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Reinsurance News

AXIS Capital Holdings

S&P turns negative on AXIS after Q1 loss

12th May 2020

S&P Global Ratings has revised its outlook from stable to negative for AXIS Capital Holdings Ltd. and its core operating subsidiaries following the company’s underperformance in the first quarter of 2020. AXIS reported a net loss of $185 million and a combined ratio of 119.8% in Q1 2020, as pre-tax ... Read the full article

Rating agencies downgrade AXIS, company responds

6th May 2020

Global financial services ratings agencies have taken actions against AXIS Capital and its subsidiaries, citing the economic impact of the coronavirus (COVID-19) pandemic and a deteriorating operating performance. Specifically, Fitch Ratings has revised its outlook for AXIS from stable to negative, citing the economic impact of the pandemic. At the same time, ... Read the full article

COVID-19 impacts push AXIS Capital to first-quarter net loss

5th May 2020

Bermuda-based insurer and reinsurer AXIS Capital Holdings Limited has reported a net loss of $185 million and a combined ratio of 119.8% in Q1 2020, as pre-tax catastrophe and weather-related losses reached $300 million, the majority of which are related to the COVID-19 pandemic. The re/insurer's $185 million Q1 net loss ... Read the full article

AXIS Capital reports $235mn of COVID-19 losses in Q1

27th April 2020

AXIS Capital Holdings Limited has estimated that its Q1 results will include $235 million of claims related to the coronavirus (COVID-19) pandemic. In total, AXIS Capital announced a net claims provision of $300 million, pre-tax, with weather related events making up the other $65 million. The company said its claims provision for ... Read the full article

AXIS Insurance adds Head of Strategy and Innovation role for Cyber & Tech

24th April 2020

AXIS Insurance, a division of Bermuda-based AXIS Capital Holdings Limited, has hired former Lockton Senior Vice President (SVP), Max Perkins, as Head of Strategy and Innovation for the firm's Global Cyber and Technology unit, effective immediately. In this newly created role, Perkins will be based in the U.S. and reports to ... Read the full article

AXIS Capital appoints McCormick CEO of Irish reinsurance legal entity

17th April 2020

Bermudian re/insurer AXIS Capital has appointed Mark McCormick as Chief Executive Officer of AXIS Re SE (ARe). ARe is AXIS Capital’s reinsurance legal entity domiciled in Ireland and regulated by the Central Bank of Ireland, with a Zurich branch. McCormick will be responsible for ARe and the legal entity aspects of its ... Read the full article

AXIS Insurance hires Daniel Stevens as Risk Engineer, Renewable Energy

16th April 2020

AXIS Insurance, the insurance arm of Bermuda-based AXIS Capital Holdings Limited, has announced the hiring of Daniel Stevens to the newly created role of Risk Engineer within its Renewable Energy team. In his new role, Stevens will work closely with the firm's Renewable Energy underwriters and also external parties involved in ... Read the full article

AXIS commits $1mn donation to support COVID-19 relief efforts

16th April 2020

Bermudian re/insurer AXIS Capital has announced a $1 million donation to support COVID-19 relief and community support efforts. The company will partner with non-profit organizations providing pandemic relief globally, as well as in communities in which AXIS operates. The donations are an extension of the AXIS Corporate Citizenship strategy, which focuses on ... Read the full article

Michael Carr to lead AXIS Insurance’s U.S. E&S Property unit

7th April 2020

AXIS Insurance, a division of Bermuda-based insurer and reinsurer AXIS Capital Holdings Limited, has appointed Michael Carr as Head of U.S. Excess & Surplus (E&S) Property, based in the firm's Alpharetta, Georgia, office. In his new role, Carr takes responsibility for the development and execution of the company's E&S Property underwriting ... Read the full article

AXIS Re appoints TMR’s Mark Julian as Chief Pricing Actuary

7th April 2020

AXIS Re, the reinsurance arm of AXIS Capital Holdings Limited, has announced that Mark Julian has joined from Tokio Millennium Re to serve in the newly created position of Chief Pricing Actuary, effective April 20th, 2020. In his new role, Julian will be responsible for the oversight of the reinsurer's new ... Read the full article

AXIS Co-Founder & Chairman Michael Butt to step down, successor named

26th February 2020

Bermuda-based insurer and reinsurer AXIS Capital Holdings Limited has announced that co-founder and Chairman of the Board of Directors, Michael Butt, OBE, is to retire from the company and be succeeded by Henry B. Smith, effective September 16th, 2020. Butt is a recognised industry leader who played an important role in ... Read the full article

Many lines still lack price adequacy, but increases will persist: AXIS CEO

6th February 2020

Reinsurance price momentum continued at the January 1st, 2020 renewals but even with the strong rate response in certain classes, many lines are still not at attractive levels, according to Albert Benchimol, the President and Chief Executive Officer (CEO) of Bermuda-based re/insurer, AXIS Capital Holdings Limited. After consecutive heavy catastrophe loss ... Read the full article

Climate response requires new products & modelling techniques: Cavaciuti-Wishart, AXIS Capital

4th February 2020

A comprehensive response to the complex challenges posed by climate risk will require reinsurers to adapt business models, develop new products, and improve modelling techniques, according to Ellissa Cavaciuti-Wishart, Head of Cat Modelling – International at AXIS Capital. Faced with the unpredictability of climate-related impacts, reinsurers must develop ever more sophisticated, ... Read the full article

AXIS posts Q4 net loss, reinsurance segment falls to underwriting loss

30th January 2020

Bermudian re/insurer AXIS Capital Holdings Limited has reported a net loss of $10 million for the fourth-quarter of 2019 and a combined ratio of 107.3%, with the firm's reinsurance segment falling to an underwriting loss in both periods. The Q4 net loss compares with a net loss of $198 million in ... Read the full article

AXIS to report modest Q4 income amid catastrophes and Irma creep

21st January 2020

Bermuda domiciled insurer and reinsurer, AXIS Capital Holdings Limited, expects to report modest operating income for the fourth-quarter of 2019, driven in part by pre-tax catastrophe losses of $140 million. The firm's Q4 2019 results were impacted by a pre-tax loss for catastrophes and other weather-related events of $140 million, net ... Read the full article

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