AXIS Capital is a global specialty insurer and reinsurer headquartered in Bermuda, with operations across the U.S., Europe, Canada, and Singapore. AXIS underwrites complex, non-standard risks — the kinds that require deep underwriting expertise rather than formulaic pricing — across two segments: Insurance (~74% of gross premiums written) and Reinsurance (~26%). The insurance segment covers professional lines (D&O, E&O, medical malpractice), liability, property, marine and aviation, cyber, accident and health, and credit and political risk. The reinsurance segment covers liability, professional lines, motor, A&H, credit and surety, agriculture, and marine — AXIS exited property cat reinsurance in 2022 and aviation reinsurance in 2023. AXIS sells primarily through wholesale and retail brokers, with a growing portion through MGAs and MGUs (~32% of insurance premiums). AXIS makes money by collecting premiums in excess of claims and expenses, targeting a combined ratio below 100%. Key profitability drivers include premium adequacy, catastrophe exposure management, loss reserve accuracy, business mix (roughly 55% short-tail), and investment income from its float. AXIS has been deliberately reducing cat exposure and shifting toward short-tail lines to reduce earnings volatility. Growth initiatives include roughly a dozen new underwriting units launched over the past two years, a lower middle market strategy (~$400M in premium), and AXIS Capacity Solutions, a new third-party capital vehicle generating fee income alongside retained risk.