Company: AXS-PE
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001214816-25-000149
Chunk: 40

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 1
Chunk 40
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,899)2,082 — 7,238 — (5,224)89,786 2,082 Total assets$228,342 $— $(6,899)$735 $1,022 $19,709 $(165)$(27,949)$214,795 $2,082 (1) Realized gains (losses) on fixed maturities and realized and unrealized gains (losses) on other assets and other liabilities included in net income are included in net investment gains (losses). Realized and unrealized gains (losses) on other investments included in net income are included in net investment income.(2) Unrealized gains (losses) on fixed maturities are included in other comprehensive income ("OCI").(3) Change in unrealized gains (losses) relating to assets and liabilities held at the reporting date.Transfers into Level 3 from Level 2There were no transfers into Level 3 from Level 2 during the three and six months ended June 30, 2025 and 2024. Transfers out of Level 3 into Level 2There were no transfers out of Level 3 into Level 2 during the three and six months ended June 30, 2025 and 2024. Other Transfers out of Level 3During the three months ended June 30, 2024, one private company investment fund included in other privately held investments in the consolidated balance sheets was transferred from Level 3 to the NAV practical expedient.

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Table of  ContentsAXIS CAPITAL HOLDINGS LIMITEDNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)4.    FAIR VALUE MEASUREMENTS (CONTINUED)

Measuring the Fair Value of Other Investments Using Net Asset ValuationsThe fair values of multi-strategy funds, direct lending funds, private equity funds, real estate funds and private company investment funds are estimated using NAVs as advised by external fund managers or third-party administrators. For these funds, NAVs are based on the manager's or administrator's valuation of the underlying holdings in accordance with the fund's governing documents and in accordance with U.S. GAAP.For multi-strategy funds, direct lending funds, private equity funds, real estate funds and private company investment funds, valuation statements are typically released on a reporting lag. Therefore, the Company estimates the fair value of these funds by starting with the most recent fund valuations and adjusting for capital