Company: AXS-PE
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001214816-25-000115
Chunk: 44

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 1
Chunk 44
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 expense of $1 million (2024: $1 million) for the three months ended March 31, 2025. The borrowings under the FHLB program are secured by cash and investments with a fair value of $71 million (2024: $72 million). 

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Table of  ContentsAXIS CAPITAL HOLDINGS LIMITEDNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) 12.    COMMITMENTS AND CONTINGENCIES

Legal ProceedingsFrom time to time, the Company is subject to routine legal proceedings, including arbitrations, arising in the ordinary course of business. These legal proceedings generally relate to claims asserted by or against the Company in the ordinary course of its insurance or reinsurance operations. Estimated amounts payable related to these proceedings are included in the reserve for losses and loss expenses in the Company's consolidated balance sheets. The Company is not party to any material legal proceedings arising outside the ordinary course of business.InvestmentsRefer to Note 3 - 'Investments' for information on the Company's unfunded investment commitments related to the Company's other investment portfolio.

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Table of  ContentsAXIS CAPITAL HOLDINGS LIMITEDNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)13.    OTHER COMPREHENSIVE INCOME (LOSS)

The following table presents the tax effects allocated to each component of other comprehensive income (loss):20252024Before tax amountIncome tax (expense) benefitNet of tax amountBefore tax amountIncome tax (expense) benefitNet of tax amountThree months ended March 31,Available for sale investments:Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has not been recognized $101,007 $(13,949)$87,058 $(76,408)$16,349 $(60,059)Unrealized gains (losses) arising during the period for which an allowance for expected credit losses has been recognized 243 (51)192 (434)16 (418)Adjustment for reclassification of net realized (gains) losses and impairment losses recognized in net income (loss)34,310 (6,223)28,087 24,879 (1,464)23,415 Unrealized gains (losses) arising during the period, net of reclassification adjustment135,560 (20,223)115,337 (51,963)14,901