Company: AXS-PE
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001214816-25-000056
Chunk: 55

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 55
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2,602 million (2023: $2,598 million) included $572 million (2023: $550 million) of fixed maturities, and cash of $237 million (2023: $296 million) held on deposit to support the underwriting activities of Syndicate 1686. The Company's restricted investments and cash primarily consist of high-quality fixed maturity and short-term investment securities. The table below provides the fair values of the Company's restricted investments and cash:At December 31,20242023Collateral in trust for inter-company agreements$2,549,220 $614,089 Collateral for secured letter of credit facility208,090 423,522 Funds at Lloyd's883,362 893,177 Collateral in trust for third-party agreements 2,602,306 2,597,633 Securities on deposit or in trust with regulatory authorities632,268 772,472 Total restricted investments and cash$6,875,246 $5,300,893  k)    Reverse Repurchase Agreements

At December 31, 2024, the Company held $543 million (2023: $12 million) of reverse repurchase agreements. These loans are fully collateralized, are generally outstanding for a short period of time and are presented on a gross basis as part of cash and cash equivalents in the Company's consolidated balance sheets. The required collateral for these loans is either cash or U.S. Treasuries at a minimum rate of 102% of the loan principal. Upon maturity, the Company receives principal and interest income. The Company monitors the estimated fair value of the securities loaned and borrowed on a daily basis with additional collateral obtained as necessary throughout the duration of the transaction. 

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AXIS CAPITAL HOLDINGS LIMITEDNOTES TO CONSOLIDATED FINANCIAL STATEMENTSDECEMBER 31, 2024, 2023 AND 20226.    FAIR VALUE MEASUREMENTS 

Fair Value HierarchyFair value is defined as the price to sell an asset or transfer a liability (i.e., the "exit price") in an orderly transaction between market participants. U.S. GAAP prescribes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to quoted prices in active markets and the lowest priority to unobservable data. The level in the hierarchy within which a given fair value measurement falls is determined based on the lowest level