AXIS Capital Holdings Limited (AXS) 31 Oct 242024 Q3 Earnings call transcript

Good day, and welcome to the AXIS Capital Third Quarter 2024 Earnings Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Clifford Gallant, Investor Relations. Please go ahead.

Thank you. Good morning, and welcome to our third quarter 2024 conference call.

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

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

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

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

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

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

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

and their I'll a on toll. take recent moment human begin, we storms comment Before to the

are gratitude support are AXIS to serve customers. brings. value team industry thoughts to deepest victims that Hurricane the as my work our the catastrophes excellent claims also Our the of These the expressed they for I of reminder doing and Helene with a Milton. our

advance Day of the from shared strong performance underwriting at Investor quarter. that the are our evidences our traction. our some was to strategy, strategic as AXIS the discuss we principles a third we sustained the in gaining results continue now progress Let's quarter for This headline that

level expense our consistency strong top information in XX.X% $XX.XX including earnings book storm It our share our can to losses. In ROE delivered per improved supported in maintaining to portfolio, and may overall we highlight management our X.X% growth sized Hurricane to market the a marginally strong reserves. In highlight a quarter. quarter. projections $XX backdrop share portfolio. on estimates results quarter the expect on volatility Helene, the and driving posted by of industry At catastrophe move loss limits in we the investment quarter, growth, of we losses, estimated XX% attractiveness the the management, believe and attract our over portfolio an in our that billion be are as ability a Nonetheless, a and XX% over ratio of year of currently from Hurricane annualized the produced we portfolio impact group in focus resiliency third Milton. Our anticipated the prior reflective balanced profitable and per a losses total operating reduce these more $XX a increase prior is prudent $X.XX in project year present, talent, value ratio, of share, against from quarter, losses gathered. catastrophe We continued actions a similarly our million we

for profitability produced year. for the XX.X% with for of shared current quarter year expectation underwriting were our that the in premiums accident the the nine quarter months. you the quarter and loss billion call. in ratio with on We quarter during nine track $XXX that strong first the Our $X.X including to with the business, second and XX.X% million we new was of continues XX.X% ratio Overall, combined a months a be for year we're full first XX.X% and

we calls, and needs continuing past align of are customers. adequate our brokers with and As capabilities target I've the lines premium to our in that underwriting short-tail commented

in ratio the compared initiative. taken G&A through We improve of efficiency How was XX.X% record lastly, thus to ] result was And [ actions quarter far Our and investment year in as to the productivity we've XX.X% income a quarter. Work $XXX our million. the a transformative net prior

and year now of Let's ex-cat specialty a strong billion, operating move our with a ratio, our drivers. included and key $X.X an political million XX.X% $XXX written of highlighted X.X% new credit prior our segments, in for and the confidence with was A&H, growth accident prior by begin XX% combined our we'll This over portfolio. the It period. reflects ratio quarter premium year. healthy over our franchise, the quarter, net combined to another In premium property, XX.X% production as insurance. This increase risk in year business was premiums insurance increase

cooking. are you see, As of can we more our keeping own

our our of be shared business As previously, predominantly we've year-end. reshaping primary casualty by completed should

leverage in are are Investor units also initiatives our this U.S. [ North highly premium strategic at lines, ample A hold. despite we year business. The finding over plans taking Insurance XX% key American attractive middle prior our increase attractive the increasing Across casualty our property prior produced in finding as quarter, by our By lines, grew continuing growth with international wholesale growth by year submissions. Day quarter market discussed particularly which the resurgence unit, adequate overall competition, driving and producing in example, traction, opportunities lower the XX% to while in opportunities $XX are segment the are count. Segment's of growth a and be the million over U.S. excluding new to XX% $XX growth compared in million continued when from Insurance growth initiatives. We're driver in continues quarter the produced targeted growth Within came the total quarter, of expanded in property a our Casualty, continuing insurance insurance gain Moreover, policy to Importantly, X.X% prior ] our XX% or quarter. achieving XX% we rate year markets. our Primary to

outperforming global risk. quarter a syndicate. property, drivers and to as maintaining in the credit Moving we drove growth X% growth while A&H, ranked adequate. premium highly that quarter political included is markets We where portfolio in an are Key the

I've As are our we our notably marine, increasing lines. evidencing within aviation noted within competition, global and markets, property previously,

to continue Further, discipline, premium practice to grow and continue and of see syndicate transition to innovate example the we anticipate adequacy. year. in to meaningful energy where syndicate our growing business a growing, build future. and launched our more we're will capabilities. want earlier lines in is The underwriters we response distribution we this Our One syndicate and the contributor new the the is be

$XX underwriting profit. reinsurance. our the in specialty We a to new X% produced move while growth lines, surety. mortgage within XX.X% by drove we In in quarter, Let's credit delivering were short-tail and business up combined which ratio, million propelled

million year. $XXX with lines. produced business our During $XXX in the decrease new We XX% versus million in premium the quarter, X.X% specialty an generated from quarter, prior in we the

an commission in we're change navigating our competitive particularly casualty noted that changes quarter, expectations. the market, second degree As in of we and evidencing where rate increasingly lines, reinsurance meet ceding not the are

large discipline This us, As ]. result, reduction significant as cedents longer-tail third our a combination certain of and or a underwriting have approximately for the timing of a in lines in quarter, due [ we've reshaped we to non-renewed was XX%. not renewal a seen albeit period

be about set and risk-adjusted We is The about and delivering premium continues our leverage market generally distribution channel expectations. how AXIS to positive. our we remain return adequate see relationships. diverse talk position the against our in ability our today. Let's product portfolio to broad optimistic The environment and

grow, continues America, ] to me business, Let driven by financial excluding [ unpack our lines, this the quarter. in further. In P&C rate increases North

market. quarter premium highly X% grew XX% we premiums our business, our remains which group the continue highly up Across also short-tail an compared We short-tail which market of gross remain lines, written, mix toward adequately. premium in shift Property quarter. businesses, prior to to year global adequate the approximately as our comprised the attractive

quarter be we believe and are portfolio positioned continue and rate written rate particularly seeing That's of remains. our of is ahead momentum we view one increased While of property trend. our supported $X.X insurance are to quarter our insurance continued construction, from in net in we change segments the XX.X% market non-cat yielding generated business, XX% of supporting example was average momentum construction. In premium liability, the the geographic Further, in business continuing limits strong our competition, the see spread by million, the our our portfolio that just exposures. well to

or and fact, our business, and across continued delegated U.S. that looking we profitability In are rate Primary cyber, casualty In our up no portfolio. the further respectively. In U.S. meets that increases we we XX%, away were risk casualty our business from select continue trend. longer pivot see quarter, to ahead targets. XX% appetite U.S. excess double-digit to reshaped Casualty of

our we we increases quarter, we're growing grew with XX%. America on partnership Secure, pleased large the progression in remains new the produced where both And focus segment. and with large quarter, account the the in of business count Elpha premiums. submission by Further, North in Our

I've to As we In or underwriting million quarter, the our continue were through to cyber up leverage the cyber ability XX%. in reinsurance businesses. deploy our $X past, commented both our capacity writings

We strategy growth. premium XXXX quartile our far continuing and management reinsurance. Stepping our actions are are to It between with generating so hold. insurance per our prudent performance strong our value long-term that are in back, both are diluted at deployment the adequacy, target earnings consistent Day. confident reinforces that strengthen we confidence in we Investor discussed top in results to our our business limit our that Indeed, share of confidence accumulation taking reinforces produce book and

to at to continued any we compete. the think produce us mid-teens global profitable our diversity ability markets, attractive product in lean results gives about [ and in continue choices our demonstrate that believe distribution, growth. us consistent respective into the in enabling of allows current profitable Our our platform, us most and generate operate make we to to terms and of growth market attractive cycles, environment, where Indeed, markets we we the can in ROE. In both platform their to capability ] point effectively

are capabilities through leveraging segments. our position products but customer not core the geographically in global and are to we we AXIS As adjacent continuing grow only cycle, our

spanning a G&A relative continue reduced prior ratio the been as and we the of the in to become Our the This shows How efficient improve business to of year. data further integrated continue more smart effectiveness quarter we make of actions and to has we how technology where result operate rigorously in investments our course, analytics, Work also and our talent. initiative, and company. We

AI investments, submission of ingestion of our platform technology recently key we is leveraging and are AI our expanded e-mail partnerships our A leveraging the transformative [ ], underwriting augment an processing. enhance we help on AI-driven and [ As focused processes, and to ] power fixed throughout with our announced MEA to business. and data part area document submission opportunity goal

of and, the quarter, of a people. capabilities executive these in number invest operations. North course, And within to talent continue including We hires we our added during American

Head retire also appointment to who strong Gregory Mark Markets, announced decided congratulate of of a March the We in XXXX. our a I'll of moment and to long-time take Mark has Global to successor Mitchell, leadership Sara deep leader an appreciation look and our to and we for company. to extend succeed In her have me. Mark, our we identified partnership to forward seeing his outstanding to welcoming excellent

quarter the [ more end with executed realize development the remain strategy dynamic and our third the share with strong consistent our share turn the our risk and our the capital and of summary, and balanced to to customers of now for the confidence XXXX. progress. in of needs book to both and financials. year our of to favorable very our our with continue humility We access the most of into producing Finally, per call the profitable eye potential. I'll commitment detailed investment helping strongly our with portfolio we over are scrutinous nine efficiently. growth. future serve months ], value for quarter excited Pete pleased repurchase quarter, to We this In a while managing first the the on its We're full environment. discussion committed go deeply in for we When our growth demonstrate evaluate reserves the

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

our common income $X.XX of to which $XXX book was available resulted common in end, to shareholders diluted or Our XX% annualized nearly diluted year-to-date. an per drove at an ROE value quarter share common net $XX.XX increase per This of share, million XX%.

share, operating Our common annualized was diluted ROE resulting per $X.XX $XXX operating XX.X%. an in income of or million,

grew opportunities at X.X% our Looking our consolidated results, written and our quarter highest third premiums billion, ever, gross of company-wide we across to lines business. continue $X.X see to most production attractive

Beryl. excellent Helene and Our quarterly XX.X% combined ratio despite was Hurricane an

XX.X%. superb loss year accident ratio cat weather current was Our a and ex

to Importantly, in end picks of was the and $X the the the the of of in reserves to noted, see we reviews the continue cat $XX last continue to year. in-depth as learnings releasing adhere patterns current momentum the underlying data million confidence our before and a ratio Helene Hurricanes our loss X.X%. reserve in accident be quarterly philosophy overall cats positive quarter We reserve quarter. our at conducted of our our loss release from to generated wanting and see Moreover, we sustained we our year review continued $XX Vince consistent with increase quarter, with The have million. million experienced recorded to by Beryl largest portion position. In at in

this With cats approximately volatile cat those historical quarter, we quarter be affirms used average billion see to nat historic a ratios being our ratio much substantially our XX.X% below industry respectively. portfolio and current are it in loss as current cat and As natural XX.X%, as $XX our it less than averages. X- third loss company, XX-year

at quarter, settlement fourth out with of for Looking the the slowing industry Milton to $XX process. the lows still of billion near widely cleanup $XX range of billion Hurricane highs from estimates Helene loss

share AXIS, implying share the of industry loss, estimate million. we $XX expect of eventual the Helene similar between low our range $XXX industry's loss be the in to loss our For to million a to of

market while steady. we of remained growing XX.X%, equity earthquake are including opportunities ratio PMLs events including down XXX-year XX.X% advantage event our Each a corporate, book a of in our PMLs peak The materially, hurricane. consolidated U.S. Our a at and large natural insurance G&A well per the have these mark, catastrophes, Southeast below X% expense year are property from X California shareholder ago. taking was remains of or

needed, not our new to over implement we company, in pool, will the in fluctuation to actions we cost the dollar improvement When cutting, model. talent operating or G&A operating in as systems same These our could some are simply investments The quarterly thoughtful expense was be down is period adding it by spend X% strive make Our our capabilities. G&A careful investments result versus we whether of expanding but create and XXXX. ratio. our experiencing optimize

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

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

middle liability, as was in lower a up remains was discuss in well as and me growing this Property although business. lines attractive, discussed, Vince presence markets. as saw of onshore property, we strength drove grew by in earlier. driven Let a major growth Vince a mostly our it casualty decline XX%, casualty where U.S. premiums our written declined above in book. in increases offset mentioned but XX% that excess that the as XX% trend, premiums by rate is are gross growing. In a increase primary growth reshaping This as business, competition being quarter few driver energy Premium growth XX%. We highly particular of strength renewable were XX%, which rate of and adequacy E&S up was

be attractive, substantially by market would completed and in growth this expect if the We expect to reshaping XXXX. of conditions end we the year, remain

North XX% of for maintain business. being gross by at This growth we insurance, premiums had we note growth pet in the Overall, outstanding insurance million the being income. Lastly, of weather-related A&H, driven of for X% $XX The the expansion full double-digit XXXX. losses, to and is outlook our low that year insurance including cat our America range we combined growth. ratio of was the of an of end XX.X%, in underwriting X% resulting

consistent and quarters. Our in with was current weather ex year cat ratio XX.X%, we've reported loss what accident recent

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

on Now Gross were quarter. down the to reinsurance the let's segment. premiums move in X.X%

second business. call, renewals the third quarter particularly from As difficult our I quarter and of quarter stance timing creating we nonrenewal this and third higher couple of second a quarter the In Monarch our reflected between in X%. restructuring of benefited on line quarter highly to clients year. note we the result, maintain lines, saw of mid-single-digit their And that that sizes net A&H, comparison. as the mentioned takes of from a of the and the our quarter, are I'd that the highly ] decreased growth growth the up skewed to as noise timing growth a prior for some Nonetheless, being contracts. in written numbers the full retained maintaining the premiums, I selective significant is quarter note closing of tough a out for a would the due we're year-to-date, quarter. year portion which Liability numbers, expectation [ the deal

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

variability acquisition features. sensitive cost ratio around profit commissions the with Our of impact positive reflects XX.X% some associated loss of

for yields a positive quarter is in $XX prior the driven a investments. from reported XX% third-party income quarter by excellent operating outlook new prior spending part It a million portfolio record cash $XX Fixed the book portfolio on strong to operating was cash securities good down was income year X.X% G&A year. yield larger yield a $XXX reinsurance ago. of G&A and which from overall X.X% ratio our million by the income generate quarter ratio up benefiting end, the XX% in million, flow. higher higher driven at higher in to and Investment we up quarter, mainly fixed quarter, up fixed X.X%, was increased from income alternative Our and year the remains in $XXX The million was over as from the money and is quarter. from improvement income while year flow. lower yield prior X.X% from on of The continue in fees capital

XX%, strong strategic our is effective Our was in tax have priority the opportunities, growth as rate it our profitability new advance The historical higher of and geographies. for teams particularly goals, of capabilities, be whether or quarter tax analytic we investing scale in rate in hiring as such adoption typical than organic higher capabilities. to our both capital the digital at and our

$XX price share hitting high repurchase as we in the we the share In view common returned $XX our to with our option of capital. shares share and dividends an shareholders million today. quarter, despite However, results repurchases. In pleased attractive very utilizing quarter, million we're a the closing, our $XX of million through for own new of

we forward year we a look be strong forward to to XXXX. note another on head to with year-end, happy As take to the And we'd and closing questions. into year look your strong that, in

TD question-and-answer Kligerman comes Instructions] will session. begin from now Our first with We question the [Operator Cowen. Andrew

it you had So looks just the thinking nice some very about releases. like reserving,

casualty. I the were occurred think short lines on and long-tail in the nothing tail they

-- on contracts. last charge and Pete very a you liability very the just that renewed reinsurance took heard I've not fourth being casualty I several about in year long-tail sizable quarter, you've thinking selective think cited some lines. you're those So in

into the study, maybe fourth might us years? are reserves on So that as for recent more another particularly the the is track, go accident in quarter, confidence give we assuming what I'm some you question

you for question. your Andrew, it's Thank Tizzio. Vince

nine of we So first first reported the can months I convey confidence is think results. that the

view Secondly, we of assumptions, our not the the of took loss against underlying quarter the that in which took picks that and and of ratio resulting in we and the charge the trend only specificity business detailed fourth context risk. on the XXXX actions we lines

At casualty the working will You've months confidence reshape at first Pete of undertake year-end, strongly on to insurance any in seen the for we nine liability. expense toward months, we are our through growth. it business over of commented I'll in a of the position, first our end position Similarly, our we've our throughout normal XXXX, additional with and to nine primary color. reserve independent our turn reinsurance the review third-party the business, willingness

I'd associated I'd specificity Andrew, $XXX in color million. only ] million did liability was $XXX $XXX of is, we did to of add, a And with sizable remind was bit 'XX. go back The $XXX total if out everyone, we years 'XX take liability our [ the to million a what charge XXXX, little in million, we that year-end lines of at

expected not in think underlying, 'XX we 'XX, did and So loss and actually as learnings we and ending we remediate picks those to knew since years for were primary 'XX, XXXX our were were then our actually, significant representative some we of the year-end we took quarter, fourth plan study the book. I were place we all in looking that as action. And casualty ignoring put about reshape that's in as our at those what at when

forethought 'XX. were account all those So taken into were for us coming and actions into

with down say the every good the very the So actuaries, year-end as we actually that full a feel drains sit that, also team and down and full I'd patterns up today. and a team actuarial seeing quarter. We as have do process. with team about sit do, we're having underwriting claims XXXX, reserve what sit team, we said we did that and we reinforce here And a at the we the

competitive, more global property around the business. alluded We're Vince, in property follow-up growing you hearing And earlier. London you're insurance. of large these my just it to a market, about on wholesaling markets calls And lot conference buzz accounts, is being your

premium, just XX% Pete, and in you cited I E&S. think XX% net written

pushing you to of keep there giving what's So kind growth in the confidence that insurance?

us give Andrew, continued factors number confidence. there's of underwriting that a

business is is I by shared net risk the PMLs. in our remarks. geographically average Firstly, it it's construction quarter, spread of It form certain comes XX% it's type, non-cats. the citings have out of It of the where, that the of and freedom of between principal opening property the marketplaces. The Moreover, E&S It's is know, able rate. business, weave in global our our we're to our written my AXIS combined a the the organization premium limits, portfolio with different apparel, we as distribution came the you of fact of from construction. component

We continue if I but return to we exceptional submission premium there see leave the expectations. and fine. of I'll activity. market, there. a price that meeting moderating to acknowledge Pete, changes, property in adequate risk-adjusted would course, add, of is it continue you to remain exceedingly want our that's

No. years The property reinforce multiple adequacy our rate premium we today, that we that across at at are I'd Vince's I'd look book. only thing looking property increases after as really add point of is, solid

comes The Dean next KBW. from question with Criscitiello

is that updated start to higher know contemplates the wondering ] sequentially. insurance. pick if conservatism trends? of was loss additional baked I wanted just an bit up ratio numbers? with core and those year-over-year I I view Or in it it ticked a into [ loss

is This Vince.

I just to prudence. I to isn't else you financial anything just that positive some would that was see underlying. shift if tell would continued you report, So changing would XX, Page there's There as ranges to our result in that. in you're business XX.X% our is There point to in the just a really want And where Pete, of quarters, attention our say or your high the of referring X.X you anything nothing several draw really last the the between and in our ratio over XX.X%. loss insurance else? mix as supplement

what where we've Yes, offset 'XX, tail at Dean, And XXXX over and then liability change being year. still mix did the on this that's year-end more this on by lines we shorter the I'd actually what business. picks say it's year, saw very increase consistent seen consistent based we that's somewhat

So sequentially just some any we've seen is what noise. -- sort of

market less line. in sort I the sort growth in within about to stance then you the and the ] of your talked return there a wondering need And what of defensive to remarks, see was to insurance ] cyber prepared sort [ [ take you of when of insurance.

Vince. Okay. This is

first that Let cyber me business. substantial say a we have

trained technical on are and is that focus is entities XXXX the from and in on certain we more well What a component, these hygiene delegated resulted can growth. and the have underwriters. we schooled, make are reshape in our to strong that an to concerns, We we've impact has What we've acumen done cycle making the through wherewithal that us. perspective bear with certain bring underwrite the done larger

Additionally, Elpha upper small, the what on address exceeding we middle chose the a analytics very that a in end partnership. end we Secure to risk large segment indisputably trust is lower based customer help of partner of us and have of

And the that available CrowdStrike, risk event insurers providing X.X%. shout in class. selection them also the that plenty inquired the making certain would of some criteria a limit our services June, working humility but for is And we Importantly, our quarter, with out to incident being U.S. our primary in after grew business give commander to loss. profile, I really was launched But team maintained. about in a we in cyber back We're our said continue see of our opportunity. frankly, are we've to to demonstrating as

long-term feel really written about premium in on So participant good momentum we a the we're that market. gaining. we're but short-term the hit we're side, We a taking that acknowledge the

Fargo. Elyse next The question Wells comes with Greenspan from

the of your question review. right, adjust At this year, My picks, did -- of year mentioning, you the with on right? last first end year's insurance margin, that last start guys right, you on were

into much saw review, year then I'm a past? review it in-depth or year anything deep as not had you you on this think in last dive I Can would movement dive. go you I of So real obviously an year's that that a mentioned just to big right, process trying to update as mind during we you get just did is years sense, the but still be relative deep this that us think like you there any the And annual a have year. guys just

Pete. this is I'll Elyse, handle that.

really as we we our assumptions, As changed the and you've based the of data confident very last our about patterns. talking remarks, prepared the mentioned in have changed feel and reserves. heard year, we XXXX changed changes did we about keys at trend at the when the we a end those our my made that we in industry this that lot year, we especially now at we still where of important. look were development changes And in in look I upon actually what we Those others

at about data patterns to still changes look And about at as very the we we we comments so that we're gets and did year. last look the the positive feel we that my seeing

As we opinion, will going again us, independent eyes give at actually so bring get outside will think year-end, have into once that pair we'll us outside another us to an firm and of about our actuarial us looking we results.

will head We in-depth happens the our and and Draper, Dan new solid not say interactive. highly between it, quarter, interaction did the our this claims department every quarter. That of would new is in with have same, claims I actuarial Vince acts and reserving head, [ review last and we our call I'll now I ] COO do process we the But year. the that that

good real heading go as into feel we year-end. about we So where we're

I the there. We've but going out just sees what's earnings And think Helene then guys kind is this of know don't what like commentary far both can just in side. of Milton. pricing. interest of And from the like you property and heard probably and the on come mixed terms question business, on my see so could I primary reinsurance

storms? on if recent just impacts your what property for view you and then So are primary of a the rates expectations reinsurance and the have

Elyse, it's Tizzio. Vince

you in for I think, think [ ratio. catastrophe the organization. our to what And convincingly we sized impact prepared saw, our would you we be think the ] X.X I remarks

I property that the think market dynamic. remains

think globe, I across receiving is that there rate certainly the occurring.

on. think a that are lot is profile of I that changes there risk going

X of is of strong predominantly global here reinsurance vehicle our remains they're to the in or our onshore good If a view with well. another don't we're for than property and competitive in E&S It's of non-cat. very our through a quarter property, you the construction other on States. I insurance that portfolio very premium look It's underlying businesses portfolio, for it's really units Carlo performing our a well property share form the adequate criteria, market. Monte the a different at mind, and on comments got property selection business. in providing AXIS, out against have the We've channel But limit sort But conference. a deployment. bear wholesale one business. XX% performed came of about including United risk

trend both in How did based last premium some I underlying you businesses there in and premium see then initiatives lift question, you But market segments, do drove what right, think dynamic both growth how quarter based the on you market. of for And it's in that. things my 'XX? on expectations of today, will that in timing but conditions, growth how growth, business do view recognize was next as a slow kind your -- year?

we're bang-up at casualty, primary XXXX. leaning of them team. said still of I would profitability. We've our sacrifice shoots not firstly, is on our We've in delegated lines. But at What grow into we're would think the just our American public really to say company. our again. in growth opportunity to should and And that, green not Having past, specialty to good the the courage have And North One, name job I to importantly a the grow see cyber we we're see Vince work business. I We look, reinsurance, done team in XXXX three. expense commented doing do point very in a Elyse, certain the D&O, shown of our to line businesses. plan shareholders as: is, going with top expectation it's

business, Elyse, the of on in growth new that's initiatives. expanded are in They You those million may the a initiatives. we Investor $XXX commented expanded Day, almost recall, third $XX we some at felt of came and year-over-year new the sizing million pretty new good initiatives. discrete of about our insurance quarter, from the XX% and But way, of And opportunities.

readiness the growth, I'm size premium to going markets give But I grow in to 'XX. is we think there's the feel at profits do you that profitably of to good over going not bumper plenty we're put order this about and premium I sticker portfolio. our So very feel team's to grow point. or adequate

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

call. Thank today's Investor strong our and expectations. quarter AXIS, for are financial They joining of a proud In you aligned Day for been the you. it's we Thank summary, we're very results with that delivered.

focus the worldwide thank brokers Thank on service much. you the customers, Finally, they're This doing, our call. very our AXIS and expectations. their for colleagues today's work great my completes you exceeding that to at