Company: AXS-PE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001214816-25-000056
Chunk: 326

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 326
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 20, 2022, Standard and Poor's revised its outlook from negative to stable due to improved underwriting performance and reduced prospective earnings volatility as a result of our exit from property and catastrophe reinsurance lines of business. 

(2)    On May 31, 2022, Moody's Investors Service revised its outlook from negative to stable due to improved core underwriting profitability and reduced catastrophe risk exposure.

Non-operating holding companies

On November 17, 2023, Standard and Poor's placed AXIS Capital Holding Limited and the securities guaranteed by this non-operating holding company on CreditWatch Negative due to the potential regulatory restrictions to payments from Bermuda-based insurance and reinsurance operating companies to non-operating holding companies. 

On January 29, 2024, Standard and Poor's removed AXIS Capital Holdings Limited and related securities from Negative CreditWatch and affirmed the Issuer Credit Rating of AXIS Capital Holding Company at A- (Stable). In addition, Standard & Poor's also reaffirmed the A+ Financial Strength and issuer credit ratings on all core operating subsidiaries (Stable). 

The stable outlook reflects Standard and Poor's expectation that AXIS will sustain its strong competitive position supported by solid, less-volatile underwriting performance, and will maintain capital adequacy at the 99.99% (or extreme stress) level in 2023-2025.

96

Contractual Obligations and Commitments

At December 31, 2024, contractual obligations and commitments by period due were:  Payment due by periodContractual obligations and commitmentsTotalLess than 1year1-3 years3-5 yearsMore than5 yearsOperating activitiesEstimated gross losses and loss expenses payments(1)$17,218,929 $5,194,285 $5,778,979 $2,917,873 $3,327,792 Operating lease obligations(2)133,220 17,787 28,207 24,563 62,663 Investing activitiesUnfunded investment commitments(3)629,447 244,743 129,123 19,386 236,195 Financing activitiesDebt (principal payments)(4)1,325,000 — 350,000 300,000 675,000 Debt (interest payments)(4)(5)469,647 60,932 121,115 87,790 199,810 Total$19,776,243