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AXS > SEC Filings for AXS > Form 8-K on 8-Nov-2013All Recent SEC Filings

Show all filings for AXIS CAPITAL HOLDINGS LTD



Entry into a Material Definitive Agreement, Financial Statements and Ex

Item 1.01 Entry into a Material Definitive Agreement
and Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant

On November 6, 2013, AXIS Specialty Limited, a subsidiary of AXIS Capital Holdings Limited (the "Company"), entered into a $170 million secured Letter of Credit Facility (the "Facility") with ING Bank N.V., London Branch ("ING") pursuant to a Letter of Credit Facility Agreement and Security Agreement (collectively, the "Facility Documents"), which are effective immediately.

The Facility is available for the issuance of a Funds at Lloyd's Letter of Credit to support the underwriting capacity to be provided by the Company's subsidiary, AXIS Corporate Capital UK Limited, to the Company's Lloyd's syndicate, AXIS Syndicate 1686, for the 2014 underwriting year of account. The Letter of Credit issued under the Facility will expire no later than July 31, 2018.

The Facility Documents contain customary covenants with which the Company must comply, including a requirement to maintain sufficient collateral to fully secure any issued Letter of Credit. In case of an event of default under the Facility Documents, ING may exercise certain remedies, including the exercise of sole and exclusive control over pledged collateral.

The descriptions of the Facility Documents contained herein are qualified in their entirety by reference to the Letter of Credit Facility Agreement, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits
Exhibit No.     Description

10.1            Letter of Credit Facility Agreement, dated as of November 6,
                2013, between AXIS Specialty Limited and ING Bank N.V., London

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