%
Non-U.S. government	689,358		—		28,789		(3,426)		714,721		4.6	%
Corporate debt	4,364,800		(164)		157,099		(26,457)		4,495,278		28.7	%
Agency RMBS	1,186,277		—		29,602		(7,385)		1,208,494		7.7	%
CMBS	1,227,004		—		50,586		(3,541)		1,274,049		8.1	%
Non-Agency RMBS	163,617		(70)		4,505		(883)		167,169		1.1	%
ABS	1,396,130		—		9,693		(2,862)		1,402,961		9.0	%
Municipals	271,513		—		8,872		(1,539)		278,846		1.8	%
Total fixed maturities. available for sale, at fair value	11,480,507		(234)		309,330		(60,992)		11,728,611		75.0	%

Fixed maturities, held to maturity, at amortized cost	404,690		—		—		—		404,690		2.6	%

Equity securities, at fair value
Common stocks	8,470		—		1,682		(435)		9,717		0.1	%
Preferred Stocks	5,519		—		1,430		—		6,949		—	%
Exchange traded funds	182,544		—		87,184		(342)		269,386		1.7	%
Bond mutual funds	257,918		—		3,706		—		261,624		1.7	%
Total equity securities, at fair value	454,451		—		94,002		(777)		547,676		3.5	%

Total fixed maturities and equity securities	$	12,339,648	$	(234)	$	403,332	$	(61,769)	12,680,977		81.1	%

Mortgage loans, held for investment									629,576		4.0	%

Other investments (see below)									790,530		5.1	%

Equity method investments									123,370		0.8	%

Short-term investments									185,699		1.1	%

Total investments									14,410,152		92.1	%

Cash and cash equivalents [a]									1,560,279		10.0	%

Accrued interest receivable									61,222		0.4	%

Net receivable/(payable) for investments sold (purchased)									(388,475)		(2.5	%)

Total cash and invested assets									$	15,643,178	100.0	%

									Fair Value		Percentage
Other Investments:
Long/short equity funds									$	19,033	2.4	%
Multi-strategy funds									106,971		13.5	%

Direct lending funds									279,324		35.3	%
Real estate funds									163,635		20.7	%
Private equity funds									153,515		19.4	%
Other privately held investments									61,783		7.8	%
Collateralized loan obligations - equity tranches									6,269		0.9	%
Total									$	790,530	100.0	%


	Fair Value		% of Total Corporate Debt		% of Total Cash and Invested Assets
Composition by sector - Investment grade
Financial institutions:
U.S. banks	$	818,189	18.2	%	5.2	%
Non-U.S. banks	303,256		6.7	%	1.9	%
Corporate/commercial finance	214,340		4.8	%	1.4	%
Insurance	129,482		2.9	%	0.8	%
Investment brokerage	63,375		1.4	%	0.4	%
Total financial institutions	1,528,642		34.0	%	9.7	%
Consumer non-cyclicals	501,207		11.1	%	3.2	%
Communications	279,863		6.2	%	1.8	%
Consumer cyclical	241,629		5.4	%	1.5	%
Technology	208,586		4.6	%	1.3	%
Utilities	184,957		4.1	%	1.2	%
Non-U.S. government guaranteed	180,268		4.0	%	1.2	%
Energy	179,327		4.0	%	1.1	%
Industrials	145,907		3.2	%	0.9	%
Transportation	100,738		2.2	%	0.6	%
Total investment grade	3,551,124		78.8	%	22.5	%

Total non-investment grade	944,154		21.2	%	6.2	%

Total corporate debt	$	4,495,278	100.0	%	28.7	%


	Amortized Cost		Net Unrealized Gain (Loss)		Fair Value		% of Total Fixed Maturities
ISSUER [a]
BANK OF AMERICA CORP	$	121,126	$	4,701	$	125,827	1.1	%
MORGAN STANLEY	115,351		5,068		120,419		1.0	%
JP MORGAN CHASE & CO	102,766		2,051		104,817		0.9	%
GOLDMAN SACHS GROUP	91,439		4,077		95,516		0.8	%
WELLS FARGO & COMPANY	89,347		3,510		92,857		0.8	%
CITIGROUP INC	70,999		3,885		74,884		0.6	%
AT&T INC	46,855		462		47,317		0.4	%
COMCAST CORPORATION	43,282		2,238		45,520		0.4	%
MITSUBISHI UFJ FINANCIAL GROUP INC	43,360		977		44,337		0.4	%
DEUTSCHE TELEKOM AG	36,939		1,296		38,235		0.3	%


Available for sale, at fair value	Agencies			AAA			AA			A			BBB			Non-Investment Grade			Total

Residential MBS	$	1,208,494		$	147,680		$	756		$	6,238		$	932		$	11,563		$	1,375,663
Commercial MBS	246,568			957,363			63,740			5,571			—			807			1,274,049
ABS	—			1,151,810			94,426			70,977			50,454			35,294			1,402,961

Total mortgage-backed and asset-backed securities, available for sale, at fair value	$	1,455,062		$	2,256,853		$	158,922		$	82,786		$	51,386		$	47,664		$	4,052,673

Percentage of total	35.9		%	55.7		%	3.9		%	2.0		%	1.3		%	1.2		%	100.0		%


Held to maturity, at amortized cost	Agencies			AAA			AA			A			BBB			Non-Investment Grade			Total

ABS	—			316,658			88,032			—			—			—			404,690

Total mortgage-backed and asset-backed securities, held to maturity, at amortized cost	$	—		$	316,658		$	88,032		$	—		$	—		$	—		$	404,690

Percentage of total	—		%	78.2		%	21.8		%	—		%	—		%	—		%	100.0		%


Categories	Reinsurance Recoverable, Gross of Collateral		Collateral		Reinsurance Recoverable, Net of Collateral		% of Total Reinsurance Recoverable, Net of Collateral	% of Total Shareholders’ Equity	Allowance for expected credit losses		Allowance for expected credit loss as % of Reinsurance Recoverable, Gross of Collateral	Reinsurance recoverable on unpaid and paid losses and loss expenses
Top 10 reinsurers based on gross recoverable	$	2,682,606	$	(681,493)	$	2,001,113	52.8%	38.7%	$	(11,190)	0.4%	$	2,671,416
Other reinsurers balances > $20 million	1,806,372		(376,188)		1,430,184		37.8%	27.6%	(10,326)		0.6%	1,796,046
Other reinsurers balances < $20 million	528,783		(171,721)		357,062		9.4%	6.8%	(3,602)		0.7%	525,181
Total	$	5,017,761	$	(1,229,402)	$	3,788,359	100.0%	73.1%	$	(25,118)	0.5%	$	4,992,643


Top 10 Reinsurers, Net of Collateral		% of Total Reinsurance Recoverable, Net of Collateral	% of Total Shareholders’ Equity
1	Swiss Reinsurance America Corporation	13.3%	9.7%
2	Harrington Re Ltd.	8.5%	6.2%
3	Lloyds of London	8.3%	6.1%
4	Transatlantic Reinsurance Co	5.8%	4.2%
5	Hannover Ruck SE	4.9%	3.6%
6	Partner Reinsurance Co of the US	4.3%	3.1%
7	Everest Reinsurance Company	3.4%	2.5%
8	SCOR Reinsurance Company	3.4%	2.5%
9	Munich Reinsurance America, Inc	3.2%	2.3%
10	Swiss Reinsurance Company Ltd	2.6%	2.0%
		57.7%	42.2%


		Estimated Net Exposures (millions of U.S. dollars)
Territory	Peril	50 Year Return Period		% of Common Shareholders' Equity		100 Year Return Period		% of Common Shareholders' Equity		250 Year Return Period		% of Common Shareholders' Equity
Single zone, single event
Southeast	U.S. Hurricane	$	258	5.6	%	$	354	7.7	%	$	534	11.5	%
Northeast	U.S. Hurricane	42		0.9	%	120		2.6	%	272		5.9	%
Mid-Atlantic	U.S. Hurricane	87		1.9	%	240		5.2	%	451		9.7	%
Gulf of Mexico	U.S. Hurricane	167		3.6	%	248		5.4	%	357		7.7	%
California	Earthquake	161		3.5	%	343		7.4	%	452		9.8	%
Europe	Windstorm	139		3.0	%	183		4.0	%	238		5.1	%
Japan	Earthquake	84		1.8	%	158		3.4	%	278		6.0	%
Japan	Windstorm	83		1.8	%	150		3.2	%	178		3.8	%


	At March 31, 2021

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

Closing stock price					$49.57

Book value per common share		$	4,626,390	84,753	$54.59

Dilutive securities: [b]

Restricted stock units				2,482	(1.56)
Book value per diluted common share		$	4,626,390	87,235	$53.03

	At December 31, 2020

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

Closing stock price					$50.39

Book value per common share		$	4,745,694	84,353	$56.26



Dilutive securities: [b]


Restricted stock units				1,790	(1.17)
Book value per diluted common share		$	4,745,694	86,143	$55.09