AXIS Capital (NYSE: AXS) cuts LOC to $250M while extending maturity to 2028

Rhea-AI Filing Summary

AXIS Capital Holdings Limited disclosed that several of its insurance and reinsurance subsidiaries amended an existing secured letter of credit facility with Citibank Europe plc. The aggregate secured capacity was reduced from $300 million to $250 million, but the expiry of issuable letters of credit was extended to March 31, 2028.

The subsidiaries – including AXIS Specialty Limited, AXIS Re SE, AXIS Specialty Europe SE, AXIS Insurance Company, AXIS Surplus Insurance Company, and AXIS Reinsurance Company – remain party to a separate uncommitted secured letter of credit facility with Citibank Europe plc, whose terms were not changed by this amendment.

Insights

Credit and capital structure analyst

AXIS adjusts secured LOC capacity while locking in longer tenor.

The amendment reduces the secured letter of credit facility’s aggregate capacity from $300 million to $250 million, while extending the maturity of issuable letters of credit to March 31, 2028. Letters of credit support insurance and reinsurance obligations, so facility terms matter for capital management.

The capacity cut modestly trims available secured credit, but the longer tenor can improve visibility around funding for existing and future obligations. The separate uncommitted facility with Citibank Europe plc remains in place on unchanged terms, so overall liquidity tools still include both committed and uncommitted lines.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): March 23, 2026

AXIS CAPITAL HOLDINGS LIMITED

(Exact Name Of Registrant As Specified In Charter)

Bermuda

001-31721

98-0395986

(State of Incorporation)

(Commission File No.)

(I.R.S. Employer Identification No.)

29 Richmond Road, 3rd Flr

Pembroke, Bermuda HM 08

(Address of principal executive offices, including zip code)

(441) 496-2600

(Registrant’s telephone number, including area code)

Not applicable

(Former name or address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2 below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e(4)(c))

Securities registered pursuant to Section 12(b) of the Exchange Act:

Title of each class			Trading Symbol(s)			Name of each exchange on which registered
Common shares, par value $0.0125 per share			AXS			New York Stock Exchange
Depositary shares, each representing a 1/100th interest in a 5.50% Series E preferred share			AXS PRE			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01 Entry into a Material Definitive Agreement

Pursuant to an Amendment Agreement dated March 23, 2026, 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 $300 million secured letter of credit facility with Citibank Europe plc to reduce the aggregate secured capacity to $250 million and extend the tenors of issuable letters of credit to March 31, 2028 (the “Amendment”). The Companies remain party to the uncommitted secured letter of credit facility with Citibank Europe plc, dated March 26, 2024, as amended, the terms of which otherwise remain unchanged by the Amendment.

The description of the Amendment contained herein is qualified in its entirety by reference to the full text of the Amendment, which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant

The information set forth in Item 1.01 above is hereby incorporated by reference under this Item 2.03.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

Exhibit Number						Description of Document
10.1						Amendment Agreement dated March 23, 2026, by and among AXIS Specialty Limited, AXIS Re SE, AXIS Specialty Europe SE, AXIS Insurance Company, AXIS Surplus Insurance Company, AXIS Reinsurance Company and Citibank Europe plc.
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: March 24, 2026

 

			AXIS CAPITAL HOLDINGS LIMITED
			By:			/s/ G. Christina Gray-Trefry
						G. Christina Gray-Trefry
						General Counsel and Secretary

FAQ

What financing change did AXIS Capital (AXS) report in this 8-K?

AXIS Capital’s subsidiaries amended a secured letter of credit facility with Citibank Europe plc, cutting aggregate secured capacity to $250 million and extending the tenor of issuable letters of credit to March 31, 2028, refining how they support insurance and reinsurance obligations.

How did the AXIS Capital (AXS) letter of credit capacity change?

The aggregate secured capacity on the Citibank Europe plc letter of credit facility was reduced from $300 million to $250 million. This means AXIS subsidiaries now have a lower ceiling for secured letters of credit under that committed facility, while other terms were adjusted by the amendment.

What tenor did AXIS Capital (AXS) secure for its letters of credit?

AXIS subsidiaries extended the tenors of issuable letters of credit under the amended secured facility so they can run until March 31, 2028. Longer tenor helps align credit support with the duration of insurance and reinsurance obligations backed by these instruments.

Does AXIS Capital (AXS) still have an uncommitted letter of credit facility?

Yes. AXIS subsidiaries remain party to an uncommitted secured letter of credit facility with Citibank Europe plc dated March 26, 2024, as amended. The terms of this uncommitted facility were not changed by the new amendment to the committed letter of credit facility.

Which AXIS Capital (AXS) subsidiaries are covered by the amended facility?

The amendment applies to AXIS Specialty Limited, AXIS Re SE, AXIS Specialty Europe SE, AXIS Insurance Company, AXIS Surplus Insurance Company, and AXIS Reinsurance Company. These subsidiaries collectively use the secured letter of credit facility with Citibank Europe plc to support their obligations.

Where can investors find the full AXIS Capital (AXS) Amendment Agreement?

The full Amendment Agreement is filed as Exhibit 10.1 to this report. The brief description references that exhibit and states the agreement, dated March 23, 2026, is incorporated by reference for those seeking complete contractual details and conditions.

Filing Exhibits & Attachments

5 documents

Agreements & Contracts

• EX-10.1 EX-10.1 34.6 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA DOCUMENT 2.1 KB
• EX-101 XBRL TAXONOMY EXTENSION DEFINITION LINKBASE DOCUMENT 15.6 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE DOCUMENT 27.6 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE DOCUMENT 16.3 KB