AXSAXIS CAPITAL HOLDINGS LTD

Fire, Marine & Casualty Insurance

Revenue: $6.6B; 10% YoY
Operating margin: —
EBITDA: —
Market cap: $7.6B
Employees: 1,966; $3M revenue each
Net debt / EBITDA: —
AI in 10-K: 1.4; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashYes
-4% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
-25× cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
0% of assets
Over 40% of assets
Shareholder dissentNo
97% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$3M · 79th pct
Bottom quartile of its SIC industry
Quiet on AINo
1.4 per 10K words · 43rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
—
More cash than debt, positive EBITDA
Buyout-sizedNo
$7.6B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$238M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$5.3B	$5.1B	$5.6B	$6.0B	$6.6B	10%
Net income	$619M	$223M	$376M	$1.1B	$1.0B	6.7%
Operating cash flow	$1.2B	$798M	$1.3B	$1.8B	−$41M	102%
Stock-based comp	$38M	$48M	$54M	$43M	$45M	5.8%
Buybacks	$0	$35M	$0	$200M	$888M	344%
Dividends	$146M	$149M	$154M	$152M	$143M	6.0%

Deal filings

None.

13D filers

Filed	Filer	Form	Stake	Intent
Mar 5, 2025	T-VIII PUBOPPS LP	SCHEDULE 13D/A	3.0%	Passive
Feb 4, 2025	T-VIII PUBOPPS LP	SCHEDULE 13D/A	21.7%	Passive
Aug 28, 2020	T-VIII PUBOPPS LP	SC 13D/A	8.0%	Passive
Aug 20, 2020	T-VIII PUBOPPS LP	SC 13D	6.8%	Passive

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $238M · 2
Net: −$238M

Pay vs performance

No pay-versus-performance disclosure yet.