AXIS Capital amends $500M credit facility, reduces committed capacity to $300M

On March 26, 2024, AXIS Specialty Limited, AXIS Re SE, AXIS Specialty Europe SE, AXIS Insurance Company, AXIS Surplus Insurance Company and AXIS Reinsurance Company (the “Companies”), each a subsidiary of AXIS Capital Holdings Limited, a Bermuda company, amended their existing $500 million secured letter of credit facility with Citibank Europe plc to: (i) reduce the committed utilization capacity available under the facility to $300 million; (ii) enter into an uncommitted secured letter of credit facility with Citibank Europe plc; (iii) extend the tenors of issuable letters of credit to March 31, 2026; and (iv) make certain updates to the facility's collateral and fee arrangements.