Company: AXS-PE
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0001214816-25-000115
Chunk: 17

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 1
Chunk 17
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x (2024: 1.7x) and a weighted average loan-to-value ratio of 78% (2024: 78%). At March 31, 2025, there was one commercial mortgage loan with past due amounts where the Company is assessing exit strategies. At March 31, 2024, there were no past due amounts associated with the commercial mortgage loans held by the Company.

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Table of  ContentsAXIS CAPITAL HOLDINGS LIMITEDNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)3.    INVESTMENTS (CONTINUED)

On a quarterly basis, the Company's exposure to commercial mortgage loans in the office sector, that represents 47% (2024: 43%) of the total mortgage loan portfolio, is evaluated for credit losses based on inputs unique to this sector. This assessment utilizes historical credit loss experience adjusted to reflect current conditions and management forecasts. Further, collateral dependent commercial mortgage loans (e.g., when the borrower is experiencing financial difficulty, including when foreclosure is reasonably possible or probable) are evaluated individually for credit losses. The allowance for expected credit losses for a collateral dependent loan is established as the excess of amortized cost over the estimated fair value of the loan's underlying collateral, less selling cost when foreclosure is probable. Accordingly, any change in estimated credit losses are recognized as a change in the allowance for expected credit losses and is recorded in net investment gains (losses).At March 31, 2025, the Company's mortgage loan portfolio had an allowance for expected credit losses of $26 million (2024: $23 million).e)      Other InvestmentsThe following table provides a summary of the Company's other investments, together with additional information relating to the liquidity of each category:Fair valueRedemption frequency(if currently eligible)  Redemption     notice period  At March 31, 2025    Multi-strategy funds$16,625 2 %Quarterly60-90 daysDirect lending funds167,425 18 %Quarterly(1)90 daysPrivate equity funds329,542 35 %n/an/aReal estate funds291,564 31 %Quarterly(2), Annually(3)45-90 daysOther privately held investments133,406 14 %n/an/aTotal other investments$938,562 100 % At December 31, 2024    Multi-strategy funds$24,919 3 %Quarterly