AXIS Capital extends secured LoC facility to 2023, reduces use capacity

By Wendy Van Sickle

Columbus, Ohio, April 6 – AXIS Capital Holdings Ltd.’s subsidiaries, AXIS Specialty Ltd., AXIS Re SE, AXIS Specialty Europe SE, AXIS Insurance Co., AXIS Surplus Insurance Co. and AXIS Reinsurance Co., amended their existing $750 million secured letter-of-credit facility, according to an 8-K filing with the Securities and Exchange Commission.

The companies extended the expiration date of the $250 million facility to March 31, 2022 for letters of credit with a tenor not to extend beyond March 31, 2023 and reduced the utilization capacity to $150 million and the maximum utilization capacity to $650 million from $750 million.

Some administrative changes were made to the additional $500 million secured letter-of-credit facility.

AXIS is a Pembroke, Bermuda-based holding company for specialty reinsurance.

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