Company: AXS-PE
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001214816-25-000149
Chunk: 101

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 1
Chunk 101
---
 the Consolidated Financial Statements 'Investments'.

85

LIQUIDITY AND CAPITAL RESOURCES

Refer to the ‘Liquidity and Capital Resources’ section included in Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024 for a general discussion of liquidity and capital resources. 

The following table summarizes consolidated capital:

June 30, 2025December 31, 2024Debt$1,315,936 $1,315,179 Preferred shares550,000 550,000 Common equity5,624,398 5,539,379 Shareholders’ equity6,174,398 6,089,379 Total capital$7,490,334 $7,404,558 Ratio of debt to total capital17.6 %17.8 %

We finance our operations with a combination of debt and equity capital. The debt to total capital ratio provides an indication of our capital structure, along with some insight into our financial strength. We believe that our financial flexibility remains strong. Adjustments are made if developments occur that are different from previous expectations.

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 June 30, 2025, the companies had admitted assets of approximately $3.4 billion which provides borrowing capacity of up to approximately $854 million. 

At June 30, 2025, the Company had borrowings under the FHLB program of $66 million. The FHLB advances have maturities in 2025 and 2026 and interest payable at interest rates between 4.5% and 4.6%. The Company incurred interest expense of $1 million for the three months ended June 30, 2025 and $2 million for the six months ended June 30, 2025. 

The borrowings under the FHLB program are secured by cash and investments with a fair value of $71 million.

Refer to Note 11 to the Consolidated Financial Statements 'Federal Home Loan Advances'.

Line of credit 

On March 23, 2025, the $300 million Facility was amended to extend the tenors of issuable letters of credit to March 31, 2027.

86

Common Equity

During the six months ended June 30, 2025,