Q1 2024 AXIS Capital Holdings Ltd Earnings Call

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Operator: Good morning, and welcome to the first quarter 2024 AXIS Capital Earnings Conference Call. All participants will be in listen-only mode.

Good morning, and welcome to the first quarter 'twenty 'twenty four axis capital earnings Conference call.

All participants will be in listen only mode should you need assistance. Please signal a conference specialist by pressing the star key followed by zero.

Operator: Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then 1 on your telephone keypad. To withdraw your question, please press star then 2. Please note this event is being recorded. I would now like to turn the conference over to Cliff Gallant with Investor Relations. Please go ahead.

After todays presentation, there will be an opportunity to ask questions to ask a question you May Press Star then one on your telephone keypad to withdraw your question. Please press Star then two please.

Please note this event is being recorded.

I would now like to turn the conference over to Cliff Gallant with Investor Relations. Please go ahead.

Clifford Henry Gallant: Thank you. Good morning, and welcome to our first quarter 2024 conference call. Our earnings press release and financial supplement were issued last night. If you would like copies, please visit the investor information section of our website at AXIScapital.com. We have set aside an hour for today's call, which is also available as an audio webcast on our website. Before we begin, I would like to invite you all to attend our Investor Day, being held on the morning of May 30th in New York City and also webcast. If you would like an invitation to the call, please email me at Cliff. Gallant at AXISCapital.com.

Clifford Henry Gallant: Thank you good morning, and welcome to our first quarter 'twenty 'twenty four conference call. Our earnings press release and financial supplement were issued last night, if you'd like copies. Please visit the investor information section of our website at Axis capital Dot Com, we set aside an hour for todays call, which is also available as an audio webcast on our website.

I believe again I would like to invite you all to attend our Investor day being held the morning of May 13th in New York City and also webcast. If you would like an invitation to the call. Please email me at Cliff gallant at Axis capital Dot Com.

Clifford Henry Gallant: Joining me on today's call are Vincent Tizzio, our President and CEO, and Pete Vogt, our CFO. In addition, I would like to remind everyone that the statements made during this call, including the question and answer section, which are not historical facts, may be forward-looking statements. Forward-looking statements involve risks, uncertainties, and assumptions. actual events or results may differ materially from those projected in the forward-looking statements due to a variety of factors, including the risk factors set forth in the company's most recent report on the Form 10-K or our quarterly report on the Form 10-Q and other reports the company files with the SEC.

Joining me on today's call are Vince <unk>, our president and C O N E.

Our CFO.

In addition, I would like to remind everyone that the statements made during this call, including the question and answer session, which are not historical facts may be forward looking statements forward looking statements involve risks uncertainties and assumptions actual events or results may differ materially from those projected in the forward looking statements due to a variety of factors, including the risk factors set forth in the company's most recent report on the form 10.

K or our quarterly report on Form 10-Q, and other reports the company files with the SEC. This includes the additional risks identified in the cautionary note regarding forward looking statements in our earnings press release issued last night, we undertake no obligation to publicly update or revise any forward looking statements. In addition, non-GAAP financial measures may be discussed during this conference call.

Clifford Henry Gallant: This includes the additional risks identified in the cautionary note regarding the forward-looking statements in our earnings press release issued last night. We undertake no obligation to publicly update or revise any forward-looking statements. In addition, non-GAAP financial measures may be discussed during this conference call. Reconciliations are included in our earnings press release and financial supplement. And with that, I'll turn the call over to Vince.

Reconciliations are included in our earnings press release and financial supplement it with that I will turn the call over to Beth.

Vincent Christopher Tizzio: Thank you Cliff, and good morning everyone. Thank you for joining us on our call. We had a very good start to the year with Q1 marking another strong underwriting quarter, Quarter of Profits and Growth for AXIS, and continued to generate consistent double-digit ROE, combined ratios in the low 90s, profitable growth, and book value per share growth. Indeed, our team is playing offense, and the positive momentum that we generated last year has continued into 2024 as we further elevated our financial performance across a number of indices. I'm very appreciative of my colleagues for their deep commitment to delivering consistent value creation while providing excellent service to our partners and customers. Now, I'd like to share some of the headlines for the quarter.

Beth: Thank you cliff and good morning, everyone.

Beth: You for joining our call.

Beth: We had a very good start to the year with Q1, marking another strong underwriting.

Beth: Quarter of profit and growth for Axis, we continued to generate consistent double digit Roe.

Beth: Combined ratios in the low nineties profitable growth and book value per share growth Indeed.

Beth: Indeed, our team is playing offense and the positive momentum that we generated last year has continued into 2024 as we further elevated our financial performance across a number of indices I'm very appreciative of my colleagues for their deep commitment to delivering consistent value creation, while providing.

Beth: Adding excellent service to our partners and customers.

Beth: Now I'd like to share some of the headlines for the quarter.

Vincent Christopher Tizzio: In a quarter when industry catastrophe losses totaled nearly $20 billion, we produced an annualized ROE of 18-2, and a combined ratio of 91-1. Importantly, our reserve position at the end of the quarter remains strong, and we feel very good about the actions we took in the fourth quarter. We continue to achieve double-digit growth by capitalizing on favorable conditions across our chosen markets while exhibiting underwriting discipline and strong cycle management. In the quarter, we generated $2.7 billion in gross premiums written, an 11% increase over the prior year.

Beth: In a quarter, where industry catastrophe losses totaled nearly 20 billion. We produced an annualized ROE of 18 to a combined ratio of 91, one importantly, our reserve position at the end of the quarter remained strong and we feel very good about the actions we took in the fourth quarter.

Beth: We continue to achieve double digit growth by capitalizing on favorable conditions across our chosen markets, while exhibiting underwriting discipline and strong cycle management.

Beth: In the quarter, we generated $2 7 billion in gross premiums written.

Beth: 11% increase over the prior year this.

Vincent Christopher Tizzio: This included $669 million in new business premiums, a 27% increase as we continue to grow in our targeted markets while tapping into new sources of revenue. Lastly, we reduced our GA ratio by six-tenths of a point compared to 1Q23.

Beth: This included $669 million in new business premiums of 27% increase as we continue to grow in our targeted markets, while tapping into new sources of revenue.

Beth: Lastly, we reduced our G. A ratio by six tenths of a point compared to <unk> 23.

Vincent Christopher Tizzio: These results evidence the strengthened path that AXIS is on. Throughout AXIS, there is a clear focus on advancing our strategy and achieving our financial objectives. I'll briefly speak to several of the core elements that are underpinning our strategies. First, we continue to operate in attractive markets, making decisive choices on where and how to compete, and we're nimbly allocating our resources and capital. We live in an uncertain world where the risks our customers are facing are growing considerably, and they're more complex. Our customers increasingly need tailored risk solutions in managing these exposures.

Beth: These results evidence the strengthened path that access is on.

Beth: Throat axis, there is a clear focus on advancing our strategy and achieving our financial objectives.

Beth: I'll briefly speak to several of the core elements that are underpinning our strategy.

Beth: First we continue to operate in attractive markets, making decisive choices on where and how to compete.

Beth: And we're nimbly allocating our resources and capital.

Beth: We live in an uncertain world, where the risks our customers are facing are growing considerably and theyre more complex.

Beth: Customers increasingly need tailored risk solutions and managing these exposures as an example in the quarter our U S. Wholesale business saw a 31% increase in submission count with a broad range of exposures that required the technical knowhow of our access team and our resourcefulness and meeting our customer.

Beth: Needs.

Vincent Christopher Tizzio: As an example, in the quarter, our U.S. wholesale business saw a 31% increase in submission count with a broad range of exposures that require the technical know-how of our AXIS team and our resourcefulness in meeting our customer needs. As regards pricing, in short-tail lines, which comprise 58% of our insurance business, during the quarter, we continue to enjoy good margins and are achieving rates in excess of 10. And as regards long-tail classes, in particular primary and excess casualty, we are achieving a rate that is comfortably ahead of trend.

Beth: With respect pricing and short tail lines, which comprised 58% of our insurance business. During the quarter. We continued to enjoy good margins and are achieving rate in excess of trend.

Beth: And as respects long tail classes in particular primary and excess casualty we are achieving.

Beth: Right that is comfortably ahead of trend I'd note that these two classes have seen an acceleration of rate increases in our insurance business that were 12% during the quarter.

Vincent Christopher Tizzio: I'd note that these two classes have seen an acceleration of rate increases in our insurance business, which were 12% during the quarter. Reflecting the current dynamic market conditions, we are continually cycle managing our business. Examples of steps we've taken include placing an increased focus on growing our short-tailed lines, where, as noted earlier, we see strong premium adequacy in both new and renewal business, rates above trend, and where we have the deep subject matter expertise to address our brokers and customers' needs.

Beth: Reflecting the current dynamic market conditions, we are continually cycle managing our business.

Beth: Examples of steps. We've taken include placing an increased focus on growing our short tail lines, whereas noted earlier, we see strong premium adequacy in both new and renewal business rate over trend and where we have the deep subject matter expertise to address our brokers and customers' needs.

Vincent Christopher Tizzio: In property insurance, one of our key growth drivers, premium volume grew 28% excluding terrorism as compared to the prior year period, with new business growing 54%. We recently repositioned our U.S. liability book through the Refresh Leadership Strategy and by exiting a number of underperforming segments and risks. As we've discussed in past calls, within our Professional Lines book, we continue to view pricing as inadequate in public D&O, and we're focused on growing premium adequate lines, such as our London Small D&O and E&O book and our U.S.

Beth: And property insurance, one of our key growth drivers premium volume grew 28%, excluding terrorism as compared to the prior year period with new business growing 54%.

Beth: We recently repositioned our U S liability book through the refreshed leadership strategy and by exiting a number of underperforming segments and risks as.

Beth: As we've discussed in past calls within our professional lines book, we continue to view pricing is inadequate and public D&O and we're focused on growing premium adequate lines, such as our London small do you know and you know book and our U S private D&O business, which both produced double digit increases during the <unk>.

Vincent Christopher Tizzio: Private D&O business, which both produced double-digit increases during the quarter. In cyber, we continue the strategic path of pivoting away from small and select delegated business where rates aren't acceptable and risk mitigation is varied in favor of growing our book of large accounts. In the quarter, we grew U.S. large cyber by 34% and reduced our small and delegated book by 31%.

Beth: Quarter.

Beth: In fiber, we continue the strategic path of pivoting away from small and select delegated business, where rates arent acceptable and risk mitigation is varied in favor of growing our book of large accounts in the quarter. We grew U S large cyber by 34% and reduced our small and delek.

Beth: Book by 31%.

Vincent Christopher Tizzio: Leveraging our reinsurance book, we continue to grow cyber by well over 100%, albeit over a small expiring base. In short, we are focused on driving smart growth and a diversified book that produces strong underwriting income. I'll now briefly speak to the progress that we're seeing within our underwriting segment. Our specialty insurance book continues to perform very well, achieving a combined ratio of 86-6, record first quarter premium production of $1.6 billion, and record first quarter new business premiums of $481 million. Moreover, our underwriting income of $123 million was the highest ever reported on an accident-year basis.

Beth: Leveraging our reinsurance book, we continue to grow cyber by well over 100%, albeit over a small expiring base.

Beth: In short we are focused on driving smart growth and a diversified book that produces strong underwriting income.

Beth: I'll now briefly speak to the progress that we're seeing within our underwriting segments.

Beth: Our specialty insurance book continues to perform very well achieving a combined ratio of 86 six record first quarter premium production of one 6 billion and record first quarter, new business premiums of $481 million.

Beth: Moreover, our underwriting income of 112 3 million was the highest ever reported on an accident year basis.

Vincent Christopher Tizzio: This growth was fueled by double-digit premium increases across both our North America and London-based global market specialty insurance division. Within North America, where AXIS is a leading player in the U.S. wholesale marketplace, key drivers of growth included U.S. property and U.S. excess casualty. To just name two examples, these lines were up 43 and 23 percent respectively over the prior year period. In addition, our Global Markets business, where we're both a top 10 leader at Lloyd's by capacity and are ranked as an outperforming syndicate, we continue to see year-over-year premium growth across a number of our lines. To name a few, Global Property, 32%; Renewable Energy, 16%.

Beth: This growth was fueled by double digit premium increases across both of our North America, and London based global markets Specialty insurance Division.

Beth: Within North America, where access is a leading player in the U S. Wholesale marketplace key drivers of growth included U S property and U S excess casualty to just named two examples these lines were up 43, and 23% respectively over the prior year period.

Beth: Our global markets business.

Beth: A top 10 liter at Lloyds by capacity and are ranked as an outperforming syndicate, we continue to see year over year premium growth across a number of our lives.

Beth: To name a few global property, 32% renewable energy, 16%. We're also tapping into two into new sources of revenue and moving with agility to capitalize on smart growth opportunities. This includes our April one launch of the first ever Lloyd's syndicate to exclusively right energy.

Vincent Christopher Tizzio: We're also tapping into new sources of revenue and moving with agility to capitalize on smart growth opportunities. This includes our April 1 launch of the first ever Lloyd's Syndicate to exclusively write energy transition risk. As the world continues to transition to cleaner energy forms, we're anticipating customers' emerging needs in a complex and shifting risk landscape. Within the U.S., we are seeing clear results of our concerted effort to grow our dedicated wholesale lower middle market unit, which produced a 28% increase in premium volume year over year.

Beth: [noise] risks as the world continues to transition to cleaner energy forms, we're anticipating customers emerging needs in a complex and shifting risk landscape.

Beth: Within the U S. We are seeing clear results of our concerted effort to grow our dedicated wholesale lower middle market unit, which produced a 28% increase in premium volume year over year.

Vincent Christopher Tizzio: And we're growing our recently launched Inland Marine, U.S. Marine Cargo, and U.S. Construction Business Units, and we see plenty of opportunities on the horizon in adjacent geographies where we don't currently play. And with respect to our reinsurance system, to continue to advance our strategy. Demand for our specialty solutions remains high, as our 1-1 renewal showed. This included generating $114 million, or 12% year-over-year premium growth during the quarter across targeted specialty lines including Credit Insurity, Workers' Comp, Marine, and Cyber. We continue to navigate a competitive casualty market, and our approach remains one of disciplined underwriting. We have continued this trend into the April renewals.

Beth: And we're growing our recently launched inland Marine U S Marine cargo and U S. Construction business units and we see plenty of opportunities on the horizon and adjacent geographies, where we don't currently play.

Beth: With respect to reach our reinsurance business, we continued to advance our strategy.

Beth: Demand for our specialty solutions remains high as our one one renewal showed this included generating $114 million or 12% year over year premium growth during the quarter across targeted specialty lines, including credit and surety workers' comp Marine and cyber we continue to.

Beth: Now the gate, a competitive casualty market and.

Vincent Christopher Tizzio: Our approach remains one of disciplined underwriting.

Beth: We have continued this trend into the April renewals, Pete will unpack our reinsurance results further.

Vincent Christopher Tizzio: Pete will unpack our reinsurance results further. The results that we're generating across both our insurance and reinsurance businesses are grounded in the strength and depth of our distribution relationship. AXIS is being increasingly called upon by our customers for our tailored products, the expertise and acumen of our underwriters, and the high-caliber service that we provide.

Pete: The results that we're generating across both our insurance and reinsurance businesses are grounded in the strength and depth of our distribution relationships access is being increasingly called upon by our customers for our tailored products the expertise and acumen of our underwriters and the high caliber service that we provide.

Vincent Christopher Tizzio: Second, we continue to rigorously improve how we operate to become a more integrated, efficient company. As I've previously shared through our How We Work program, over the next several years, we are implementing operating model improvements focused on enhancing organizational efficiency, making investments that empower our colleagues and optimize their productivity while improving service quality, accelerating growth, and ensuring more consistent profitable returns are delivered. We're starting to see clear signs of the positive impact of how we work on our expenses. As an example, in the first quarter, we saw a reduction of six-tenths of a percentage point in our GNA ratio compared to the first quarter of 2023.

Vincent Christopher Tizzio: Second we continue to rigorously improve how we operate to become a more integrated efficient company as.

Vincent Christopher Tizzio: As I've previously shared through our how we work program over the next several years, we are implementing operating model improvements focused on enhancing organizational efficiency, making investments that empower our colleagues and optimize their productivity, while improving service quality accelerating growth.

Pete: And ensuring more consistent profitable returns are delivered we're.

Pete: We're starting to see clear signs of the positive impact of how we work on our expense base. As an example in the first quarter. We saw a reduction of six tenths of a percentage point in our G&A ratio compared to the first quarter of 23.

Vincent Christopher Tizzio: Indeed, we're becoming faster, smarter, and more efficient, a theme that we'll discuss at our upcoming Investor Day on May 30. Third, we are continuing to invest in building strong capabilities in underwriting, claims, and operations. In the past, I have discussed the work we are leaning into to enhance our operating models for claims and operations to more closely align with our underwriting business priorities, and these efforts are continuing to generate positive traction.

Vincent Christopher Tizzio: Indeed, we're becoming faster smarter and more efficient a theme that we'll discuss at our upcoming Investor day on may 30th.

Vincent Christopher Tizzio: Third we are continuing to invest in building strong capabilities in underwriting claims and operations in the past I've discussed the work we are leaning into to enhance our operating models for claims and operations to more closely align with our underwriting business priorities and these efforts are continuing.

Vincent Christopher Tizzio: To generate positive traction in.

Vincent Christopher Tizzio: In claims, this work includes recruiting top talent to newly created positions to enhance our existing teammates while further optimizing our processes and enhancing our data and analytic capabilities. We are also continuing to strengthen the connectivity between claims, operations, and our underwriting business teammates alongside the actuarial team. Within operations, we are streamlining the organization's structure, deepening our digital and automation capabilities, and partnering ever more closely with our brokers and our underwriting teams to facilitate the faster intake of submissions and improve response time, while in keeping with our risk appetite and ultimate profit objectives with respect to people.

Pete: And claims this work includes recruiting top talent to newly created position to enhance our existing teammates while further optimizing our processes and enhancing our data and analytic capabilities. We're also continuing to strengthen the connectivity between claims operations and our underwriting.

Vincent Christopher Tizzio: Teammate alongside the actuarial team within operations, we are streamlining the organization structure deepening, our digital and automation capabilities and partnering ever more closely with our brokers and our underwriting teams to facilitate the faster intake of submissions and improve.

Vincent Christopher Tizzio: Lance time, well in keeping with our risk appetite and ultimate profit objectives.

Vincent Christopher Tizzio: With respect to people, we are continuing to attract great talent to complement our existing team. This includes the recent announcements of new leaders for our wholesale casualty North American environmental team North American E N O and U S. Construction units. In addition earlier this quarter, we on boarded a new global chief.

Vincent Christopher Tizzio: We are continuing to attract great talent to complement our existing team. This includes the recent announcements of new leaders for our wholesale casualty, North American environmental team, North American E&O, and U.S. Construction. In addition, earlier this quarter, we onboarded a new Global Chief Information Officer, who is helping lead our internal efforts to drive business-enabling technology capability. We're also growing from within, including recent promotions in our global markets, the executive leadership team, and the advancement of a new chief commercial officer.

Vincent Christopher Tizzio: Information Officer, who is helping lead our internal efforts to drive business, enabling technology capabilities.

Vincent Christopher Tizzio: We're also growing from within including recent promotions in our global markets Executive leadership team and the advancement of a new Chief commercial officer.

Vincent Christopher Tizzio: Lastly, we manage our capital efficiently. This involves our continued focus on maintaining a strong capital position and balance sheet, enabling us to fund profitable growth as well as return capital to our shareholders through common dividends and share repurchase. Pete will provide more details on this shortly. In summary, 2024 is off to a very good start for AXIS. Our team is committed and energized. We look forward to speaking with you at our upcoming Investor Day on May 30th in New York and going into greater detail on many of these topics. I'll now turn the call over to Pete to discuss our finances.

Vincent Christopher Tizzio: Lastly, we manage our capital efficiently. This involves our continued focus on maintaining a strong capital position and balance sheet, enabling us to fund profitable growth as well as by returning capital to our shareholders through common dividends and share repurchases people will provide more details on this shortly.

Vincent Christopher Tizzio: In summary, 'twenty 'twenty four is off to a very good start for axis. Our team is committed and energized. We look forward to speaking with you at our upcoming Investor Day on May 13th in New York and going into greater detail on many of these subject I'll now turn the call over to Pete to discuss our financials.

Peter John Vogt: Thank you Vince and good morning everyone. AXIS had a very strong performance in court. Our net income to common shareholders was $388 million, or $4.53 per diluted common share, which resulted in an annualized ROE of 32.1% and drove our book value per diluted common share to $57.13 at quarter end. Our operating income was $220 million, or $2.57 per diluted common share, the highest quarterly EPS in our company's history, which resulted in an operating ROE of 18.2%. I'll first address the Government of Bermuda's Income Tax Act and the provision referred to as an Economic Transition Adjustment.

Pete: Thank you Vince and good morning, everyone.

Peter John Vogt: <unk> had very strong performance in the quarter, our net income to common shareholders was 388 million or $4 53 per diluted common share, which resulted in annualized ROE of 32, 1%.

Peter John Vogt: And drove our book value per diluted common share to $57 13 at quarter end.

Peter John Vogt: Our operating income was $220 million or $2 57 per diluted common share the highest quarterly EPS in our company's history, which resulted in an operating ROE of 18, 2%.

Peter John Vogt: I'll first address the government of Bermuda's income tax act and the provision referred to as an economic transition adjustment.

Peter John Vogt: After detailed analysis, we recorded a deferred tax asset of $163 million.

Peter John Vogt: In the quarter.

Peter John Vogt: This amount was included in net income and excluded from operating income.

Peter John Vogt: After a detailed analysis, we recorded a deferred tax asset of $163 million in the quarter. This amount was included in net income and excluded from operating income. Moving on to our consolidated results, our company-wide gross premiums written grew 11.4% as we continue to see attractive pricing across most lines of business. Our current accident year loss ratio, XCAT and weather, was an excellent 56.4%. Importantly... Our loss picks were consistent with the learnings from our in-depth reserve review conducted at the end of last year.

Peter John Vogt: Moving on to our consolidated results our companywide gross premiums written grew 11, 4% as we continue to see attractive pricing across most lines of business.

Peter John Vogt: Our current accident year loss ratio ex cat and weather was an excellent 56, 4%.

Peter John Vogt: Importantly, our loss picks were consistent with the learnings from our in depth Reserve review conducted at the end of last year.

Peter John Vogt: Additionally, we did have exposure to the Francis Scott Key Bridge tragedy, and this impacted the quarter XCAT and weather loss ratio by about a point and a half with some losses in both segments. Pre-tax CAT and weather-related losses, net of reinsurance, totaled 19.8 million, or one and a half points in the quarter. We highlight that for the industry, the quarter was quite active, with over $20 billion of global catastrophe losses, and our share of those losses was remarkably small. Prior period development was nil and a quarter, and we saw very little underlying movement by class of business and by AXIS.

Peter John Vogt: Additionally, we did have exposure to the Francis Scott Key bridge tragedy, and this impacted the quarter ex cat and weather loss ratio by about a point and a half with some loss in both segments.

Peter John Vogt: Pretax cat and weather related losses net of reinsurance.

Peter John Vogt: Totaled $19 8 million or one and a half points in the quarter.

Peter John Vogt: We highlight that for the industry the quarter. It was quite active with over $20 billion of global catastrophe losses, and our share of those losses was remarkably small.

Peter John Vogt: Prior period development was nil in the quarter and we saw a very little underlying movement by class of business and by accident year.

Peter John Vogt: Given how recently we undertook our deep dive reserve review, we are not surprised to see so little change. We remain highly confident in our reserve position. Our peak PMLs are large U.S. natural catastrophes, including a California earthquake or a Southeast hurricane.

Peter John Vogt: Given how recently, we undertook our deep dive reserve review, we are not surprised to see so little change.

Peter John Vogt: We remain highly confident in our reserve position.

Peter John Vogt: Our peak P. M L's, our large U S natural catastrophes, including a California earthquake or southeast Hurricane.

Peter John Vogt: Each of these events remains well below 5% of shareholders' equity at the 1 in 250 year peril mark, although we are taking advantage of market opportunities and growing our insurance property book materially. Given our outward property treaty still has a $100 million event retention, our event PMLs have remained steady over the quarter. The total expense ratio is 33.2%, and as Vince said, as we execute on how we work, we're confident that we'll see lower expenses in 2024. The quarter included $12.3 million of reorganization expense, which includes the cost of severance as we reduce headcount in several areas. The consolidated Acquisition Cost ratio was 20.2%.

Peter John Vogt: Each of these events remain well below 5% of shareholders' equity at the one or $2 50 year Paramor.

Peter John Vogt: While we're taking advantage of market opportunities and growing our insurance property book materially.

Peter John Vogt: Given our outwards property treaty still has $800 million event retention.

Peter John Vogt: Event P. M L's have remained steady over the quarter.

Peter John Vogt: The total expense ratio was 33, 2% and as Vince said as we execute on how we work we're confident that we'll see lower expenses in 2024.

Peter John Vogt: The quarter included $12 3 million of reorganization expense, which includes the cost of severance as we reduced head count in several areas.

Peter John Vogt: The consolidated acquisition cost ratio was 22%.

Peter John Vogt: This ratio was higher than the prior year quarter due to a couple of factors, most notably a mix of business change favoring short tail lines in our insurance segment and the impact of higher profit commissions being paid on good performing business in the reinsurance segment. The consolidated G&A expense ratio, including corporate, was 13%, down from 13.6% a year ago, a favorable comparison which we expect will continue as we execute on how we work. Now, let's move on and discuss our segment results in more detail.

Peter John Vogt: This ratio was higher than the prior year quarter due to a couple of factors, most notably mix of business change favoring short tail lines in our insurance segment.

Peter John Vogt: And the impact of higher profit commissions being paid a good performing business in the reinsurance segment.

Peter John Vogt: The consolidated G&A expense ratio, including corporate was 13% down from $13 six a year ago, a favorable comparison, which we expect will continue as we execute on how we work.

Peter John Vogt: Now, let's move on and discuss our segment results in more detail.

Peter John Vogt: Insurance had a strong quarter. As Vince noted, gross premiums were at $1.6 billion, an increase of 11% compared to the prior year. Across most of our book, pricing remains highly adequate, and we see opportunity to put capital to work at attractive returns above our long-term target. The insurance combined ratio was an outstanding 86.6%, including 2.1% of CAT and weather-related losses. Current Accident Year Loss Ratio, XCAT, and Weather was 52%, which compares to 52.2 in the prior year and continues to be consistent across recent quarters.

Peter John Vogt: Insurance had a strong quarter as Vince noted gross premiums written were $1 6 billion, an increase of 11% compared to the prior year.

Peter John Vogt: Across most of our book pricing remains highly adequate and we see opportunity to put capital to work at attractive returns above our long term targets.

Peter John Vogt: The insurance combined ratio was an outstanding 86, 6%, including two 1% of cat and weather related losses.

Peter John Vogt: The current accident year loss ratio ex cat and weather was 52%.

Peter John Vogt: Which compares to 52.2 in the prior year and continues to be consistent across recent quarters.

Peter John Vogt: Additionally, the acquisition cost ratio is up over the prior year, but again, consistent with recent quarters, reflecting the mix of business change as we favor short tail lines. Now, let's move on to the reinsurance segment. The first quarter accounts for approximately 50% of our annual written premiums, and gross premiums are up almost 12% in the quarter as we continue to build our specialist-focused business. The quarter was helped by some timing on a few contract renewals, a number of which were new business in 2Q of last year. Our reinsurance team remains focused on the bottom line. And we are pleased with the much improved consistency in the result.

Peter John Vogt: Additionally, the acquisition cost ratio was up over the prior year, but again consistent with recent quarters, reflecting mix of business change as we favor short tail lines.

Peter John Vogt: Now, let's move on to the reinsurance segment.

Peter John Vogt: The first quarter accounts for approximately 50% of our annual written premiums and gross premiums were up almost 12% in the quarter as we continue to build our specialists focused business.

Peter John Vogt: The quarter was helped by some timing on a few contract renewals a number of which were new business in <unk> of last year.

Peter John Vogt: Our reinsurance team remains focused on the bottom line.

Peter John Vogt: And we are pleased with the much improved consistency in the results.

Peter John Vogt: A higher percentage of the rest of the year renewals are in liability lines where we are taking a more cautious and selective approach. And we would expect the full-year growth for reinsurance to be in the mid-single-digit range. Net written premiums declined versus the prior year quarter as we are ceding more business to our strategic capital partners; we would expect the seeding percent of approximately 35% to be maintained throughout the year. The Reinsurance Combined Ratio is 95.8%, above what we consider normalized in the low 90s range.

Peter John Vogt: A higher percentage of the rest of the year renewals is in liability lines, where we were taking a more cautious and selective approach.

Peter John Vogt: And we would expect the full year growth for reinsurance to be in the mid single digit range.

Peter John Vogt: Net written premiums declined.

Peter John Vogt: Prior year quarter, as we are ceding more business to our strategic capital partners.

Peter John Vogt: We would expect the seeding percent of approximately 35% to be maintained throughout the year.

Peter John Vogt: The reinsurance combined ratio was 95, 8% above what we consider normalized in the low nineties range.

Peter John Vogt: The XCAT and weather loss ratio of 68 is up 5 points from the prior year, being driven by two points of upward movement due to the impact of exiting the catastrophe and property lines of business, and three-and-a-half points due to the Francis Scott Key Bridge tragedy in the quarter.

Peter John Vogt: The ex cat and weather loss ratio of 68 is up five points from prior year.

Peter John Vogt: Being driven by two points of upward movement due to the impact of exiting the catastrophe and property lines of business and three and a half points due to the Francis Scott Key bridge tragedy in the quarter.

Peter John Vogt: I highlight that our acquisition cost ratio of 23% is higher than the prior year quarter due mostly to the impact of profit commissions associated with loss-sensitive features. This year profit commissions added about a point to the acquisition cost ratio in the quarter, and we would expect a normalized 22% for the remainder of the year. Moving on to investment, we had $167 million of net investment income, up 25% from the prior year in the quarter.

Peter John Vogt: I highlight that our acquisition cost ratio of 23% is higher than the prior year quarter due mostly to the impact of profit commissions associated with loss sensitive features.

Peter John Vogt: This year profit commissions added about a point to the acquisition cost ratio in the quarter.

Peter John Vogt: And we would expect a normalized 22% for the remainder of the year.

Peter John Vogt: Moving on to investments, we had 167 million of net investment income up 25% from the prior year in the quarter.

Peter John Vogt: The overall outlook is positive as our book yield on fixed income securities was 4.3% at quarter end, while the new money yield was 5.6%, and we continue to generate strong cash flow. Furthermore, in the quarter, we returned $100 million to shareholders through $38 million of common dividends and $62 million of share repurchases. Given the substantial opportunities in our specialty markets, our priority for capital remains growing our profitable book of business, as well as investing in our people, products, and operating infrastructure.

Peter John Vogt: The overall outlook is positive as our book yield on fixed income Securities was four 3%.

Peter John Vogt: At quarter end, while the new money yield was five 6%.

Peter John Vogt: And we continue to generate strong cash flow.

Peter John Vogt: Further in the quarter, we returned $100 million to shareholders through a $38 million of common dividends and $62 million of share repurchases.

Peter John Vogt: Given the substantial opportunities in our specialty markets our priority for capital remains growing our profitable book of business as well as investing in our people products and operating infrastructure.

Peter John Vogt: In summary, this quarter and throughout the year, we continue to advance our strategic priority to deliver growth in book value. We are committed to building on our organizational progress and optimistic about the future. And with that, I am happy to take your questions.

Peter John Vogt: In summary, this quarter and throughout the year, we continued to advance our strategic priority to deliver growth in book value.

Peter John Vogt: We are committed to building on our organizational progress and optimistic for the future.

Peter John Vogt: And with that happy to take your questions.

Operator: We will now begin the question and answer session. To ask a question, you may press star then 1 on your telephone keypad. If you are using a speakerphone, please pick up your handset before pressing the key. To withdraw your question, please press star then 2. At this time, we will pause momentarily to assemble our roster. The first question is from Dean Cristiello with KBW. Please go ahead.

Speaker Change: We will now begin the question and answer session.

Dean Cristiello: To ask a question you May press Star then one on your telephone keypad.

Operator: If you are using a speaker phone please pick up your handset before pressing the keys.

Dean Cristiello: To withdraw your question. Please press Star then two at this time, we will pause momentarily to assemble our roster.

Dean Cristiello: The first question is from Deane Chris.

Dean Cristiello: Christy yellow with K B W. Please go ahead.

Dean Cristiello: Hi, I was hoping to get a little bit more color on capital deployment. I know you just mentioned that the share repurchases were strong in the first quarter. How should we think about share repurchases for the remainder of the year next year, given that you said that you preferred preference for organic growth?

Dean Cristiello: Hi, I was hoping to get a little bit more color on capital deployment. I know you just mentioned the share repurchases were strong in the first quarter.

Dean Cristiello: How could we think about share repurchases for the remainder of the year next year given that you said that.

Dean Cristiello: You prefer.

Dean Cristiello: Preference for inorganic growth.

Peter John Vogt: Hey, Dean, this is Pete. I'll take that. Yeah, right now, we really, as we've talked about in the past, you know, our number one priority for capital use is the growth of profitable businesses. We do feel, we do know our capital position is very strong right now. And we will continue to utilize our current authorized amount of $100 million through the remainder of the year, and I would expect us to use that up over the course of the next few months.

Dean Cristiello: Hey, Deane this is Pete I'll take that yeah, right now we really as we've talked about in the past you know our number one priority for capital use is growth of profitable business. We do feel we do know our capital position is very strong right now and we will continue to utilize our our current authorized amount of $100 million through the remains.

Peter John Vogt: The year and I would expect us to use that up.

Peter John Vogt: Over the course of the next few months as for other capital deployment.

Pete: If there's any more actions on when it comes to share buyback, we will be talking with our board.

Peter John Vogt: As for other capital deployment, if there are any more actions when it comes to share buyback, we'll be talking with our board, you know, in the next few weeks, and we'll consider other capital deployments. But right now, we see very attractive opportunities in our insurance business, especially, and we really are looking to put capital to work in growing the insurance business.

Peter John Vogt: In the next few weeks and we will consider other deployment for capital, but right now we see very attractive opportunities in our insurance business, especially and we really are looking to put capital to work in growing the insurance business.

Vincent Christopher Tizzio: Dean, this is Vince Tizzio, just to add to Peter's answer. As we think about capital management in the company, we think about our toolkit in a number of different ways. Pete mentioned our share repurchase program, which we've exhausted some $60-odd million part of the $100 million. Additionally, Pete mentioned investing in the business. You saw the 11% growth that we put forward in the insurance business. You saw the inclusion of a number of new teammates.

Peter John Vogt: This is Vince just to add to Peter's answer as we think about capital management in the company, we think about our tool kit and a number of different ways. Pete mentioned, our share repurchase program, which we've exhausted some 60 odd million part of the 100 million. Additionally, Pete mentioned investing in the business you saw the <unk>.

Vincent Christopher Tizzio: 7% growth that we put forward in the insurance business you saw the inclusion of a number of new teammates you saw the mentioned which is a complement to what we stated in the fourth quarter about new revenue sources. This all takes capital and then finally, we have about how we work program, that's being undertaken and its earliest days and that too will.

Vincent Christopher Tizzio: You saw the mention, which is a complement to what we stated in the fourth quarter about new revenue sources. This all takes capital. And then finally, we have a how we work program that's being undertaken, and in its earliest of days, and that too will require capital expenditure as we continue to invest in the new capabilities that we're bringing to bear in order to bring more perfected efficiency to the organization, as well as better risk insights that ultimately drive better risk selection.

Vincent Christopher Tizzio: While capital expenditure as we continue to invest in the new capabilities that we're bringing to bear in order to bring more perfected efficiency to the organization as well as best better risk insights that ultimately drive better risk selection. Thank you for your question.

Dean Cristiello: Yeah, thank you for that. And my next one was on insurance liability lines. I appreciate all the color you gave around the corrective actions you've taken in that book. But thinking about growth in the future, what sorts of market dynamics are you looking to see in order to sort of re-accelerate growth within that?

Speaker Change: Yeah. Thank you for that and my next one was on the insurance liability lines I. Appreciate all the color you gave around the corrective actions you've taken in that book, but thinking about growth in the future what what what sorts of market dynamics.

Dean Cristiello: Are you looking to see in order to sort of reaccelerate growth within that book.

Vincent Christopher Tizzio: Dean, this is Vince again. First of all, we took a number of strong underwriting actions through the fourth quarter and into the first quarter, really in complement to the reserve strengthening action that we executed in the 4Q. That body of work continues. Our leadership team in North America has worked very hard at reshaping the kind of classes that we're willing to have with a risk reward that we think is fair. In our primary casualty business in the quarter, we obviously did not grow that business. That was a purposeful action.

Vincent Christopher Tizzio: Dean, this is Vince again.

Dean Cristiello: Deane. This is Vince again, so firstly, we took a number of strong underwriting actions through the fourth quarter extending into the first quarter really and complement to the reserve strengthening action that we executed in the fourth Q that body of work continues our leadership team in North America has.

Vincent Christopher Tizzio: Worked very hard at reshaping the kind of classes that we're willing to have a risk reward that we think is fair in our primary casualty business in the quarter. We obviously did not grow that business that was a purposeful action our excess casualty business grew as I noted in my opening remarks, we are very different underwriting appetite between the two.

Vincent Christopher Tizzio: Our excess casualty business grew, as I noted in my opening remarks. However, we have very different underwriting appetites between the two. We have very strong limit management in our excess casualty business and a very strong reinsurance program. But directly to your question about the primary liability market, that will be a market that we act with caution in. We're out in our primary channel of distribution through wholesale. We're pursuing a strategy with a redefined underwriting appetite, and it's a business that will be graduated over time.

Vincent Christopher Tizzio: We have very strong limit management, and our excess casualty business and a very strong reinsurance program, but direct to your question in the primary liability market that will be a market that we act with caution.

Vincent Christopher Tizzio: Out in our primary channel of distribution through wholesale we're prosecuting our strategy with our redefined underwriting appetite and it's a business that will be graduated over time.

Speaker Change: Thanks, Dan.

Speaker Change: You're welcome.

Operator: The next question is from Josh Shanker with Bank of America. Please go ahead.

Vincent Christopher Tizzio: The next question is from Josh Shanker with Bank of America. Please go ahead.

Joshua David Shanker: Thank you very much. A couple of questions I think most could repeat. I noticed on the fixed maturity portfolio, there's a little step down in the yield in the quarter. Are we near the terminal yield for this portfolio, or are there some quirks that should continue to rise as you redeploy lower-yielding investments into higher-yielding?

Joshua David Shanker: Yeah. Thank you very much couple of questions I think mostly repeat I noticed on the fixed maturity portfolio Theres, a little step down in the yield in the in the quarter or are we near the terminal yield for this portfolio, where theres. Some quirks metric continued to rise.

Joshua David Shanker: As you redeploy shorter.

Joshua David Shanker: Our lower yielding investments into higher yielding investments.

Peter John Vogt: Thanks, Josh. This is Pete. Yeah, we do expect, with the current new money market yield being 5.6%, that we will continue to see some increases in fixed income yield through the rest of this year. That is our true expectation. I think some of the slowdown you're referencing is if you look sequentially, last year, as rates were rising, remember we had about 15% of our portfolio in floaters. Those reset much more quickly than the rest of the portfolio.

Joshua David Shanker: Thanks, Josh This is Pete yes, we do expect with the current new money market youll be in five 6% that we will continue to see some increases in the fixed income yield through the rest of this year that is our to expectation I think some of the slowdown you're referencing is if you look sequentially.

Peter John Vogt: Last year as rates were rising we remember we have about 15% of our portfolio and floaters those reset much more quickly than the rest of the portfolio. Those floaters are pretty much reset already and that that part of the curve, where those floaters CIT has been pretty flat for the last 90 to 100 days and so we didn't get an uplift from the floaters.

Peter John Vogt: Those floaters have pretty much reset already, and that part of the curve where those floaters sit has been pretty flat for the last 90 to 100 days, so we didn't get an uplift from the floaters. But the rest of the portfolio will continue to see an

Peter John Vogt: But the rest of the portfolio will continue to see an uplift.

Joshua David Shanker: Okay, and then when you exit a business, for a while, the paid losses exceed the incurred losses because you're paying out claims, and you're not writing new business. And that's generally the case in the reinsurance business. But the areas you exited are largely short tail, and the pay-to-incurred ratio remains elevated. When do you expect the reinsurance reserve position to normalize and start to build again?

Speaker Change: Okay and then when.

Joshua David Shanker: When you exit a business for a while the paid losses exceed the incurred losses, because you're not writing new business.

Joshua David Shanker: Generally came from the reinsurance business, but the.

Joshua David Shanker: Or as you exited or are largely short tail.

Joshua David Shanker: Pedro crude ratio remained elevated when do you expect or the reinsurance reserve position to normalize and start to build again.

Peter John Vogt: So, Josh, this is Pete. I'll ask you a couple questions.

Joshua David Shanker: So Josh this is Peter I'll take a couple of questions you've mentioned when will the reinsurance reserve position normalize again, I'd say the reinsurance reserves, we believe our solid and with all the actions. We took at year end, where we're very comfortable with when you look at the paid to incurred you got to remember the part of that.

Peter John Vogt: You've mentioned when the reinsurance reserve position will normalize again. I'd say the reinsurance reserves are solid, and with all the actions we took at year-end, we're very comfortable with them. When you look at the paid-to-incurred, you've got to remember that, you know, part of that incurred is on a net basis. And so the fact that we're now seeding more premium out in reinsurance actually has the net incurred number looking lower.

Peter John Vogt: Incurred is is on a net basis and so the fact that we're now seeing more premium out in reinsurance actually has a net incurred number looking lower so just by the fact that we're paying out those claims from prior years is going to make the reinsurance ratio look odd for quite a number of quarters until that gets normalized.

Peter John Vogt: So just by the fact that we're paying out those claims from prior years is going to make the reinsurance ratio look odd for quite a number of quarters until that gets normalized. So part of what's driving that is the fact that we are seeding more out, and that's kind of hitting the denominator right now on the reinsurance side.

Peter John Vogt: Part of what's driving that is the fact that we are ceding more out and thats kind of hitting the denominator right now on the reinsurance side.

Joshua David Shanker: And how does the monarch re-relationship impact that as well?

Peter John Vogt: And how does the monarch re relationship background as well.

Peter John Vogt: Well, Monarch Re is one of our great trading partners right now, and we do seed to them where we were not seeding to them in prior years, and so that's one of the aspects of increasing the seed to 35% on the reinsurance side.

Speaker Change: Well monarch re is one of our great trading partners right now and we do see to them, where we were not ceding to them in prior years and so that's one of the aspects of increasing 6% to 35% on the reinsurance side.

Joshua David Shanker: But does that mean that as long as you're ceding to them for a while, pay-to-incurred is going to be elevated for some time, given that the net premiums are going to them instead of, and the net losses are because your net incurred will be smaller going forward because a higher proportion is going out to a reinsurance partner?

Peter John Vogt: But does that mean that as long as youre seeing to them for a while.

Joshua David Shanker: To incurred is going to be elevated for some time given that the net premiums are going to them instead of net losses are.

Joshua David Shanker: Because youre netting incurred will be smaller going forward because of higher proportion is going out to a reinsurance partner.

Peter John Vogt: Yes, what we're saying is net earned premium is going to be lower, so net incurred is going to be lower, and then the pays are associated with where we've actually kept more of the business in the past. So it's going to be a bit of a change over the next probably good six to eight quarters.

Joshua David Shanker: Yes, what we're saying is net earned premiums going to be lower so in that curve is going to be lower and then the pays are associated with where we've actually kept more of the business in the past so it's going to be up.

Peter John Vogt: A bit of a change over the next probably good six to eight quarters.

Joshua David Shanker: What does this mean for the long-term trend in the float in the company? Will it be stable for a while because you're paying out claims, because you're seeding more business, and therefore the float doesn't grow like it once did if you were just holding everything and keeping all your lines?

Peter John Vogt: Full circle and thanks for all the questions. What does this mean for the long term trend in the float and the company will be stable for a while because you are paying out claims because youre ceding more business and therefore the doesn't grow.

Joshua David Shanker: Once did if you were just holding everything in and keep them on your margins.

Joshua David Shanker: Okay.

Peter John Vogt: That is true when you think of just the reinsurance business, but overall, our cash flow continues to be nicely positive because, overall, we're growing the business on a net written basis in total. All good. Thank you.

Joshua David Shanker: That is true when you think of just the reinsurance business, but overall our cash flow compete continues to be nicely positive because overall, we are growing the business on a on a net written basis in total Josh.

Operator: Thank you for all the questions and answers.

Speaker Change: Thank you for all the questions and answers.

Operator: Okay.

Operator: The next question comes from Elyse Greenspan with Wells Fargo. Please go ahead.

Operator: The next question comes from Elyse Greenspan with Wells Fargo. Please go ahead.

Elyse Beth Greenspan: Hi, thanks. Good morning.

Elyse Beth Greenspan: Hi, Thanks. Good morning. My first question I was hoping you could provide more details. Unlike the repositioning and Nonrenewals within your North America primary casualty portfolio I know that was mentioned in the trade press, but it was also confirmed by the company and does that you know I think you addressed your reserve somewhat.

Elyse Beth Greenspan: The prepared remarks, but does that article also mentioned.

Elyse Beth Greenspan: You know also alluded to perhaps.

Elyse Beth Greenspan: Non renewing and repositioning that book that you might choose to do another deep dive into some of those reserves.

Elyse Beth Greenspan: My first question is, I was hoping you could provide more details on, like the repositioning and non-renewals within your North America primary casualty portfolio. I know that was mentioned in the train press, but it was also confirmed by the company. And does that, you know, I think you addressed your reserve somewhat in the prepared remarks, but does that article also mention, you know, also allude to perhaps, you know, if you're non-renewing and repositioning that book, that you might choose to do another deeper dive into some of those reserves?

Elyse Beth Greenspan: Alicia This is Vince good morning, Thank you for the question.

Vincent Christopher Tizzio: Elyse, this is Vince. Good morning. Thank you for the question. I'm not certain what article you're referring to, but I can speak to what we're doing at AXIS in our primary casualty business and liability classes very specifically. So first, as I noted already, as part of our reserve strengthening action, we examined liability classes. We identified a number of underperforming segments within our primary casualty business.

Speaker Change: I'm not certain what article you're referring to but I can't speak to what we're doing at axis and our primary casualty business and liability classes very specifically so first as I noted already as part of our reserve strengthening action, we examine liability classes, we identified a number of underperforming says.

Vincent Christopher Tizzio: <unk> with our within our primary casualty business, we undertook a communication strategy with our wholesale business partners, indicating what our appetite and expectation would be around rate as well as our go forward appetite this business as being diversified in terms of class. It is continuing that we'll obviously provide in the near.

Vincent Christopher Tizzio: We undertook a communication strategy with our wholesale business partners, indicating what our appetite and expectation would be around rate, as well as our go-forward appetite. This business is being diversified in terms of class. It is continuing. That will obviously provide, in the near term, an impact on our top-line production in that unit. In the first quarter, as an example, primary casualty was down some 26 percent from the prior year.

Vincent Christopher Tizzio: Term and impact to our top line production in that unit in the first quarter. As an example primary casualty was down some 26 odd percent.

Vincent Christopher Tizzio: From the prior year. This is all part of the reshaping thats been expressly communicated to our business partners in respect to the reserve review.

Vincent Christopher Tizzio: This is all part of the reshaping that's been expressly communicated to our business partners. In respect to the reserve review, we feel very confident, as both Pete and myself expressed in our opening remarks about our reserve position, we have no concern, whatever the result is from the first quarter. We're pleased with both the progression of our primary team advancing our new underwriting strategy, and we're pleased with the courtesy of our communication strategy with our wholesale business partners. It will take time, but we have a number of other revenue sources to offset that growth.

Vincent Christopher Tizzio: We feel very confident as both Pete and myself expressed in our opening remarks about our reserve position, we have no concern whatever that's resulting from the first quarter. We're pleased with both the progression of our primary team advancing our new underwriting strategy. We're pleased with the courtesy of our communication strategy with our wholesale business.

Vincent Christopher Tizzio: <unk> partners and so it'll take time, but we have a number of other revenue sources to offset that that growth.

Elyse Beth Greenspan: And then my second question, you know, if we kind of, you know, normalize for, you know, the bridge losses, which went through the current accident year, I think my questions on the loss ratio with the current accident year loss ratios in both insurance and reinsurance, are those good, you know, modeling, modeling points for the rest of the year?

Vincent Christopher Tizzio: Thanks, and then my second question.

Elyse Beth Greenspan: If we kind of normalize for you know the brakes losses, right, which went through the current accident year.

Elyse Beth Greenspan: I think my question is on the loss ratio would be current accident year loss ratios in both insurance and reinsurance is always good you know modeling I'm modeling points for for the rest of the year.

Peter John Vogt: So Elyse, this is Pete. I'll take that question. I think, you know, one thing we don't give guidance on is we expect the portfolio for the remainder of the year to be a lot like the portfolio we just had in the first quarter.

Elyse Beth Greenspan: So at least this is Peter I'll take that question I think.

Pete: One we don't give guidance, but what I would say is we expect the portfolio for the remainder of the year to be a lot like the portfolio. We just had in the first quarter.

Peter John Vogt: Yeah.

Elyse Beth Greenspan: And then from a top line growth perspective, within insurance, you know, kind of got back to double digit growth in the quarter. Would you, does that feel like, I know there's pushes and pulls from different business minds, but you feel like you'll see kind of double digit top line premium growth over the balance of the year? We don't provide guidance, but I

Pete: And then from a topline growth perspective within within insurance.

Elyse Beth Greenspan: You know kind of got that back to the double digit growth in the quarter, but does that feel like I know, there's pushes and pulls to different business lines, but do you feel like you'll see kind of double digit top line premium growth over the balance of the year.

Peter John Vogt: We don't provide guidance, but I think the guidepost I'd leave you with, and we've communicated in the past, is a range. We see a range in our insurance business, somewhere between 7 and 12-odd percent of growth over the balance of 2024. We have a number of new initiatives to source-produce new revenue streams. We're fairly bullish on our existing premium adequate lines, which is our entire insurance portfolio at the aggregate level.

Elyse Beth Greenspan: We don't provide guidance, but I think the guide post I'd leave you with and we've communicated in the past is a range right. We see a range in our insurance business somewhere between 7% and 12 odd percent of growth over the balance of 2024, we have a number of new initiatives to source produce new revenue streams were fair.

Peter John Vogt: Bullish in our existing premium adequate lines, which is our entire insurance portfolio at the aggregate level, but we're going to cycle manage lease and so we're not giving guidance, but we have an expectation of continuing to grow our insurance business and we have a great new leadership team in a number of new teammates to help support that ambition.

Peter John Vogt: But we're going to cycle-manage, Elyse, and so we're not giving guidance, but we have an expectation of continuing to grow our insurance business. And we have a great leadership team and a number of new teammates to help support that ambition.

Speaker Change: Thank you.

Vincent Christopher Tizzio: This concludes our question and answer session. I would like to turn the conference back over to Vince Tizzio for any closing remarks.

Peter John Vogt: This concludes our question and answer session I would like to turn the conference back over to Vince <unk> for any closing remarks.

Vincent Christopher Tizzio: Thank you again for joining us today. I'll express again my appreciation to the AXIS team for producing an excellent first quarter. We believe that the strong premium growth and new business generation that we're producing are signs of what is more to come. We're very pleased with the first quarter. I want to thank all of you for taking the time to join us today, and we look forward to having the opportunity to speak with you in more detail at our Investor Day on May 30th. Thank you very much.

Vincent Christopher Tizzio: Thank you again for joining us today I'll Express again, my appreciation to the access team for producing an excellent first quarter, we believe that the strong premium growth new business generation that we're producing.

Vincent Christopher Tizzio: Signs of what is more to come we're very pleased with the first quarter I want to thank all of you for taking time to join US today, and we look forward to having the opportunity to speak with you in more detail at our Investor day on May 30th Thank you very much.

Operator: The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.

Operator: This concludes the conference is now concluded. Thank you for attending today's presentation you may now disconnect.