AXIS Capital Holdings Limited (AXS) 31 Jul 242024 Q2 Earnings call transcript

Good day, and welcome to the Second Quarter 2024 AXIS Capital Earnings Call. [Operator Instructions]. After today's presentation, there will be an opportunity to ask questions. [Operator Instructions]. Please note this event is being recorded. to Investor conference Relations. like Gallant, to now of Head would turn over the Cliff I Please ahead. go

Thank you. Good quarter XXXX morning. And welcome Call. to Conference our second

Our issued supplement and earnings night. were press release last financial

copies you at our call, website. webcast website set which please If also We like visit Investor as of axiscapital.com. for Information hour an on available the aside is our section today's audio would an

Tizzio, our our Joining President CEO; are me on Vogt, today's and CFO. Vince call Pete and

to remind this like forward-looking that the question In answer during would addition, are be everyone statements made facts, call, and I statements. may the including not session, which historical

the the Forward-looking to those factors, cautionary with forward-looking risk issued on XX-K factors statements or other or files earnings from projected press obligation events We the in company's Form last the forward-looking any Actual set forth forward-looking revise in update including company the in identified to release uncertainties night. recent Form involve includes reports undertake SEC. This note in of the and risks our the report statements no on assumptions. and variety or materially XX-Q publicly statements report results statements. may most quarterly differ due regarding additional our risks, a

with financial I'll addition, In supplement. And press over non-GAAP turn call. included this and the conference release Reconciliations Vince. that, discussed are to financial during measures may be earnings in call our

joining thank and for morning, our Good you Cliff. you, call. Thank

performance quarter our this year, advancements against continue stated specialty metrics May. our Investor key underwriting Indeed, the achieving and During at of during demonstrated past outlined make to strategy second quarter the progress strong Day the half our we across we first of the leadership.

moment collaboration, and commitment to and of results, colleagues. our team's thank our proud in increased resilient a to Before I'll AXIS customers. a service our providing dynamic a consistency brokers attitude unpacking I'm requiring market and my take We're operating to excellent

the from headline some now review the second quarter. Let's results of

Our the operating and our driven by quarter the a annualized across history. We in XX% produced per year operating per earnings of over strength highest earnings of $X.XX, majority prior company's lines. the the increase and vast share ROE quarterly operating was share business XX.X%

was up by Our across which premiums were diluted prior $XX.XX. year insurance X.X% approximately Overall over X driven share and solid both percentage were the per value up growth X respectively. and quarter, book points reinsurance,

underwriting with XX.X% overall combined profitability Our remains ratio. strong a

the prior Net attritional Our XX% the or year improved income year prior XX.X%. to investment point loss ratio at $XX increased X versus quarter. compared as quarter million

lines. In to to our particularly In net New XX% was production XX.X%, of move new property business start and Let's of with insurance from see generated with contributions specialty $XXX written record a We up ratio premiums growth, with premium operating demand our America, compared healthy strong now first as we continue our combined insurance. of $X.X quarter. the business and premium we'll prior for very segments, capabilities business to the performed year XX% quarter, our well. a million North billion, products

submissions has the saw were casualty and XXth a XX% submission quarter digits. where row marking XX%, been up increase we wholesale Within and property excess growth year our XX%, of channel, the respectively, units, business Two over quarter. the wholesale double in prior

U.S. recognized. being early distribution the Investor Marine, strong. partners construction new are capabilities response our Day, is mentioned Inland days, but at our regards As is initiatives It

and expanded a Our quarter environmental strong had momentum. team positive

premium hold our with is starting wholesale the XX% to quarter. lower market take In addition, middle prior over growth year business dedicated

conditions. to reshape public We opportunity. this areas small appetite primary speak while market our we and I'll to during continue cycle of quarter, to and cyber, example, delegated discuss underwriting refocusing the manage the portfolio. portfolios, more to D&O By our when casualty, we continued

markets. to Moving global

by Our London the increasing number market, of growth results are we a competition. were our observing double-digit construction, levels property, lines, highlighted In credit. of across global

rate highly a and set net remains has expectations. portfolio broker our wide adequate customers' diverse to and However, of product needs service of a offerings

previously we're already and distribution signs future from will shared, energy on launched our contributor our transition meaningful new April our and we syndicate syndicate As that response a seeing be X, over years. positive time, partners encouraging in

meeting provided our opportunistic in specialist capabilities customers' needs. Finally, marine our war growth while

our generating continued Moving million to delivered We These results while our profit. repositioning combined ratio business. underwriting the $XX progress reinsurance XX.X% business. in in reflect

we During including the portfolio businesses lines, for more credit twice the specialty and X% reinsurance and with A&H, than we lean delivered total. specialty continued our quarter, growing the agriculture into surety, to cyber in

see to balance in while portfolio. with meaningful our limit continue maintaining and insurance cyber, prudent opportunities We deployment

and as casualty expected. not professional ceding and selective evidenced commission change of we we respects remain degree the vigilant have that we lines rate and As changes

to strong specialty portfolio and overall favorable Within a navigate our business. business renewal growth and continue XX% During adequacy casualty we both Conditions across and in -- in for lines, from unchanged our objectives. while positive in renewal prior quarters moment We premium of aligns be profile the on with continued our virtually our new continue comment conditions. to to X/X up now remains insurance, market, market competitive particularly generally where our limit professional portfolio remains is and submission flow season, approximately lines. I'll for targeted a saw our reinsurance take renewal.

perform of business, quarter to to compared quarter. evidenced lines toward up business, are year we mix premium In underwriting continue written, XX% premiums shift prior double-digit group that priced towards our addition, to strongly Within short-tail approximately and X% and gross mix U.S. forecasted our and trend. lines average These is continue which we we casualty event in XX%, formed of the the as continue and resurgence match in we rate. see premium as growth. previously flow of look our peril capabilities observed our submission and U.S. and brokers our customers. In continue strong to was attachment of We and about noted businesses. our primary down busy confident portfolio net construction, U.S. win as increases casualty feel property we book a to particularly needs we Notwithstanding, million of $XXX quarter, ahead geographic spread competition rate casualty the million heightened our limits, of quarter reshaped, $XX as liability, up business, see a third written outbound season. In a being were our point excess primary quarter-over-quarter. XX% what respectively. In that have we casualty the

repositioning of business our throughout last the to expect We year. the

as the quarter. growth during our to the segment the over quarter primary Excluding year within casualty, was actions XX% compared prior Insurance second

to of ahead liability trend. Finally, and within double up reinsurance rates close digit were

within by that managing in adequate lines D&O, This such where professional transactional grew past liability growth particularly commented calls, insurance, to being we offset I've our a pricing class, continues portfolio, As vigilant off is we're relatively albeit our the lines which inadequate. remain business, in be premium select driving our public D&O grew which base. as and quarter, U.S. XX%, XX% small the across in in

our cyber we portfolio, Secure, diagnostics growing As and enhance and risk delegated the account while selectively focusing Elpha respect expanded large and example, blends partnership InsurTech targeting while insurance to help broader security cyber for segment portfolio. these will reshaping with which businesses. capabilities we selection small our our over that and on cyber, continue with time, By extending our software, small cyber advanced

per with and opportunities. that X% new results guidepost both what detail earnings book Looking demonstrated the into second at insurance reinsurance across value markets back, targeted our produced segments. our we producing in for profitable grew of financial previously business into XX% growth growth by annual quarter, We shortly. Stepping pleased We quarter, We're the the drove second strong and will our said for we growth shared and are more results. unchanged. to specialty single-digit Pete Investor growth share produced our performance Day. premium tapping our diluted leaning at give

to model improvements investments are continued our to finally, to go-forward our and imperatives. productivity. And we We in making making with improve efficiency our align platform strategic operating

on We we the of quality. heightening advancing operate while tangible focused How enhance aspects and in go implementing program improvements our investments organizational all our to This During to to colleagues productivity we their market. optimize how made improving and making empower Work and includes effectiveness quarter, our progress service

been the enhancing advancing and digitization on continue a discussion our has automation and execute of capabilities it the initiatives over AXIS agility and to for half financials. summary, technology business in very further our profitable our increase operations enable and strategy. I'll strong to sustained detailed a We claims Pete of This growth. to our to year our response platforms. In turn tools, for to the improving more we continue first includes call now reinvest as also time,

quarter. had morning, you, a very strong and good Thank performance AXIS Vince, in the everyone.

annualized an nearly book year-to-date adjusted diluted $XXX was to quarter up XX% diluted available drove resulted Our past over $XX.XX per million ROE and in an which share XX% months. or net shareholders dividends, value common $X.XX of of increase nearly for income share, the end, our to XX common per at and XX.X% common

$XXX our ROE which operating Our in company's an of operating was in history, $X.XX per or highest operating common quarterly EPS income diluted the share, annualized million resulted XX%.

our Looking results. consolidated at

we gross our see across premiums billion, ever attractive continue Our most of company-wide pricing grew written highest lines to $X.X second business. quarter X.X% as to

an income, our quarter. for Our underwriting income year $XXX XX.X%, underwriting ever quarterly ratio excellent generating of was highest combined a accident million marking

excellent and Our ratio, ex weather, XX.X%. current cat accident year loss an was

reserve to review with year. the at continue Importantly, our be in-depth conducted picks the end loss last our learnings from of consistent

point reserves. We catastrophes been X.X ratio, confidence the and the cat X.X% resulting $X prior only no quarter, X.X period actions loss in accounting a has conflict. it's reserve our cats since in actions, changes or cat were year-end million, early were million for X in additional from that we While the weather-related Sea Red $XX made an and with data the reinforced losses months of loss $XX million ratio. appropriate, to experience did losses to our points due resulting Natural

outwards protection increased worldwide The California or hurricane. the maintained million. peril treaty Our from $XXX specifically we XOL, our million natural insurance attachment well indemnity remains in catastrophes, point very within property renewed Southeast occurrence U.S. we a million ground-up well, XXX-year X% the program. equity at are and events Each event shareholder our large our to peak these of our one renewal went below of including $XXX mark. In a quarter, of earthquake PMLs cat $XXX event

property from insurance year remained opportunities have a we our expense book was ago. XX.X%, market The growing materially, While and taking advantage steady. PMLs event corporate, ratio, our including consolidated are XX.X% G&A of down

underlying is work, progress as to premium X%, we that said over we optimize we We volume. I spend have actions have we enough, year sure be on successive we the dollar spend to target year-to-date G&A several previously even of operating result our model down this expected are grown our our clear how and and to execute we that as have the expense improvement past is processes. experiencing want taken quarter the our decline,

been have systems actions we new capabilities. as as we Our that to our also in or will for have investments pool, to operating talent decisive strive operating whether but by continue our it company, make told excellence. In adding expanding thoughtful you, implementing we effort,

to we half company, continue of the year-over-year this So the the not into invest of quarter this experienced may year. as second in expect improvement continue we degree

you However, with a full-year shared we remain committed for XXXX. the XX% ratio to the G&A below target previously we of

the the included and quarter areas expenses, reorganization of head during several million outplacement count which reduced as across cost This we of essentially is severance $XX quarter.

highest adequate, compared work billion, and targets. insurance. an above let's opportunity for and quarter. segment our and to long-term our Insurance book, we on strong the results put increase had in of Gross $X.X our remains attractive X.X% a Now our more pricing detail. written premiums prior year of quarter move were to see most to at returns Across discuss capital volume ever

growth growing where the pursuing been has and about of discussed, the Breaking are reshaping, few in And global in XX% very Let digits quarter, give approximately casualty attractive, in slowed. In in driver down very the more we're loss excess onshore, Vince Property excluding We saw across reshaping, earlier. of seeing E&S casualty growth careful rate by high primary continue is a we casualty, rate U.S. renewable remains into have trend, Pricing was was overall spoke of and premium than opportunities. The the most lines are are casualty ahead liability you single-digit it down, excess me quarter executing about discuss good growth growth a we energy property, of major growth. a are in to rate we magnitude, X%. Vince construction U.S. our business. although well offset in that property. sense casualty insurance as this classes. of improvement To double primary we XX%. would see we

quarters. XX.X%, outward had this restructuring by an prior for resulting to and current being the income. The X.X% remains growth, quarter. insurance. pet a million year. the which well A&H. gross weather in $XXX growth in which is ratio losses, of we our session in stated of approximately XX.X% driven continues be but ratio call, insurance this in and benefiting compares accident In in underwriting an and North to When from Lastly, quarter weather-related double-digit including as America XX% XX% ex-cat we recent The loss quarter consistent in the expectation good lower the XX.X%, outstanding first year, treaty, was end. Net rate favor we in reinsurance of normalized, written range, expectation growth cat year across X% that which in combined premium XX%. to We of the resulted was XX%, an the and was as insurance session growth rate was that premium for our up note

and Additionally, ceding cyber. the of acquisition tail was favor cost ratio as business lines and commissions short lower we lines mix reflecting over in up change prior pro the of year, XX.X%

fairly ceding Given this ratio the our we be year, expect would commissions with renewed going treaties consistent forward. to have consistent

let's Now specialty-focused we quarter continue the to Gross reinsurance premiums in were the our up on build as business. to segment. X.X% move

last call, business quarter impact a some timing benefited contract we the between of renewals, number As I thus renewals the on a this timing from of were having which first our mentioned third new of this quarter, year, first XQ second negative quarter. from a on XQ. Again, quarter the few in benefited quarter by to

and our our are expect mid-single-digit versus driven the year-over-year. the year. the written result, growth As for entirely a percent was as Net business down cyber, would throughout by be that we reinsurance, strategic have XQ. I year, approximately cyber with of in a declined we in maintaining maintained partners. without year-to-date, highlight lines been professional more ceding difficult for pro single-digit despite XX% capital in are the quarter to wanted lines year comparison high growth particularly premiums our would to growth expectation We ceding growth to X% full prior of

team The the solid. loss ratio with reinsurance on the both and Our combined ratio focused with line, was XX.X% improved bottom and we very ex are in an remains XX.X%, results. much the weather cat pleased consistency of

sensitive consistent Our recent with with the ratio quarters, acquisition profit variability commissions cost XX.X% reflecting is of some of impact features. associated with loss

in The from million G&A reinsurance down is ratio $X the from from G&A year in higher fees, Our X.X% prior quarter, equally a which from year up to spending in capital and quarter. third-party improvement of increased $XX lower X.X% ago. ratio is million driven the

reporting $XXX over yield in in returns million loss year. positive in million The cash reported benefiting fixed at prior company we a positive quarter, was from income record new outlook of yields a $XXX to and the alternatives by We income operating the year larger investment also book flow, driven was securities XX% fixed quarter. The half strong generate million, for a operating by overall of yield was income portfolio, flow. up X.X% portfolio quarter income, higher prior had from which on the of XX% remains and first yield higher excellent year X.X% level up $XXX and at as continue end, our the while income year part money the on quarter, the the prior fixed cash a versus

organic whether teams at of is as geographies. bit producing typically We're rate our new capital tax our what as a The quarter substantial today. reported occurred it than in higher our for goals, priority or tax be capabilities. in hiring growth was our investing opportunities, advance of to more the strategic higher capital both the scale such and profitability we've analytic in digital and of adoption effective Our XX%, capabilities

despite of the dividends new shareholders option of the million to we million In for be we're the second our in looking of pleased own million our share happy common and shares as we're and your returned $XX share half repurchase However, an $XX the through questions. price highs our we to share quarter, quarter, with the year take attractive utilize, utilizing view hitting repurchases. In closing, $XX results to We'd today, optimism. with of very forward capital.

[Operator Instructions] Yaron from The first comes with question Kinar Jefferies.

the quarter. XXXX in in that specifically just you the took years opening on the the confidence reserve your that actions investor accident obviously, this in reserves a focus touch your reinforces little given I greener data bit intense really forefront Pete, that, comments, and fourth you also the elaborate Can maybe on maybe that you ask said through come And quarter? 'XX. the has early on

Yes. question, Yaron. Thanks the for

full quarter. do, every reserves The we quarter. is our do first We and I'd review that completed say thing a the of in do

So the we review of did the a classes. I'd full say remains our same. all philosophy ground-up

reserving. paid we soon really it We actually news. Having did I'll claims at we and liability any the good result we accident and the did we confident over data, be at felt used looked will remind this in we good results in fourth it, when before lines. liability will wait for that and We we the fourth we the data quarter, and quarter, with about our as years years quarter very we time pricing the the to million 'XX did the the news performance the as actuarial to claims for quarter. I team we data. $XXX million XXXX that the loss on all that the increase assumptions see this you reserve quickly, fourth looking both did through bad -- reviews of see that, for the said we the we're with results the at, review close and accident our news looked all increases and the team, at, take look We as picks did call when we substantiated that 'XX $XXX with would our included

with we are we actions, early we the data we our we we feel strength regard elongation severity good but and those where about reserves holding actually patterns. And days and the about we're saw as took everything it's points higher good unleveled seeing to as So when said, development what very of still, for everything that time as about talked with at are. the well we with we those very our feel the

Vince, you I don't add that. if know, like to to

you from around all of only it, think I the unleveled is ratio by The point thing very you between assumptions And the we're to we also myself took made the Pete. and integration Pete insights covered observing we especially a and payments, assessment fairly that patterns remind and claims the good XQ. around I'd process claim the our is at closed a confidence. Yaron There's gives that increasing actuaries, it and point, reserving without Yaron. claims tight integrated loss relating

I a about that being elaborate conducted talked you And Investor that, appreciate why to attractive you correct I'm very think since that share And if in not you that buybacks, any if -- Obviously, -- sorry. why would still didn't? question, maybe Pete. the Day. -- buybacks additional utilizing how my -- you But maybe second I that. don't then you, option capital for on can

Vince. is this Yaron,

to remarks, that Pete work that we into that knowledge Day opening the as undertaking would market at around shared believe It Investor our have same the we us found we and was quarter. We've were our had that to priced how we relative is So its maintained the back view the precluded shares. were stock from not doing in that we we fullest the we going that his measure. in decision the actions we with a buying mentioned work took the

will the and shares strategically We opportunistically in buy look to back future.

and of without million our an meeting, recent As $XXX additional obtained authorization out of saw coming you restriction. it know, any we Board time most

opportunistic be our So evaluate and in we repurchase will share continuously approach.

I to if know you don't want Pete, add.

of it number since those actions The of left. And in below-the-line of we May, is those only Yes. in for June at and was costs to Yaron, Kind took knew could vast were information. end associated had employees we that majority add the The actions felt of restructuring. we happen we you material June. happened I'd that the with in outplacement see of quarter, all $XX nonpublic a we charges thing severance million

of out abundance of shares so we And we didn't trade. many caution, did

of question America. Our comes next from Josh with Bank Shanker

I There Yes. zero, or care. done were that unusual in is I was And are reviews some reserve put which noticed other an unfavorable up favorable that the trust companies number. that great the zero.

reserve put come of guys of are worth AXIS one numbers. means plan of [indiscernible] to hundreds up You the if go through there's reserve the plenty zero reviews. change change number a is zero, whatsoever. round the to in that it or of of is major not dollars' to those so I millions adequacy that no There companies is end, the companies zero?

looking I loss we When these the what Josh, we we would had. reinforced are good And ultimate all with the is of through had, on actually we're say, process, the think this the we data very and business. Pete. what assumptions felt we picks comfortable is with at lines go

ultimate the picks change. that, didn't of loss because So

when It's is millions, point, -- it it there turns your so look to zero. down to some just rounding in actually it happens. that you And at

balanced So were in zero? you of not and and puts everything some takes, some were better to things, aggregate, than but sort good, thought things there as quite

everything I point. picks on the actually Yes. would ultimate say thought zero were because we to balanced loss right

ultimate by the of when have seen the business, you quarter. by really anything of line by look I we that year, accident at it at accident it when it with wasn't business, did Q, accident look of -- claims. cost. We look And in X the when to at there movement versus had see look first expectation it So do you've any you'll at line year when movements by we

materializing out quarter, that that of of property first the some and aviation XXXX due come the by losses to that If was we out in were some were negative, had area negatives we positives recall offset that some in that saw you the line.

on final, a Okay. the And repurchase future brings. the bit what share but don't little I issue. then know just

think doing today, knows actual where know job I value is business as results is your be what share it. the we you're in wonderful is and know where doing mature. We price the your investing Who will a things book today.

that in now own over report as go better whether value, shares level your share at or costs earning even thing repurchases investing can of the below to time? at you earnings you we your out think on a situation, the of you ROE equation. any year trading going any book at business? And that's been this an and price Given know the in company than you maybe XX% isn't you can are severance your about of confident When do derisk can your but math capital back time. $XX share at or risk at or one worse time, from be feel probably $XX I sort both, ahead through forever. buy Can probably Is are investing you business, do cat

full Pete. XX.X% and book is, I I quarter as book. well think today, least our is tangible the was this we're above ROE tell trading Josh, we're What you one, number as trading at in operating think do about I'll

higher. I'd go we good use do right But the is the to price should capital. we say of think direction. stock it that believe moving your So in point, that

we think by continues right building infrastructure capabilities. Having also investing said to continue one to by we're And now And correct. of in with our number the business. we're bringing targets. seeing, out be believe more price by use we invest returns business like in the our building capital the I and getting Our to in long-term excess adequacy that, teams our on you're of

will quarter. opportunistically, Our million, account results a we well dynamics as be where based share that be into our the market we new repurchases it see as $XXX it think do and all We upon as going to our the and results volatile forward, we will less expect will about future. take over use over

the seeking our and as to capital share a it's certainly And strategy. But design for bring and majority underwriters just taken outlined set capital in certainly of of Pete course, philosophy at and around of teams in repurchase, strategy, of cost a of spoke as I going be walk We've organization Pete, actions the we obtaining will to you the to think its it we our make focus Josh contemplated when noted, covered continue of structure. overall Day, others, reminding calculus. of successive it its platform, transform our our underwriting Investor we're in in accounted Board authorization investments continue the in to part to and additional management. operating

end along you'll guess the I we indulge the to be of if more and hasn't And third me on surprised? lines one those get quarter the buyback resumed, you would

on underwriters results strategy, have Josh. focused to that advancing the continued quarter. we're underwriting making our today our delivering spectacular market to is tools sustained, is sufficient work and third capital to going and the to the What not go speculate certainly that it's ensure as Well, to certain really

with question next from UBS. Brian comes Our Meredith

bit the basis, loss assumption to you picks if And insurance factor last the or of into putting kind First of a the of of year. they're are my when you look I on little in a at guys ratios down underlying maybe up end actions some loss question, you wanted reserve attractive. I the in dive took at development year-over-year is probably kind incredibly

bit -- what continue kind there driving a mix? was the inflation. Maybe about on you give in a bit picks us companies what's So could that? here? going on on Is of and questions it is heard liability trend little tort just We've downwards color of dive wondering I if a on of maybe kind Peter, talking how increasing little to a because why little they loss

Yes.

would I I this the Brian, use say consistent. is So Pete. word

ex loss we mix weather we there. One cat I But have are really consistent drivers there when and ratio underneath our has do very attritional been is, think year-over-year. look two a your shift. point, to

about and overall, business, would to if are point. That short-tail did we expected when noticed, the up moved it in as the that I 'XX. we've I drop our about you've I up, ratio lines, And 'XX, earlier, because, shift. more offset unleveled insurance loss and by that's being 'XX, the picks as looked mentioned X% business, our X for loss the when mix have selling As we we is in 'XX as long-tail well probably we think quarter long-tail X%, fourth especially review maybe

and in And higher pick liabilities that's booking so X higher. actually loss our long tail we're to that about point

create going are you're two I'm make call or Does minus the loss it, XX the sense? to insurance seeing to consistent, plus that that ratio. offsetting So some attritional in

Yes, it helpful. market look reinsurance policy then some sense. talk more here? forward a second here. to second then forward? that, a right What lot a it about changes That's Will a more think make cyber pretty firmness? part the maybe perspective bit And on question, why maybe attractive the is Vince two guess here. guess, cyber can I writing One, little I And parts makes that than CrowdStrike. now going primary the side? really, for or of to you do dynamics really the the of any forms Is obviously, it here was to anything for to you in as you you think does cause headline there major event, from going

Brian. you, Thank

portfolios, a provide conflict an a the shrunk. so point executed feel solutions in we with of way, creating the in landscape portfolio, being to caps insurance we and so able we've not and we loss did first, in cedents is liked or cut saw our risk. way view, to we quarter felt We with our access secondly, offset from changing into a set were the to we able leaning the cedent obtain very back reinsurance ago in information small understanding and comfortable an be an Cyber announced detailed our business. first; to delegated as finally, So we respect And premium that adequate so have to the that opportunity we Re, the where we're segments insurance and we an to that interest with it with saw

the for opportunity is language those when take will any When the of reset more clarity within comfortable think periods creating our think what different companies opportunity business think period. And forms, an periods the we stock. AXIS at with will you industries, language come the it's to change CrowdStrike, of about with successive appropriately. the scrutiny. Obviously, to we around the we we're is under an think terms waiting around important increasing this see events. now, and not across periods BI, CrowdStrike associated for you industry, very importantly, But seen. for certainly, a market In contingent this about language time. interruption financials waiting waiting think the comfortable impact to develop But nonmalicious what primary over this application on we've we

Our next Elyse question comes from Fargo. with Wells Greenspan

the back margin guess, question, insurance I first My to discussion. going

mix of the as quarter, So sustainable XX.X kind pricing and lines, in trend. short Does view which based the some business as that you a could that -- insurance tail on know for on you level business? towards right, there's based view that well view I do as mentioned number a your help loss -- shift of

see Certainly, material don't change whatsoever. any within Elyse, we 'XX,

just Okay. a And right, reinsurance maybe underlying side, -- XX like then point The was question, on the quarter. in loss ratio right? over the XX% similar

do you sustainability re. how bit planned. mid-XX better It You business the you quarter? property there number? the like little that the you a was than How it's kind for loss target seems of guys do one-off had of in and that -- in anything And that view ratio said after exited cat

this one-off in press I some It quarter. the benefit the by mentioned the engineering Pete. anything in had really Elyse, marine that that we Yes, offset area, but there in say was actually release. is wasn't would that

to if perform -- that we basis. on go -- thinking as reinsurance, that's XX%, so you're mid-XXs, I XX% would I So where go-forward business to think a expect that we that's think we

Would some buyback. more just a subsequent from on charges? there And mentioned I I there the now would QX. could you charges subsequent then we Okay. were buyback. maybe additional I'm get related you Work to or guys preclude We that know guess How be action because be trying that there program one know charges there sense in to of

Elyse Yes. This Pete. is --

We don't today, our How any expand But let expect which to sit this. charges here the we on we I'll with as regard below-the-line Work Vince additional any Now sites. have in we program, don't

investments hear remains. about there. quite our X a a that certainly it how more There's still bit unfolds remaining And the It's No. as we year leave the work in months. in of you'll program. multiyear but work, we'll

Our from Shields KBW. next with Meyer comes question

we that shifting the the that how you take are months? XX the relative over shift next present step rate decelerating -- property I line. and going sorry, is emphasized back and to reaccelerating, But a mix is can opportunities say, increases fact you're are short So market sustainable towards guess casualty current to both okay, tail the have the

Meyer, this is Vince.

balance mix look I of reporting. the we're just will as year, the think the for

As know are reshaping from primary North America. business in representations, our you prior casualty we

We quite have substantially. excess grown business casualty our

in liability [ in North Mike, of next tools, of is are lot benefit reinvestment appetite liability we as the underwriting our ] expect endeavor. Over time, developing appetite We classes year, to would our leadership executive time underwriting this new show writings American putting effort our generally. continue. of I start a to toward that

over Now whether the in that to immediate going time that's the in immediate mix shift term, see I or for don't materially not but sure. term,

helpful. Okay. That's

where You've opportunities obviously, also you And of an adding talked of overview but the is us market hoping the about the was give and -- names, not where could current teams. talent underwriting sort what are? for I

Yes.

premium being to provided in for an that a to underwriters the So talent. premium tools being paid organization. are market the execute the it's empowerment The of There's kind specialty the certainly and of being order that there's their seeking. they're for a paid equally culture role, active

environment to reasonably those satisfied. allows successful been we've at so creating And for an be that attributes

investments to but America, the We markets we've in that global the of well will to numbers, North equally. continue as numbers variety portfolio add our made product capabilities of a include across

on the And continue town be search. so we'll to

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for our This closing remarks. the any would back to question-and-answer to concludes over like Tizzio, conference turn session. Vince CEO, I

third been to call. our year call. a today's for continued you Thank strong joining We forward in reporting quarter very it's look In our much. progress summary, and for first half you Thank quarter AXIS.

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