Company: AXS-PE
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001214816-25-000181
Chunk: 27

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 1
Chunk 27
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 to non-controlling tranches of structured securities which are variable interests issued by VIEs. These structured securities include RMBS, CMBS and ABS.The Company also invests in limited partnerships which represent 75% of the Company's other investments. The investments in limited partnerships include multi-strategy funds, direct lending funds, private equity funds and real estate funds that are variable interests issued by VIEs (refer to Note 3(e) 'Other Investments'). The Company does not have the power to direct the activities that are most significant to the economic performance of these VIEs. Therefore, the Company is not the primary beneficiary of these VIEs. The maximum exposure to loss on these interests is limited to the amount of commitment made by the Company. The Company has not provided financial or other support to these structured securities other than the original investment.h)      Net Investment IncomeNet investment income was derived from the following sources:  Three months ended September 30,Nine months ended September 30,  2025202420252024Fixed maturities$155,796 $163,002 $452,368 $456,421 Other investments15,019 19,594 55,907 39,569 Equity securities3,046 3,529 9,408 9,348 Mortgage loans5,890 8,175 18,714 26,412 Cash and cash equivalents12,597 14,402 62,626 41,796 Short-term investments355 3,919 2,882 11,148 Gross investment income192,703 212,621 601,905 584,694 Investment expenses(7,800)(7,521)(21,994)(21,236)Net investment income$184,903 $205,100 $579,911 $563,458 

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

i)      Net Investment Gains (Losses)The following table provides an analysis of net investment gains (losses):  Three months ended September 30,Nine months ended September 30,  2025202420252024Gross realized investment gainsFixed maturities, short-term investments, and cash and cash equivalents$22,486 $22