AM Best Affirms Credit Ratings of AXIS Capital Holdings Limited and Its Operating Subsidiaries

OLDWICK, N.J.--(BUSINESS WIRE)--AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a+” (Excellent) of the operating subsidiaries of AXIS Capital Holdings Limited (Pembroke, Bermuda), collectively referred to as AXIS. AM Best also has affirmed the Long-Term ICR of “bbb+” (Good) and the indicative Long-Term Issue Credit Ratings of AXIS Capital Holdings Limited. The outlook of these Credit Ratings (ratings) is stable. (See below for a detailed listing of subsidiaries and indicative Long-Term IRs.)

The ratings reflect AXIS’ balance sheet strength, which AM Best assesses as strongest, as well as its adequate operating performance, favorable business profile and appropriate enterprise risk management (ERM).

AXIS maintains the strongest level of risk-adjusted capitalization, as measured by Best’s Capital Adequacy Ratio (BCAR), which places its balance sheet strength in the strongest assessment. The balance sheet strength assessment is supported by financial flexibility at the holding company level and within the operating subsidiaries, while also reflecting capital management strategies that have included consistent common and preferred dividends, as well as share repurchases. Reserves have developed favorably in recent years, except in 2023, when AXIS strengthened casualty reserves for accident years 2017 to 2022 due to higher-than-expected social and economic inflation affecting claims experience. In 2025, AXIS completed a loss portfolio transfer with Cavello Bay Reinsurance Limited, retroceding approximately $2.3 billion in ceded reserves, related to casualty reinsurance business from 2021 and prior underwriting years. Financial leverage remains broadly in line with AM Best’s expectations.

AXIS’ operating performance is assessed as adequate. While AXIS experienced earnings and underwriting volatility during the 2020-2022 period, the actions taken by management, including portfolio repositioning, casualty reserve strengthening, and the loss portfolio transfer transaction, have reduced volatility. As a result, underwriting performance and profitability metrics have improved in recent years, with results reflecting a stable and resilient specialty-focused business.

Business profile is assessed as favorable, as AXIS consistently ranks each year among AM Best’s annual “World’s 50 Largest Reinsurers” list, and in AM Best’s excess and surplus ranking. AXIS still maintains a well-diversified profile as a specialty underwriter of complex risks with a significant presence in the Lloyd’s market. The group’s ERM is sophisticated and embedded throughout the organization. AM Best believes that AXIS’ risk management is appropriate for its complex risk profile.

The FSR of A (Excellent) and the Long-Term ICRs of “a+” (Excellent) have been affirmed with stable outlooks for the following subsidiaries of AXIS Capital Holdings Limited:

• AXIS Specialty Limited
• AXIS Re SE
• AXIS Reinsurance Company
• AXIS Specialty Europe SE
• AXIS Surplus Insurance Company
• AXIS Insurance Company
• AXIS Specialty Insurance Limited

The following indicative Long-Term IRs under the current shelf registration have been affirmed with stable outlooks:

AXIS Capital Holdings Limited—

— “bbb+” (Good) on senior unsecured debt
— “bbb” (Good) on subordinated debt
— “bbb-” (Good) on preferred stock

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in more than 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

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