Company: AXS-PE
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001214816-25-000149
Chunk: 23

Company: AXIS CAPITAL HOLDINGS LTD
Filing Date: 2025-07-29
Form: 10-Q
Item: Item 1
Chunk 23
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 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 June 30, 2025, the Company's mortgage loan portfolio had an allowance for expected credit losses of $27 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 June 30, 2025    Multi-strategy funds$15,290 2 %Quarterly60-90 daysDirect lending funds164,979 18 %Quarterly(1)90 daysPrivate equity funds332,835 35 %n/an/aReal estate funds291,173 31 %Quarterly(2), Annually(3)45-90 daysOther privately held investments134,645 14 %n/an/aTotal other investments$938,922 100 % At December 31, 2024    Multi-strategy funds$24,919 3 %Quarterly60-90 daysDirect lending funds171,048 18 %Quarterly(1)90 daysPrivate equity funds320,690 35 %n/an/aReal estate funds291,640 31 %Quarterly(2), Annually(3)45-90 daysOther privately held investments121,981 13 %n/an/aTotal other investments$930,278 100 %       n/a - not applicable (1) Applies to one fund with a fair value of $2 million (2024: $3 million).(2) Applies to one fund with a fair value of $45 million (2024: $51 million).(3) Applies to one fund with a fair value of $24 million (2024: $21 million).

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Table of  ContentsAXIS CAPITAL HOLDINGS LIMITEDNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED