Company: AXS-PE
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001214816-25-000115
Chunk: 78

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 1
Chunk 78
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 Federal Home Loan Bank of Chicago ("FHLB"). 

At March 31, 2025, the companies had admitted assets of approximately $3.1 billion (2024: $3.2 billion) which provides borrowing capacity of up to approximately $787 million (2024: $798 million). 

At March 31, 2025, the Company had borrowings under the FHLB program of $66 million (2024: $66 million). 

The FHLB advances have maturities in 2025 and 2026 and interest payable at interest rates between 4.5% and 4.9% (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 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).

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.

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Common Equity

During the three months ended March 31, 2025, common equity decreased by $187 million. The following table reconciles opening and closing common equity positions:

Three months ended March 31,2025Common equity - opening$5,539,379 Share-based compensation expense9,800 Change in unrealized gains on available for sale investments, net of tax115,337 Foreign currency translation adjustment(156)Net income194,071 Preferred share dividends(7,563)Common share dividends(35,593)Treasury shares repurchased(464,505)Treasury shares reissued2,029 Common equity - closing$5,352,799 

During the three months ended March 31, 2025, we repurchased 5 million common shares for a total of $465 million, including $440 million repurchased pursuant to our Board-authorized share repurchase programs and $25 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