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FEDERAL HOME LOAN BANK ADVANCES
3 Months Ended
Mar. 31, 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 March 31, 2023, the companies had admitted assets of approximately $3 billion which provides borrowing capacity of up to approximately $750 million.
At March 31, 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 4.2% and 5.5%. The Company incurred interest expense of $1.0 million for the three months ended March 31, 2023. The borrowings under the FHLB program are secured by investments with a fair value of $106 million.