AXIS CAPITAL HOLDINGS LTDAXS
AXIS CAPITAL HOLDINGS LTD Goodwill & Intangibles Disclosure
GOODWILL AND INTANGIBLE ASSETS
The table below provides details of goodwill and intangible assets related to the Company's insurance segment:
| Goodwill | Intangible assets with an indefinite life | Intangible assets with a finite life | Total | ||||||||||||||||||||||||||
At December 31, 2023 | |||||||||||||||||||||||||||||
| Gross amount | $ | 95,890 | $ | 120,784 | $ | 394,604 | $ | 611,278 | |||||||||||||||||||||
| Accumulated amortization | n/a | n/a | (317,588) | (317,588) | |||||||||||||||||||||||||
| Accumulated translation adjustment | 4,911 | — | — | 4,911 | |||||||||||||||||||||||||
| 100,801 | 120,784 | 77,016 | 298,601 | ||||||||||||||||||||||||||
| Amortization | n/a | n/a | (10,917) | (10,917) | |||||||||||||||||||||||||
| Impairment charges | — | — | — | — | |||||||||||||||||||||||||
| At December 31, 2024 | |||||||||||||||||||||||||||||
| Gross amount | 95,890 | 120,784 | 394,604 | 611,278 | |||||||||||||||||||||||||
| Accumulated amortization | n/a | n/a | (328,505) | (328,505) | |||||||||||||||||||||||||
| Accumulated translation adjustment | 4,911 | — | — | 4,911 | |||||||||||||||||||||||||
| 100,801 | 120,784 | 66,099 | 287,684 | ||||||||||||||||||||||||||
| Amortization | n/a | n/a | (10,917) | (10,917) | |||||||||||||||||||||||||
| Impairment charges | — | — | — | — | |||||||||||||||||||||||||
Tax-related adjustments | (34,303) | — | — | (34,303) | |||||||||||||||||||||||||
| At December 31, 2025 | |||||||||||||||||||||||||||||
| Gross amount | 95,890 | 120,784 | 394,604 | 611,278 | |||||||||||||||||||||||||
| Accumulated amortization | n/a | n/a | (339,421) | (339,421) | |||||||||||||||||||||||||
| Accumulated translation adjustment | 4,911 | — | — | 4,911 | |||||||||||||||||||||||||
Tax-related adjustments | (34,303) | — | — | (34,303) | |||||||||||||||||||||||||
| 66,498 | 120,784 | 55,183 | 242,465 | ||||||||||||||||||||||||||
| Amortization | n/a | n/a | (9,917) | (9,917) | |||||||||||||||||||||||||
| Impairment charges | — | — | — | — | |||||||||||||||||||||||||
| $ | 66,498 | $ | 120,784 | $ | 45,266 | $ | 232,548 | ||||||||||||||||||||||
n/a – not applicable
Intangible Assets with an Indefinite Life
Intangible assets with an indefinite life include U.S. state licenses that provide a legal right to transact business indefinitely and the value of Lloyd's syndicate capacity, which represents the right to underwrite a certain allocated limit of premium in the Lloyd's market.
Impairment Review
For the years ended December 31, 2025, 2024 and 2023, the Company's impairment review of goodwill did not result in the recognition of an impairment loss.
Tax-related Adjustments
During the year ended December 31, 2024, the Company assessed that certain deferred tax assets and deferred tax liabilities were no longer required and recognized a tax-related adjustment of $34 million.
The tables below provide details of the gross amount and accumulated amortization by category of value of business acquired ("VOBA") and intangible assets:
| VOBA and intangible assets | ||||||||||||||||||||||||||
At December 31, 2025 | Gross amount | Accumulated amortization | Total | |||||||||||||||||||||||
| U.S. state licenses | $ | 26,036 | n/a | $ | 26,036 | |||||||||||||||||||||
Syndicate capacity (2) | 94,748 | n/a | 94,748 | |||||||||||||||||||||||
Customer relationships and customers lists (1) | 13,330 | $ | (13,330) | — | ||||||||||||||||||||||
VOBA(2) | 256,942 | (256,942) | — | |||||||||||||||||||||||
Coverholders (2) | 63,565 | (43,701) | 19,864 | |||||||||||||||||||||||
Large brokers (2) | 46,641 | (25,653) | 20,988 | |||||||||||||||||||||||
SME brokers (2) | 14,126 | (9,712) | 4,414 | |||||||||||||||||||||||
| $ | 515,388 | $ | (349,338) | $ | 166,050 | |||||||||||||||||||||
n/a – not applicable
(1) On April 1, 2015, the Company completed its acquisition of Ternian Insurance Group LLC and recognized the definite life intangible assets detailed above.
(2) On October 2, 2017, the Company acquired Novae and recognized finite lived intangible assets, including VOBA, distribution networks, and indefinite lived intangible assets related to Lloyd's syndicate capacity, all detailed above.
| VOBA and intangible assets | ||||||||||||||||||||||||||
At December 31, 2024 | Gross amount | Accumulated amortization | Total | |||||||||||||||||||||||
| U.S. state licenses | $ | 26,036 | n/a | $ | 26,036 | |||||||||||||||||||||
Syndicate capacity (2) | 94,748 | n/a | 94,748 | |||||||||||||||||||||||
Customer relationships and customers lists (1) | 13,330 | $ | (12,993) | 337 | ||||||||||||||||||||||
VOBA(2) | 256,942 | (256,942) | — | |||||||||||||||||||||||
Coverholders (2) | 63,565 | (38,408) | 25,157 | |||||||||||||||||||||||
Large brokers (2) | 46,641 | (22,545) | 24,096 | |||||||||||||||||||||||
SME brokers (2) | 14,126 | (8,533) | 5,593 | |||||||||||||||||||||||
| $ | 515,388 | $ | (339,421) | $ | 175,967 | |||||||||||||||||||||
n/a – not applicable
(1) On April 1, 2015, the Company completed its acquisition of Ternian Insurance Group LLC (renamed AXIS Group Benefits LLC in 2022) and recognized the definite life intangible assets detailed above.
(2) On October 2, 2017, the Company acquired Novae Group plc ("Novae") and recognized finite lived intangible assets, including VOBA, distribution networks, and indefinite lived intangible assets related to Lloyd's syndicate capacity, all detailed above.
The table below provides details of estimated amortization expense of intangible assets with a finite life:
| Total | ||||||||||||||||||||||||||
2026 | $ | 9,583 | ||||||||||||||||||||||||
2027 | 9,583 | |||||||||||||||||||||||||
2028 | 9,583 | |||||||||||||||||||||||||
2029 | 7,965 | |||||||||||||||||||||||||
2030 | 3,109 | |||||||||||||||||||||||||
After 2030 | 5,443 | |||||||||||||||||||||||||
| Total remaining amortization expense | 45,266 | |||||||||||||||||||||||||
| Indefinite lived intangible assets | 120,784 | |||||||||||||||||||||||||
| Total intangible assets | $ | 166,050 | ||||||||||||||||||||||||
The estimated remaining average useful life of finite lived intangible assets is 5 years.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 27, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2022 | Feb 27, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2018 | Feb 26, 2019 | |
| 2017 | Feb 28, 2018 | |
| 2015 | Feb 25, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.