Company: AXS-PE
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001214816-25-000149
Chunk: 157

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 2
Chunk 157
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 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, common equity increased by $85 million. The following table reconciles opening and closing common equity positions:

Six months ended June 30,2025Common equity - opening$5,539,379 Share-based compensation expense21,060 Change in unrealized gains on available for sale investments, net of tax229,980 Foreign currency translation adjustment15,867 Net income417,427 Preferred share dividends(15,125)Common share dividends(70,625)Treasury shares repurchased(515,596)Treasury shares reissued2,031 Common equity - closing$5,624,398 

During the six months ended June 30, 2025, we repurchased 5.6 million common shares for a total of $516 million, including $490 million repurchased pursuant to our Board-authorized share repurchase programs and $26 million from employees to facilitate the satisfaction of their personal withholding tax liabilities that arise on the vesting of share-settled restricted stock units granted under our 2017 Long-Term Equity Compensation Plan. 

On February 6, 2025, authorization under our Board-authorized share repurchase program for common share repurchases approved in May 2024 was exhausted.

On February 19, 2025, the Company's Board of Directors approved a new share repurchase program for up to $400 million of the Company's common shares. The new share repurchase program is open-ended, allowing the