Reinsurance News
AXIS Capital Holdings
Reinsurance the smartest approach to cyber as AXIS gets more comfortable with the tail: CEO Benchimol
1st February 2023
After renewing its cyber treaty at the January 1st reinsurance renewals, AXIS Capital Holdings, the Bermuda domiciled global insurer and reinsurer, is "very satisfied" with the program it secured, as it continues to add more comfort around the tail risk, according to Albert Benchimol, President and Chief Executive Officer (CEO). Read the full article
AXIS lost <$10m of desired renewals after property cat exit: Benchimol
27th January 2023
AXIS Capital CEO Albert Benchimol has reported that his company feels “encouraged” by the fact it lost less than $10 million of desired renewals following its exits from property and property catastrophe reinsurance business. “In the end, we successfully balanced substantially all the non-property-related renewals that met our thresholds,” he said ... Read the full article
AXIS sees profitable growth in chosen markets, stronger combined ratio in 2022
26th January 2023
Bermuda-based re/insurer AXIS Capital has reported a lower net income of $41 million for the fourth quarter of 2022 and a decline to $193 million for the full-year, while the combined ratio hit 94.1% and 95.8% for the respective periods. For the fourth quarter, net income fell from $197 million reported ... Read the full article
Tizzio named future AXIS CEO as Benchimol is to retire
20th December 2022
Vincent C. Tizzio has been named future Chief Executive Officer (CEO) of AXIS as Albert A. Benchimol, the company’s current CEO, is to retire following a re/insurance and banking career that has spanned over four decades. After spending ten years as President and CEO of AXIS Benchimol will step down from ... Read the full article
KBW warns on reinsurance premium growth for AXIS shareholders
20th December 2022
Analysts from Keefe, Bruyette & Woods (KBW) have warned that shareholders in AXIS Capital could find themselves disappointed next year over growth in reinsurance premiums. The firm said in a new, eleven-page note that it had downgraded shares in the firm to ‘market perform’ from ‘outperform’, while adjusting downwards its target ... Read the full article
AXIS gets $605m loss portfolio transfer from RiverStone
16th December 2022
RiverStone International has announced that it has entered into loss portfolio transfer (LPT) reinsurance agreements with affiliates of AXIS Capital, which cover several of its professional lines and liability insurance portfolios, mostly in relation to 2019 and prior accident years. The transaction covers net reserves for losses and loss expenses of ... Read the full article
AXIS appoints Andy Maher to head of cyber and tech in London
9th December 2022
Specialty lines insurer AXIS has appointed Andy Maher of head of cyber and technology in London. In his new role, Maher leads the London-based team of underwriters, and will focus on developing the team and enhancing the range of products and services that the team offers to its distribution partners and ... Read the full article
AXIS names Miranda Hunter as Head of Investor Relations
7th November 2022
Bermuda-based re/insurer Axis Capital has announced the appointment of Miranda Hunter as Head of Investor Relations. Hunter has more than 15 years of re/insurance and financial industry experience, having held senior roles at various global firms. In the new role, AXIS states she will be responsible for leading its engagement with ... Read the full article
AXIS falls to Q3 net loss, but underwriting improves as reinsurance shift continues
27th October 2022
Bermuda-based AXIS Capital Holdings Limited has reported a net loss of $17 million for the third quarter of 2022 on the back of previously announced catastrophe losses primarily driven by Hurricane Ian. The Q3 net loss compares with net income of $47 million a year earlier, as pre-tax catastrophe and weather-related ... Read the full article
AXIS pegs Hurricane Ian loss at $160m
21st October 2022
Bermuda-based re/insurer AXIS Capital has announced pre-tax catastrophe and weather-related losses of $212 million for the third quarter of 2022, of which $160 million relates to Hurricane Ian. AXIS says that its net loss estimate for Ian is consistent with industry insured losses of roughly $60 billion, excluding the National Flood ... Read the full article
AXIS Capital takes indigenous communities underwriting stance
18th October 2022
AXIS Capital is the first North American insurer to declare that it will not underwrite projects without ensuring clients have obtained the right to Free, Prior and Informed Consent (FPIC) of impacted Indigenous communities. The new policy is designed to set a best practice around the world for insurers’ policies concerning ... Read the full article
The world needs a new reinsurance industry that has more respect for its capital: Albert Benchimol
14th October 2022
The global reinsurance industry is undoubtedly a vital part of the risk value chain, but it needs to go back to basics and avoid the mistakes of the last five to 10 years, according to industry experts. Speaking yesterday on the final panel of the opening day of ILS Bermuda's 2022 ... Read the full article
AXIS launches dedicated wholesale division
8th September 2022
Bermudian insurer and reinsurer, AXIS Capital Holdings Limited, has established a new division dedicated to servicing the wholesale market, which will be led by Carlton Maner as Chief Executive Officer (CEO) of AXIS Wholesale. The new unit brings together AXIS teams and personnel alongside additional personnel dedicated to the Wholesale operation, ... Read the full article
AXIS promotes Dan Draper to CUO
6th September 2022
AXIS Capital Holdings (AXIS), has announced the promotion of Dan Draper from Group Head of Underwriting to Chief Underwriting Officer (CUO). Based in London, Draper will report to President and CEO Albert Benchimol and join the company’s executive committee. In his new role, Draper will guide the centralization of the company's underwriting ... Read the full article
AXIS reports $22mn fall in Q2 operating income
27th July 2022
Bermuda-based insurer and reinsurer, AXIS Capital Holdings Limited, has reported operating income of $149 million for the second-quarter of 2022, down from $171 million in the prior year quarter. Net income for the quarter was $27 million, down from $228 million in the prior year quarter. Within the insurance segment, gross premiums ... Read the full article
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