Company: AXS-PE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001214816-25-000056
Chunk: 118

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 118
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 predominantly related to 2021 and prior underwriting years (refer to Note 18 'Related Party Transactions'). The transaction is subject to regulatory approvals and other customary conditions and is expected to close during the first half of 2025. The transaction is structured as a 75% ground-up quota share retrocession of net reserves for losses and loss expenses of approximately $3.1 billion at September 30, 2024 and provides cover up to a policy limit of approximately $940 million. Pursuant to the LPT Agreement, the Company will maintain responsibility for claims management subject to certain administrative rights of Enstar and will enter into collateral agreements with the Reinsurer under which the Company may be obligated to maintain certain types of eligible assets as partial collateral securing the Reinsurer’s obligations with respect to the Subject Business.

The transaction is deemed to have met the established criteria for retroactive reinsurance accounting. 

201

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

a)    DebtThe following table summarizes the Company's debt:Year ended December 31,202420235.150% Senior Notes $246,873 $246,789 4.000% Senior Notes 348,774 348,389 3.900% Senior Notes 297,556 297,076 Junior Subordinated Notes421,976 421,460 Total Debt$1,315,179 $1,313,714 The tables below provide the key terms of the Company's debt:DescriptionIssuance DateAggregate PrincipalIssue PriceNet ProceedsMaturity Date5.150% Senior Notes March 13, 2014$250,000 99.474 %$246,000 April 1, 20454.000% Senior Notes December 6, 2017$350,000 99.780 %$347,000 December 6, 20273.900% Senior Notes June 19, 2019$300,000 99.360 %$296,000 July 15, 2029Junior Subordinated NotesDecember 10, 2019$425,000 99.000 %$420,750 January 15, 2040DescriptionInterest RateInterest Payments Due5.150% Senior Notes 5.