FEDERAL HOME LOAN BANK ADVANCES |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| 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 June 30, 2026, the companies had admitted assets of approximately $3.9 billion (2025: $3.6 billion) which provides borrowing capacity of up to approximately $981 million (2025: $888 million). At June 30, 2026, the Company had borrowings under the FHLB program of $61 million (2025: $66 million) with maturities in July and August 2026. Interest is payable at interest rates between 3.9% and 4.0% (2025: interest rates between 3.9% and 4.6%). The Company incurred interest expense of $0.1 million (2025: $1 million) for the three months ended June 30, 2026 and $1 million (2025: $2 million) for the six months ended June 30, 2026. The borrowings under the FHLB program are secured by cash and investments with a fair value of $66 million (2025: $74 million).
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