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FEDERAL HOME LOAN BANK ADVANCES
3 Months Ended
Mar. 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").

At March 31, 2024, the companies had admitted assets of approximately $3 billion (2023: $3 billion) which provides borrowing capacity of up to approximately $759 million (2023: $759 million).
At March 31, 2024, the Company had $86 million (2023: $86 million) of borrowings under the FHLB program, with maturities in 2024 and 2025 and interest payable at interest rates between 5.6% and 5.7% (2023: 5.6% and 5.9%). The Company incurred interest expense of $1 million for the three months ended March 31, 2024 and 2023. The borrowings under the FHLB program are secured by investments with a fair value of $90 million (2023: $95 million).