AXS — what changed in the latest 10-Q
A section-by-section comparison of AXS's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-07-28 vs the prior 10-Q · 2026-04-29
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +65 | −52 | ~65 | 87 |
| Market risk (Item 3) | Text added/removed | 0 | 0 | ~1 | 5 |
| Controls & procedures | Text added/removed | 0 | 0 | ~3 | 0 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 2 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~2 | 2 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-07-28
•Reorganization expenses of $6 million primarily related to the continued implementation of initiatives undertaken to streamline our operations, initiated in the first quarter of 2026.
Total percent of gross premiums written ceded40 %5 pts35 %39 %3 pts36 %
Current accident year loss ratio, excluding catastrophe and weather-related losses54.0 %1.752.3 %53.6 %1.352.3 %
Gross premiums written for the three months ended June 30, 2026 increased by $296 million, or 15%, compared to the three months ended June 30, 2025, attributable to all lines of business with the exception of cyber lines. Our AXIS Capacity Solutions ("ACS") capability contributed approximately $165 …
The increases in property and professional lines were primarily attributable to new business.
Text removed vs the prior filing · source: 10-Q · 2026-04-29
•Reorganization expenses of $23 million primarily related to costs attributable to streamlining our reinsurance operations and costs attributable to transitions in executive leadership
Net income available to common shareholders$247,204 $186,508
Current accident year net losses and loss expenses(656,047)(576,066)
Underwriting-related general and administrative expenses(120,013)(119,592)
Current accident year loss ratio, excluding catastrophe and weather-related losses53.3 %1.052.3 %
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice