Company: AXS-PE
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001214816-25-000115
Chunk: 123

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 2
Chunk 123
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 our Annual Report on Form 10-K for the year ended December 31, 2024 for a general discussion of liquidity and capital resources. 

The following table summarizes consolidated capital:

March 31, 2025December 31, 2024Debt$1,315,555 $1,315,179 Preferred shares550,000 550,000 Common equity5,352,799 5,539,379 Shareholders’ equity5,902,799 6,089,379 Total capital$7,218,354 $7,404,558 Ratio of debt to total capital18.2 %17.8 %

We finance our operations with a combination of debt and equity capital. The debt to total capital ratio provides an indication of our capital structure, along with some insight into our financial strength. We believe that our financial flexibility remains strong. Adjustments are made if developments occur that are different from previous expectations.

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 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