Company: AXS-PE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001214816-25-000056
Chunk: 314

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-02-26
Form: 10-K
Item: Item 7
Chunk 314
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 the weighted average estimated subordination percentage of the portfolio was 34% (2023: 37%), which represents the current weighted average estimated percentage of the capital structure subordinated to the investment holding that is available to absorb losses before the security incurs the first dollar loss of principal. At December 31, 2024, CMBS had an average duration of 2.7 years (2023: 2.2 years) and weighted average life of 3.7 years (2023: 2.8 years).

Asset-Backed Securities

ABS mainly include investment grade bonds backed by pools of loans with a variety of underlying collateral, including auto loans, student loans, credit card receivables and collateralized loan obligations ("CLOs") originated by a variety of financial institutions.

Details of the fair value of our ABS portfolio by underlying collateral and credit rating are as follows:

  Asset-backed securities  AAAAAABBBBelow BBBTotalAt December 31, 2024CLO - debt tranches$599,224 $303,480 $54,712 $29,861 $— $987,277 Auto loans447,594 — — — — 447,594 Student loans56,995 11,968 — — — 68,963 Credit card receivables71,390 577 — — — 71,967 Other262,632 674 16,747 3,527 1,585 285,165 Total$1,437,835 $316,699 $71,459 $33,388 $1,585 $1,860,966 % of total77%17%4%2%—%100%At December 31, 2023CLO - debt tranches$793,769 $334,573 $71,621 $28,419 $— $1,228,382 Auto loans267,430 — — — — 267,430 Student loans62,914 14,596 — — — 77,510 Credit card receivables68,568 558 — — — 69,126 Other155,826 7,888 18,879 6,763 347 189,703 Total$1,348,507 $357,615 $90