Group 1 - BofA Securities downgraded AXIS Capital from Buy to Neutral and slightly lowered its price target to $115.00 from $116.00, resulting in a more than 2% intraday share decline [1] - AXIS shares have re-rated from approximately 1.0x book value to 1.4x book value over the past two years, attributed to new leadership, operational initiatives, improved returns, and a stronger balance sheet [1] Group 2 - The outlook for AXIS Capital is becoming more challenging as pricing trends in the insurance sector begin to soften [2] - Concerns have been raised regarding AXIS's underwriting profile becoming less transparent due to an increased share of underwriting activity from managing general agent risk and contract-binding business [2] - Given these challenges, BofA views the risk-reward profile as more balanced and has moved to a Neutral rating [2]