Company: AXS-PE
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001214816-25-000149
Chunk: 53

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 1
Chunk 53
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 letters of credit to March 31, 2026 and make certain updates to the facility's collateral and fee arrangements. 

11.     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 (2024: $3.2 billion) which provides borrowing capacity of up to approximately $854 million (2024: $798 million). At June 30, 2025, the Company had borrowings under the FHLB program of $66 million (2024: $66 million). On September 11, 2024, the Company repaid borrowings under the FHLB program of $10 million, at their stated maturity. On October 31, 2024, the Company repaid borrowings under the FHLB program of $9 million, at their stated maturity. 

The FHLB advances have maturities in 2025 and 2026 and interest payable at interest rates between 4.5% and 4.6% (2024: interest rates between 4.5% and 5.5%). The Company incurred interest expense of $1 million (2024: $1 million) for the three months ended June 30, 2025 and $2 million (2024: $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 (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