Company: AXS-PE
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001214816-25-000149
Chunk: 20

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 1
Chunk 20
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 the Company will not be required to sell these securities before the anticipated recovery of their amortized costs.

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Table of  ContentsAXIS CAPITAL HOLDINGS LIMITEDNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)3.    INVESTMENTS (CONTINUED)

b)      Fixed Maturities, Held to MaturityThe following table provides the amortized cost and fair values of the Company's fixed maturities classified as held to maturity:AmortizedcostAllowance for expected credit lossesNet carrying valueGrossunrealizedgainsGrossunrealizedlossesFairvalueAt June 30, 2025Held to maturityCorporate debt$128,906 $— $128,906 $1,307 $(6,178)$124,035 ABS(1)276,135 — 276,135 752 (132)276,755 Total fixed maturities, held to maturity$405,041 $— $405,041 $2,059 $(6,310)$400,790 At December 31, 2024    Held to maturityCorporate debt$122,706 $— $122,706 $675 $(7,764)$115,617 ABS(1)320,694 — 320,694 560 (120)321,134 Total fixed maturities, held to maturity$443,400 $— $443,400 $1,235 $(7,884)$436,751 (1)Asset-backed securities ("ABS") include debt tranched securities collateralized primarily by collateralized loan obligations ("CLOs").At June 30, 2025, fixed maturities, held to maturity of $405 million (2024: $443 million) were presented net of an allowance for expected credit losses of $nil (2024: $nil). The Company's ABS, held to maturity consist of CLO debt tranched securities ("CLO Debt"). The Company uses a scenario-based approach to review its CLO debt portfolio and reviews subordination levels of these securities to determine their ability to absorb credit losses of the underlying collateral. If losses are forecast to be below the subordination level for a tranche held by the Company, the security is determined not to have a credit loss. At June 30, 2025, the allowance for credit losses expected to be recognized over the life