Company: AXS-PE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001214816-25-000056
Chunk: 46

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 46
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 credit loss). The debt service coverage ratio and loan-to-value ratio, as well as the values utilized in calculating these ratios, are updated quarterly.The Company has a high quality commercial mortgage loan portfolio with a weighted average debt service coverage ratio of 1.7x (2023: 1.9x) and a weighted average loan-to-value ratio of 78% (2023: 71%). At December 31, 2024 and 2023, there were no past due amounts associated with the commercial mortgage loans held by the Company.On a quarterly basis, the Company's exposure to commercial mortgage loans in the office sector, that represents 43% (2023: 41%) of the total mortgage loan portfolio, is evaluated for credit losses based on inputs unique to this sector. This assessment utilizes historical credit loss experience adjusted to reflect current conditions and management forecasts. Further, collateral dependent commercial mortgage loans (e.g., when the borrower is experiencing financial difficulty, including when foreclosure is reasonably possible or probable) are evaluated individually for credit losses. The allowance for expected credit losses for a collateral dependent loan is established as the excess of amortized cost over the estimated fair value of the loan's underlying collateral, less selling cost when foreclosure is probable. Accordingly, any change in estimated credit losses is recognized as a change in the allowance for expected credit losses and is recorded in net investment gains (losses).At December 31, 2024, the Company's mortgage loan portfolio had an allowance for expected credit losses of $23 million (2023: $6 million).

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AXIS CAPITAL HOLDINGS LIMITEDNOTES TO CONSOLIDATED FINANCIAL STATEMENTSDECEMBER 31, 2024, 2023 AND 20225.    INVESTMENTS (CONTINUED)

e)    Other InvestmentsThe following table provides a summary of the Company's other investments, together with additional information relating to the liquidity of each category:  Fair valueRedemption frequency(if currently eligible)Redemptionnotice periodAt December 31, 2024Multi-strategy funds$24,919 3 %Quarterly60-90 daysDirect lending funds171,048 18 %Quarterly(1)90 daysPrivate equity funds320,690 35 %n/an/aReal estate funds291,640 31 %Quarterly(2), Annually(3)45-90 daysCLO-Equities— — %n/an/aOther privately held investments121,981 13 %n