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

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 1
Chunk 29
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)(463)(5,083)Balance at end of period$4,696 $4,422 $4,696 $4,422 

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

The following table provides a reconciliation of the beginning and ending balances of the allowance for expected credit losses on mortgage loans:  Three months ended September 30,Nine months ended September 30,  2025202420252024Balance at beginning of period$27,335 $20,681 $23,378 $6,220 Expected credit losses on loans where credit losses were not previously recognized1,192 750 2,211 13,930 Additions (reductions) for expected credit losses on loans where credit losses were previously recognized4,631 4,868 7,569 6,149 Loans sold/redeemed/matured— (4,275)— (4,275)Balance at end of period$33,158 $22,024 $33,158 $22,024 j)    Reverse Repurchase AgreementsAt September 30, 2025, the Company held $47 million (2024: $543 million) of reverse repurchase agreements. These loans are fully collateralized, are generally outstanding for a short period of time and are presented on a gross basis as part of cash and cash equivalents in the Company's consolidated balance sheets. The required collateral for these loans is either cash or U.S. Treasuries at a minimum rate of 102% of the loan principal. Upon maturity, the Company receives principal and interest income. The Company monitors the estimated fair value of the securities loaned and borrowed on a daily basis with additional collateral obtained as necessary throughout the duration of the transaction.

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Table of  ContentsAXIS CAPITAL HOLDINGS LIMITEDNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)4.    FAIR VALUE MEASUREMENTS

Fair Value HierarchyFair value is defined as the price to sell an asset or transfer a liability (i.e., the "exit price") in an orderly transaction between market participants. U.S. GAAP prescribes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to quoted prices