Reinsurance News
1st April 2021
All North American reinsurers analysed by Fitch Ratings have reported deterioration in underwriting results, leading to underwriting losses. The overall segment reported a combined ratio of 105.4% in 2020, up nearly 9 percentage points from the prior year, with COVID-19 losses as the primary difference. The losses added 7.4 percentage points to ... Read the full article
10th March 2021
Analysts at KBW have suggested that the earnings of Bermudian re/insurer AXIS Capital could benefit from positive reserve development in 2021. The firm estimates that AXIS’s year-end 2020 loss and LAE reserves were overstated by about $236 million, implying that reserve releases should add modestly to its 2021/22 earnings. AXIS reported ... Read the full article
3rd March 2021
Bermuda-based insurer and reinsurer, AXIS Capital Holdings has appointed Michael Millegan and Axel Theis its Board of Directors as part of a multi-year succession planning strategy. Millegan has been appointed to the Board’s Audit and Compensation Committees with Theis serving on its Audit and Risk Committees. Henry Smith, Chairman of AXIS Capital ... Read the full article
4th February 2021
AXIS Re, the reinsurance arm of Bermuda domiciled AXIS Capital Holdings Limited, has named Munich Re's Michelle Glass as a Senior Underwriter within its North America Casualty division, effective February 1st, 2021. Glass joins the firm from Munich Re where she most recently served as Senior Vice President (SVP) and Casualty ... Read the full article
28th January 2021
Bermuda-based insurer and reinsurer, AXIS Capital Holdings Limited, has reported a net loss of $5 million and an operating loss of $16 million for the fourth-quarter of 2020. The net result is an improvement on the $10 million net loss posted by the firm for the same period in 2019, while ... Read the full article
22nd January 2021
A recent report examining the influence of climate change on hurricane risks in the U.S. shows that increased event frequency and sea level rise will have a significant impact on future damages. The AIR Worldwide-led report, in collaboration with experts from re/insurer AXIS Capital Holdings Limited and the Brookings Institution, explores ... Read the full article
21st January 2021
AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings, has hired two additional underwriters within its renewable energy business. Nicholas Boswell Brown and Claire Whelan will join in April in order to support the expansion of the company’s renewable energy business in Spain, Portugal and Latin America. Boswell Brown joins ... Read the full article
19th January 2021
Bermuda-based insurer and reinsurer, AXIS Capital Holdings Limited, has announced a preliminary Q4 2020 net claims estimate of between $195 million to $205 million, pre-tax, for catastrophes and weather-related events. Of this range, AXIS states that a significant $125 million, pre-tax, relates to the COVID-19 pandemic, while an additional $70 million ... Read the full article
11th December 2020
Bermuda-based re/insurer AXIS Capital Holdings Limited has announced that both Christopher V. Greetham and Wilhelm Zeller are to retire from the company's board of directors, effective December 31st, 2020. Greetham has served on the board of AXIS Capital since October of 2006, while Zeller joined the company's board of directors in ... Read the full article
10th December 2020
Fitch Ratings has affirmed the 'A+' (Strong) Insurer Financial Strength (IFS) ratings of the operating subsidiaries of Bermuda-based re/insurer AXIS Capital. The ratings agency has also affirmed AXIS’ 'A-' Issuer Default Rating (IDR), while the rating outlook is negative. Fitch says these ratings reflect the company's moderate business profile, very strong capitalization ... Read the full article
2nd December 2020
The reinsurance arm of Bermuda-based AXIS Capital Holdings Limited, AXIS Re, has appointed Emilie Hungenberg as a Senior Underwriter, Property, EMEA & Latin America. In her new role, Hungenberg takes on responsibility for underwriting a property treaty portfolio for France, Benelux, Iberia, and Africa. She will work alongside the underwriting team responsible ... Read the full article
5th November 2020
Albert Benchimol, President and CEO of Bermudian re/insurer AXIS Capital, has said he believes reinsurance pricing is “approaching adequacy” but that more rate action is needed beyond 2021 in some areas. Speaking in an earnings call alongside the release of AXIS’ Q3 results, Benchimol offered his perspective on the current ... Read the full article
30th October 2020
Technology startup Slice Labs has partnered with AXIS Insurance, a division of re/insurer AXIS Capital Holdings, to distribute the AXIS Home Based Business insurance product in a bid to help protect small businesses. The product is designed to fill the gap between by covering common small-business risks like general liability, professional ... Read the full article
29th October 2020
Bermuda-based insurer and reinsurer, AXIS Capital Holdings Limited, has announced a net loss of $73 million and a combined ratio of 114.5% for the third-quarter of 2020, as pre-tax catastrophe and weather-related losses reached $240 million in the period. A net loss of $73 million compares with net income of $28 ... Read the full article
15th October 2020
AXIS Re, the reinsurance arm of Bermuda-based AXIS Capital Holdings Limited, has added Lydia LaSalata and Matthew Trinkle to its North American Casualty operation. LaSalata's appointment is effective October 15th, 2020 and she joins the reinsurer as a Senior Underwriter for Professional Liability. She joins AXIS Re from Safety National Re, ... Read the full article
