Reinsurance News

AXIS Capital Holdings

AXIS CEO notes subdued reinsurance market as primary growth continues

2nd May 2018

Albert Benchimol, the President and Chief Executive Officer (CEO) of Bermuda domiciled insurer and reinsurer, AXIS Capital Holdings Limited, remains cautiously positive on the outlook for the sector and believes the market is "simply too stressed to give up any more pricing." Commenting on both insurance and reinsurance rate movements during ... Read the full article

AXIS Capital launches transformation efforts to become “future-ready”

26th April 2018

In announcing its first-quarter 2018 results yesterday, Bermudian insurance and reinsurance group AXIS Capital Holdings Limited discussed its new enterprise-wide transformation initiative that began earlier this year, with the goal of making the company "future ready". AXIS' results show a much improved income position compared to the prior year, while ... Read the full article

AXIS Re names AIG’s Megan Thomas Chief Underwriting Officer

18th April 2018

AXIS Re, a division of Bermuda-based AXIS Capital Holdings Limited, has named Megan Thomas as its Chief Underwriting Officer (CUO), based in New York and reporting directly to Steve Arora, AXIS Re's Chief Executive Officer (CEO). In her new role, Thomas will join the reinsurance leadership team, and will assume responsibility for product ... Read the full article

AXIS establishes Cyber Center of Excellence

16th April 2018

AXIS Capital Holdings Limited has announced the launch of the AXIS Cyber Center of Excellence, a project which aims to develop products and solutions for mitigating cyber threats associated with companies’ tangible and intangible assets. Led by Dan Trueman, Global Head of Cyber at AXIS, the new center will address the ... Read the full article

“Unfavourable trends” push A.M. Best to go negative on AXIS Capital

19th February 2018

Rating agency A.M. Best has turned negative on the ratings of Bermudian insurance and reinsurance firm AXIS Capital Holdings Limited, citing "unfavorable trends in the group’s operating performance." Specifically, A.M. Best said that AXIS' insurance segment is the main source of its concern, saying that, "Historically AXIS’ operating performance ranks among ... Read the full article

No hard markets but 1/1 rate momentum expected to continue: AXIS CEO

13th February 2018

Albert Benchimol, the President and Chief Executive Officer (CEO) of insurer and reinsurer AXIS Capital Holdings Limited, isn't anticipating hard markets of the past but does expect rates in the reinsurance sector to improve throughout 2018. Global insurers and reinsurers are now reporting their fourth-quarter and full-year 2017 results, and during ... Read the full article

Enstar to reinsure £840mn portfolio of Novae Legacy business

29th January 2018

Enstar Group Limited's Lloyd's managing agency, StarStone Underwriting Limited, has completed a reinsurance-to-close deal with AXIS Managing Agency Limited, which sees Enstar's Syndicate 2008 reinsure to close the 2015 and prior underwriting years of account of Novae Syndicate 2007. Under the terms of the reinsurance-to-close transaction, Enstar will assume net reinsurance reserves of roughly £600 million ... Read the full article

AXIS realigns and appoints Group Chief Underwriting Officer

23rd January 2018

AXIS Capital Holdings Limited has announced enhancements to its operating model, which includes the launch of a new Global Underwriting and Analytics unit (GUA) and the appointment of Eric Gesick as Group Chief Underwriting Officer (CUO). The announcement comes after AXIS' recent takeover of Novae, and marks a continuation and acceleration of its ... Read the full article

AXIS expects $130mn catastrophe loss bill & $42mn tax charge in Q4 2017

17th January 2018

AXIS Capital Holdings Limited has reported a preliminary catastrophe loss estimate of $130 million as a result of fourth-quarter 2017 catastrophe and weather-related events. The total is net of tax and estimated recoveries from both reinsurance and retrocessional covers, and is also inclusive of reinstatement premiums. The estimate includes a change in ... Read the full article

AXIS Managing Agency takes oversight of Novae syndicate and SPS

9th January 2018

AXIS Managing Agency Ltd., the managing agent arm of international insurance and reinsurance firm AXIS Capital that oversees the group's Lloyd's of London operations, has now taken over management and oversight of the Novae operations at Lloyd's. AXIS Capital acquired Novae Group in 2017, inheriting new Lloyd's operations to add ... Read the full article

Nicole Lim promoted to AXIS Insurance Deputy Chief Underwriting Officer, Singapore

8th January 2018

AXIS Insurance, a subsidiary of AXIS Capital Holdings, has promoted Nicole Lim to Deputy Chief Underwriting Officer, CUO, for Singapore with immediate effect. Lim was promoted from a role as Vice President of Underwriting for AXIS' Singapore office. As CUO she will oversee AXIS' Singapore insurance business, reporting to Rory MacGregor, the former ... Read the full article

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