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FEDERAL HOME LOAN BANK ADVANCES
6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
FEDERAL HOME LOAN BANK ADVANCES
The Company's subsidiaries, AXIS Insurance Company and AXIS Surplus Insurance Company are members of the Federal Home Loan Bank of Chicago ("FHLB").

At June 30, 2023, the companies had admitted assets of approximately $3 billion which provides borrowing capacity of up to approximately $773 million.
At June 30, 2023, the Company had $86 million of borrowings under the FHLB program, with maturities in 2023 and 2024 and interest payable at interest rates between 4.9% and 5.7%. The Company incurred interest expense of $1 million for the three months ended June 30, 2023 and $2 million for the six months ended June 30, 2023. The borrowings under the FHLB program are secured by investments with a fair value of $95 million.