Company: AXS-PE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001214816-25-000056
Chunk: 121

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 121
---
 payable$1,315,179 

203

AXIS CAPITAL HOLDINGS LIMITEDNOTES TO CONSOLIDATED FINANCIAL STATEMENTSDECEMBER 31, 2024, 2023 AND 202210.    DEBT AND FINANCING ARRANGEMENTS (CONTINUED)

b)    Loan Advances made to a Third Party ReinsurerDuring 2024, the Company advanced $nil (2023: $102 million) to a third party reinsurer. Loans advanced in prior years are being repaid in a manner consistent with the timing of amounts due to the third party reinsurer under retrocession agreements. At December 31, 2024, $75 million (2023: $82 million) was repaid and was treated as a non-cash activity in the consolidated statement of cash flows. Loan advances made are expected to be repaid in full by February 15, 2026 (2023: February 15, 2026). The loan balance receivable at December 31, 2024, of $5 million (2023: $80 million) is included in loan advances made in the consolidated balance sheets. At December 31, 2023, the Company had committed to advance a further $26 million to the third party reinsurer. During 2024, the third party reinsurer advised the Company that this advance was no longer required.Interest on this loan is payable at an interest rate of 5.4% (2023: interest rates between 0.8% and 4.0%). Interest of $nil (2023: $1 million) related to this loan was received in advance and is included in other liabilities in the consolidated balance sheets and was treated as a non-cash activity in the consolidated statement of cash flows.c)    Letter of Credit FacilityAt December 31, 2023, certain of AXIS Capital’s operating subsidiaries (the "Participating Subsidiaries") had a $500 million letter of credit facility available from Citibank Europe plc ("Citibank") (the "$500 million Facility"), pursuant to a Master Reimbursement Agreement May 14, 2010, as amended, and Committed Letter of Credit Facility Letter dated December 18, 2015, as amended. (together, the "LOC Facility Documents").  Under the terms of the $500 million Facility, letters of credit to a maximum aggregate amount of