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FEDERAL HOME LOAN BANK ADVANCES
9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
FEDERAL HOME LOAN BANK ADVANCES 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 September 30, 2023, the companies had admitted assets of approximately $3 billion which provides borrowing capacity of up to approximately $744 million.
At September 30, 2023, the Company had $86 million of borrowings under the FHLB program, with maturities in 2024 and interest payable at interest rates between 5.5% and 5.7%. The Company incurred interest expense of $1 million and $3 million for the three and nine months ended September 30, 2023, and $0.6 million for the three and nine months ended September 30, 2022, The borrowings under the FHLB program are secured by investments with a fair value of $90 million.