Company: AXS-PE
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001214816-25-000149
Chunk: 37

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 1
Chunk 37
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 these securities are priced using broker-dealer quotes. In addition, other privately held investments of $83 million that are classified as Level 3 are excluded from the above table as these investments are priced using capital statements received from investee companies.Other Investments - Other Privately Held SecuritiesOther privately held securities are initially valued at cost which approximates fair value. In subsequent measurement periods, the fair value of the variable yield security was determined using an externally developed discounted cash flow model. This model includes inputs that are specific to that investment. The inputs used in the fair value measurement include an appropriate discount rate, default rate, loss absorption rate and estimated maturity date. The selection of an appropriate discount rate is judgmental and is the most significant unobservable input used in the valuation of this investment. A significant increase (decrease) in this input in isolation could result in significantly lower (higher) fair value measurement for this investment. In order to assess the reasonableness of the inputs the Company uses in the discounted cash flow model, the Company maintains an understanding of current market conditions, historical results, as well as investee specific information that may impact future cash flows.

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Table of  ContentsAXIS CAPITAL HOLDINGS LIMITEDNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)4.    FAIR VALUE MEASUREMENTS (CONTINUED)

The following table presents changes in Level 3 for financial instruments measured at fair value on a recurring basis:OpeningbalanceTransfersintoLevel 3Transfersout ofLevel 3Included in net income(1)Includedin OCI (2)PurchasesSalesSettlements/distributionsClosingbalanceChange inunrealizedgains/(losses) (3)Three months ended June 30, 2025Fixed maturities, available for sale         Corporate debt$133,742 $— $— $238 $687 $17,386 $(19,343)$(1,237)$131,473 $— ABS33,143 — — — 349 — — — 33,492 —  166,885 — — 238 1,036 17,386 (19,343)(1,237)164,965 — Other investmentsCLO-Equities— — — — — — — — — — Other privately held investments97,020 — —