AXIS SURPLUS INSURANCE COMPANY
Dollars in 000
Total Assets
Total Liabilities
Policyholder Surplus
Cash & Invested Assets
Cash & Invested Assets/ Total Assets
Net Cash from Operations
Loss & LAE Reserves
Loss & LAE Reserves/Surplus
GPW to PHS (IRIS #1)
NPW to PHS (IRIS #2)
2014
2015
2016
440,315
234,377
205,938
348,181
79.1%
27,364
72,543
35.2%
287.4%
18.3%
432,271
240,242
192,029
322,150
74.5%
-10,460
73,460
38.3%
314.2%
21.5%
434,746
258,146
176,600
301,312
69.3%
-5,824
77,590
43.9%
354.2%
24.3%
RBC Ratio (%)
2yr Res Development
2yr Dev / Surplus (IRIS #12)
Affiliated Common Stck
Affiliated CS / Surplus
Net Reins Recoverable
Net Reins Rec / Surplus
AMB / S&P Ratings
Income/Loss Trends ($000)
20,000
15,000
10,000
5,000
0
5,000
2014
2015
2016
Loss Ratio
120.0
100.0
80.0
60.0
40.0
20.0
0.0
2016
517.7
NA
-2.6%
0
0.0%
1,651,599
935.2%
A+ / A+
Expense Ratio
Combined Ratio
101.0
84.5
90.7
38.0
36.8
46.5
53.9
60.5
2014
2015
2016
120.0
100.0
80.0
60.0
40.0
20.0
0.0
40.5
2016 Investment Portfolio
Premium Trends ($000)
Other
1%
Cash & S/T
Inv.
16%
700,000
Gross Prem Written
600,000
2015
573.5
-8,658
-4.2%
0
0.0%
1,542,846
803.4%
A+ / A+
Combined Ratio (%) Trends
Net Underwriting Results
Net Investment Result
Net Income
Dividends to Stockholders
25,000
2014
581.5
-12,743
-6.1%
0
0.0%
1,422,944
691.0%
A+ / A+
500,000
400,000
Net Prem Written
300,000
Common Stock
1%
200,000
Net Prem Earned
100,000
Bonds
82%
0
2014
2015
2016
2016 Top 5 Geographies (DPW - $000)
CA - $77,481
Allied Lines - 15.1%
NY - $69,955
Fire - 11.5%
FL - $51,730
Earthquake - 3.3%
NJ - $24,793
All Other - 5.8%
All Other - $319,206
Total NY State DPW
Total US ex Terr DPW
2016 Top 5 Lines of Business (DPW/Total DPW)
Oth Liab (Occurrence) 41.7%
Oth Liab (Claims) - 22.6%
TX - $81,274
$69,955
$624,439
Total All Lines
$625,329
AXIS Surplus Insurance Company was incorporated in the State of Alabama in November 1986 as Sheffield Insurance Company.
The company changed its name to Sheffield Insurance Corporation in 1987. The company was acquired by Combined Specialty
Group, Inc. in June 1992. The company redomesticated to Illinois in January 2000. The company was acquired by AXIS Capital
Holdings Limited in February 2003 and subsequently adopted its current name. The company has been eligible to write surplus lines
business in New York since October 31, 2003. As of December 31, 2016, AXIS Surplus operated on a non-admitted basis in all fifty
states, the District of Columbia, and Puerto Rico.
AXIS Surplus cedes to AXIS Reinsurance Company under a 100% quota share agreement 100% of its net retained liability on all
business classified as E&S, umbrella and excess coverages; and a 70% share for all other business written and renewed,
respectively. In addition, a 50% net quota share agreement is maintained with AXIS Specialty Limited. AXIS Specialty Limited also
provides the company with a stop loss agreement, which covers losses in excess of an 80% net loss ratio up to a limit of 120%.
Since AXIS Surplus retains less than 10% of its underwriting risk, the risk of financial impairment is largely limited to credit risk
exposure to its reinsurers as well as risk from its investment portfolio.
ULTIMATE PARENT – AXIS Capital Holdings Limited
Corporate Profile
Highlights ($000)
Address:
AXIS Capital Holdings Limited
92 Pitts Bay Road
Pembroke, -
Total Assets
Total Liabilities
Shareholders' Equity
Net Income
Website:
http://www.axiscapital.com
Ticker Symbol:
NYSE - AXS
2016 Form 10-K:
https://www.sec.gov/Archives/edgar/data/1214816/000121
481617000014/axs201610k.htm
2015
2016
19,981,891
14,115,009
5,866,882
641,631
20,813,691
14,541,321
6,272,370
513,368
Debt
Debt / Equity
991,825
16.9%
992,950
15.8%
Dividends Paid
Dividends / Net Income
158,740
24.7%
172,232
33.5%
Top 5 Unaffiliated Reinsurers for AXIS Surplus Insurance Co. by Gross Recoverables
Dollars in 000
Rank
1
2
3
4
5
Reinsurer
Gross Recoverables
Swiss Reinsurance America Corporation
Partner Reinsurance Company of the U.S.
Transatlantic Reinsurance Company
Berkley Insurance Company
Everest Reinsurance Company
139,078
44,205
39,601
34,476
30,956
Assumed
Premiums Ceded
Premium (As(As-Reported By
Reported by
Cedant)
Reinsurer)
49,771
46,744
NA
7,511
NA
10,296
1,766
3,067
NA
10,844
AXIS Capital Holdings Limited is a publicly traded holding company (NYSE: AXS). AXIS provides specialty lines insurance and
treaty reinsurance products worldwide. The company operates in two segments, Insurance and Reinsurance. AXIS was founded in
2001 and is headquartered in Pembroke, Bermuda.
Important Information Regarding Financial Summaries
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FINANCIAL ANALYSIS”.
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