Company: AXS-PE
Filing Date: 2025-10-29
Form Type: 10-Q
Source: 0001214816-25-000181
Chunk: 99

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-10-29
Form: 10-Q
Item: Item 1
Chunk 99
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 companies had admitted assets of approximately $3.4 billion which provides borrowing capacity of up to approximately $848 million. 

At September 30, 2025, the Company had borrowings under the FHLB program of $66 million. The FHLB advances have maturities in 2026 and interest payable at interest rates between 4.2% and 4.6%. The Company incurred interest expense of $1 million for the three months ended September 30, 2025 and $2 million for the nine months ended September 30, 2025. 

The borrowings under the FHLB program are secured by cash and investments with a fair value of $73 million.

Refer to Note 11 to the Consolidated Financial Statements 'Federal Home Loan Advances'.

Letter of Credit Facility

On August 26, 2025, AXIS Corporate Capital UK II Limited (the "Borrower"), acting through AXIS Managing Agency Limited, as managing agent of AXIS Syndicate 1686 and AXIS Syndicate 2050 (collectively, the "Syndicates"), entered into a facility letter and master agreement (collectively, the "Agreements") with Citibank Europe Plc (the "Lender"), providing for an uncommitted unsecured letter of credit facility up to a maximum aggregate amount of $90 million (the "$90 million Facility") with tenors of issuable letters of credit to August 31, 2030. The facility is supported by a guarantee issued by AXIS Specialty Limited.

The letter of credit facility is intended to support the Borrower's obligations in connection with the Syndicates’ participation in the Lloyd’s insurance market, specifically its Funds at Lloyd’s requirements. The facility contains customary representations, warranties, covenants, and events of default for transactions of this nature.

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 nine months ended September 30, 2025, common equity increased by $278 million. The following table reconciles opening and closing common equity positions:

Nine months ended September 30,2025Common equity - opening$5,539,379 Share-based compensation expense32,108 Change in unrealized gains on available for sale investments, net of tax265,305 Foreign currency translation adjustment12,421 Net income719,289