Company: AXS-PE
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001214816-25-000181
Chunk: 53

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 1
Chunk 53
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 $34.38  

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Table of  ContentsAXIS CAPITAL HOLDINGS LIMITEDNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)10.    DEBT AND FINANCING ARRANGEMENTS 

Letter of Credit FacilityOn August 26, 2025, AXIS Corporate Capital UK II Limited (the "Borrower"), acting through AXIS Managing Agency Limited, as managing agent of AXIS Syndicate 1686 and AXIS Syndicate 2050 (collectively, the "Syndicates"), entered into a facility letter and master agreement (collectively, the "Agreements") with Citibank Europe Plc (the "Lender"), providing for an uncommitted unsecured letter of credit facility up to a maximum aggregate amount of $90 million (the "$90 million Facility") with tenors of issuable letters of credit to August 31, 2030. The facility is supported by a guarantee issued by AXIS Specialty Limited.The letter of credit facility is intended to support the Borrower's obligations in connection with the Syndicates’ participation in the Lloyd’s insurance market, specifically its Funds at Lloyd’s requirements. The facility contains customary representations, warranties, covenants, and events of default for transactions of this nature.On March 23, 2025, the $300 million Facility was amended to extend the tenors of issuable letters of credit to March 31, 2027.

On March 26, 2024, the $500 million Facility was amended to reduce the committed utilization capacity available under the Facility to $300 million (the "$300 million Facility"), enter into an uncommitted secured letter of credit facility with Citibank Europe plc, extend the tenors of issuable letters of credit to March 31, 2026 and make certain updates to the facility's collateral and fee arrangements. 

11.     FEDERAL HOME LOAN BANK ADVANCES

The Company's subsidiaries, AXIS Insurance Company and AXIS Surplus Insurance Company, are members of the Federal Home Loan Bank of Chicago ("FHLB"). At September 30, 2025, the companies had admitted assets of approximately $3.4 billion (2024: $3.2 billion) which provides borrowing capacity of up to approximately $848 million (2024: $798 million). At September 30, 2025, the Company had borrowings under the FHLB program of $66 million (202