The group's balance sheet strength assessment is supported by financial flexibility at the holding company level and within the operating subsidiaries, while also reflecting capital management strategies that have included consistent common and preferred dividends, as well as share repurchases. Reserves have run off favorably for the past few years with the exception of 2023, when AXIS strengthened reserves on its casualty book for years 2017 to 2023. This was the result of unanticipated higher social and economic inflation, impacting claims' experience. However, during 2024, the company reported favorable reserve development. In April 2025, AXIS completed a loss portfolio transfer with Cavello Bay Reinsurance Limited, which is a subsidiary of Enstar Group Limited. AXIS retroceded a portfolio of casualty reinsurance business mostly related to 2021 and prior underwriting years totaling approximately $2.3 billion in ceded reserves.