AXIS CAPITAL HOLDINGS LTD Goodwill & Intangibles Disclosure
| 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 | ||||||||||||||||||||||
| 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 | |||||||||||||||||||||
| 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 | |||||||||||||||||||||
| 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 | ||||||||||||||||||||||||
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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.