Company: AXS-PE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001214816-25-000056
Chunk: 311

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 311
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 is the risk that events in a country, such as currency crises, regulatory changes and other political events, will adversely affect the ability of obligors in the country to honor their obligations. For corporate debt and structured securities, we measure the country of risk exposure based on a number of factors, including but not limited to location of management, principal operations and country of revenues.

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An analysis of our fixed maturities portfolio by major asset classes is detailed below:

Non-U.S. Government

Non-U.S. government securities include bonds issued by non-U.S. governments and their agencies along with supranational organizations (collectively also known as sovereign debt securities). 

Details of exposures to governments in the eurozone and other non-U.S. government concentrations by fair value are as follows:

  December 31, 2024December 31, 2023CountryFair value% of totalWeightedaveragecredit ratingFair value% of totalWeightedaveragecredit ratingEurozone countries: Supranationals(1)$43,494 6 %AAA$41,888 6 %AAAGermany25,126 3 %AAA26,788 4 %AAANetherlands6,584 1 %AAA14,604 2 %AA+France6,127 1 %A2,637 — %A-Total eurozone81,331 11 %AA+85,917 12 %AAAOther concentrations: Canada322,111 44 %AA+338,384 47 %AA+United Kingdom259,282 36 %AA-224,809 31 %AA-Mexico3,303 — %BBB7,478 1 %BBBOther63,912 9 %BBB67,371 9 %AA+Total other concentrations648,608 89 %AA638,042 88 %AATotal non-U.S. government$729,939 100 %AA$723,959 100 %AA

(1)Includes supranationals only in the eurozone.

At December 31, 2024, net unrealized losses on non-U.S. government securities were $23 million (2023: $6 million) which included gross unrealized foreign exchange losses of $19 million (2023: $6 million), mainly related to U.K. government bonds.

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Corporate Debt