XML 46 R20.htm IDEA: XBRL DOCUMENT v3.25.0.1
FEDERAL HOME LOAN BANK ADVANCES
12 Months Ended
Dec. 31, 2024
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").

Members may borrow from the FHLB at competitive rates subject to certain conditions. At December 31, 2024, the companies had admitted assets of approximately $3.2 billion (2023: $3.0 billion) which provides borrowing capacity of up to approximately $798 million (2023: $759 million). Conditions of membership include maintaining sufficient collateral deposits for funding, a requirement to maintain member stock at 0.4% of mortgage-related assets at December 31st of the prior year, and a requirement to purchase additional member stock of 2.0% or 4.5% of any amount borrowed.

At December 31, 2024, the Company had borrowings under the FHLB program of $66 million (2023: $86 million). On September 11, 2024, the Company repaid borrowings under the FHLB program of $10 million, at their stated maturity. On October 31, 2024, the Company repaid borrowings under the FHLB program of $9 million, at their stated maturity.
The FHLB advances have maturities in 2025 and interest payable at interest rates between 4.5% and 5.5% (2023: 5.6% and 5.9%). For the year ended December 31, 2024, the Company incurred interest expense of $4 million (2023: $5 million). The borrowings under the FHLB program are secured by cash and investments with a fair value of $72 million (2023: $95 million).