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AXIS Capital Holdings

AXIS Capital reports $35-45 million California wildfire loss

9th November 2017

AXIS Capital has reported a preliminary pre-tax net loss estimate for the California wildfires in the range of $35 million to $45 million - the current estimated industry insured losses for the event are between $4 billion and $8 billion. The AXIS loss estimate is primarily based on assessment of losses ... Read the full article

Rates need to reflect changing risk perception, suggests industry execs

3rd November 2017

The pricing of catastrophe risks in the insurance and reinsurance sector needs to reflect the increased severity and frequency of events, and the extremely costly third-quarter could lead to a change in risk perception, according to industry executives. Historically, the occurrence of significant price increases across the reinsurance market happens at ... Read the full article

Fitch turns negative on outlook for AXIS Capital

31st October 2017

Rating agency Fitch has revised its outlook on the ratings of Bermudian insurance and reinsurance firm AXIS Capital Holdings Ltd. to negative, in the wake of recent catastrophe losses. Citing declining capital adequacy, adverse earnings trends, the reinsurers sensitivity to changes in loss estimates and the $578 million of net after-tax ... Read the full article

AXIS hires new reinsurance CEO Steve Arora from Swiss Re

23rd October 2017

Bermudian insurance and reinsurance firm AXIS Capital Holdings Limited has hired Steve Arora from Swiss Re to become the new Chief Executive Officer of AXIS Re. Jan Ekberg has been interim CEO of AXIS Re since Jay Nichols stepped down from the role earlier this year. Arora has been hired from ... Read the full article

AXIS completes Novae acquisition

18th October 2017

Bermudian insurer and reinsurer, AXIS Capital Holdings Limited, has announced the completion of its acquisition of Novae Group, after receiving all necessary regulatory approval. The deal was initially announced in July, 2017, and after AXIS increased its offer by 2% in August, the firm then completed phase one ... Read the full article

AXIS Capital announces two senior executive appointments

13th October 2017

AXIS Capital Holdings has announced two senior appointments within the U.S. Programs, Property & Casualty team of its insurance business unit. Tim McGee has been promoted to Senior Vice President, U.S. Programs Underwriting Officer and Franklin Maccotan has been hired as Vice President, U.S. Programmes. Both appointees report to John Tatum, Executive ... Read the full article

AXIS Capital reveals $578 million of Q3 catastrophe losses

13th October 2017

AXIS Capital Holdings has revealed a $578 million preliminary impact from third quarter 2017 catastrophe losses, net of tax and estimated recoveries from reinsurance and retrocessional covers, and including reinstatement premiums. Both the insurance and reinsurance segments of the company contributed to these after-tax net losses, which is apportioned between events ... Read the full article

AXIS acquires shares of Novae as deal nears completion

2nd October 2017

AXIS Capital Holdings Limited has now acquired the shares of Novae Group for 715 pence per share, and expects to secure management of the company no later than October 18th, 2017. AXIS announced in early July that it would acquire Novae Group, before increasing its offer by 2% in ... Read the full article

AXIS’ takeover of Novae expected to be completed by October 18th, 2017

26th September 2017

AXIS Capital Holdings Limited will complete its previously announced acquisition of Novae group in two phases, the deal is expected to be finalised no later than October 18th, 2017. AXIS Capital announced in July this year that it would acquire Novae for $604 million, before increasing the offer in Read the full article

Christina Tom joins AXIS Insurance from Aspen as a Vice President

13th September 2017

AXIS Capital Holdings subsidiary, AXIS Insurance, has named Christina Tom Vice President, Renewable Energy Underwriter, based in San Francisco. Tom joins the firm from Aspen Insurance, and brings experience and expertise in the wind, solar and energy storage risk sector. In her new role she will be responsible for AXIS Insurance's ... Read the full article

AXIS’ increased offer for Novae accepted by shareholders

29th August 2017

The revised and increased offer made by global specialty insurance and reinsurance firm AXIS Capital Holdings Limited to acquire Lloyd’s of London focused diversified specialty re/insurer Novae Group plc has been accepted by shareholders, the company reported today. Novae Group held a General Meeting earlier today in London and approximately 99.97 ... Read the full article

AXIS increases Novae offer by 2%

25th August 2017

Global specialty insurance and reinsurance firm AXIS Capital Holdings Limited has increased its acquisition offer for the shares of Lloyd’s of London focused diversified specialty re/insurer Novae Group plc by 2%, valuing the firm at £477.6 million (US $612m at today's FX rates). The "full and final" offer of 715 pence per ... Read the full article

AXIS Capital targets insurtech in Plug and Play accelerator partnership

24th August 2017

Bermuda headquartered global insurance and reinsurance firm AXIS Capital Holdings Limited has announced a partnership with Silicon Valley start-up accelerator Plug and Play as it targets a deeper involvement in helping to develop InsurTech start-ups. By participating in Plug and Play’s InsurTech platform, AXIS will get to work alongside leading digital ... Read the full article

Neil Monahan joins AXIS Re from Swiss Re as SVP, Professional Liability, U.S.

23rd August 2017

AXIS Re, the reinsurance arm of AXIS Capital Holdings Limited, has appointed Neil Monahan, formerly of Swiss Re, as Senior Vice President (SVP), Professional Liability, U.S., reporting to Jon Colello. In his new role, Monahan will be responsible for leading the reinsurer's professional liability reinsurance underwriting operations in the U.S., and will be based ... Read the full article

AXIS Capital gains approval to establish Lloyd’s Managing Agency

14th July 2017

Bermudian Insurer and reinsurer AXIS Capital Holdings Limited and its operating subsidiaries, have received all the necessary approval from Lloyd's of London, the Prudential Regulation Authority (PRA) unit of the Bank of England and the Financial Conduct Authority (FCA), to establish its own Lloyd's managing agent. Effective August 4th, 2017, AXIS Managing ... Read the full article

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