Company: AXS-PE
Filing Date: 2025-11-04
Form Type: S-3ASR
Source: 0001104659-25-106379
Chunk: 67

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-11-04
Form: S-3ASR
Chunk 67
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 other than unsecured indebtedness expressly designated by the holders thereof to be subordinate to its senior debt securities.

AXIS Finance PLC may issue the subordinated debt securities pursuant to the AXIS Finance PLC subordinated debt indenture in one or more series. All series of subordinated debt securities issued under the AXIS Finance PLC subordinated debt indenture will be equal in ranking. The debt securities issued under the AXIS Finance PLC subordinated debt indenture will be subordinate in right of payment in respect of principal, any premium or interest on and any additional amounts owing under the subordinated debt securities to all of AXIS Finance PLC’s senior indebtedness in the manner described below under the caption “— Subordination Under the AXIS Finance PLC Subordinated Debt Indenture.”

AXIS Finance PLC may issue the junior subordinated debt securities pursuant to the AXIS Finance PLC junior subordinated debt indenture in one or more series. All series of junior subordinated debt securities issued under the AXIS Finance PLC junior subordinated debt indenture will be equal in ranking. The debt securities issued under the AXIS Finance PLC junior subordinated debt indenture will be subordinate in right of payment in respect of principal, any premium or interest on and any additional amounts owing under the junior subordinated debt securities to all of AXIS Finance PLC’s senior indebtedness and subordinated indebtedness in the manner described below under the caption “— Subordination Under the AXIS Finance PLC Junior Subordinated Debt Indenture.”

AXIS Finance PLC is a finance subsidiary with no operations or assets other than in such capacity, and AXIS Capital is a holding company and has no direct operations. Accordingly, the credit character of the AXIS Finance PLC debt securities is comparable to debt issued by a holding company. The ability of AXIS Finance PLC and AXIS Capital to make payments on the debt securities and the guarantee depends almost exclusively on the ability of AXIS Capital’s subsidiaries to pay dividends and make intercompany transfers. The notes will be effectively subordinated to the obligations of AXIS Capital’s subsidiaries, other than AXIS Finance PLC, meaning that holders of the notes will have a junior position to the claims of creditors of AXIS Capital’s subsidiaries (including policyholders, trade creditors, debt holders, taxing authorities, guarantee holders and preference shareholders) on their assets and earnings. AXIS Capital’s insurance subsidiaries are subject to significant regulatory restrictions limiting their ability to declare and pay dividends. See “Risk Factors” and our Consolidated Financial Statements in our Annual Report on Form 10-K for the most recent fiscal year.

Additionally, the senior debt securities issued pursuant to the AXIS Finance PLC senior