Reinsurance News
AXIS Capital Holdings
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
AXIS combines health & corporate accident units
31st May 2022
AXIS Insurance – the specialty insurance segment of AXIS Capital Holdings Limited has announced that it is combining its corporate accident and supplemental health benefits business under the new name, AXIS Group Benefits. The AXIS Group Benefits business portfolio will be managed by the newly expanded team, which provides a dedicated ... Read the full article
“Absolutely crucial” to sustain pricing discipline: AXIS CEO Benchimol
10th May 2022
Albert Benchimol, President and CEO of AXIS Capital Holdings, has asserted that it is “absolutely crucial” that insurers continue to sustain pricing discipline in order to deliver an adequate return on capital and fulfil its role as “a safety net for the free markets.” Speaking during a Q1 earnings call, Benchimol ... Read the full article
AXIS launches portfolio underwriting arm, names leader
5th May 2022
Bermuda-based AXIS Capital Holdings (AXIS Capital), has announced that it has launched a portfolio underwriting unit that targets multi-class portfolio business that is placed in the London specialty insurance market. Christine Cook will be leading the unit, who joins AXIS in the newly created role of Head of Portfolio Underwriting in ... Read the full article
AXIS Capital’s underwriting result improves as catastrophe retreat continues
28th April 2022
Bermuda-based AXIS Capital Holdings Limited has reported an improved combined ratio of 91.4% for the first quarter of 2022, as both its insurance and reinsurance segments recorded a better underwriting result in the period. Across the group, underwriting income spiked from $40.3 million in Q1 2021 to $138.8 million in Q1 ... Read the full article
AXIS Capital appoints Fintan Mullarkey as CEO of AXIS Specialty Europe
31st March 2022
AXIS Capital has appointed Fintan Mullarkey as CEO of AXIS Specialty Europe SE (ASE). The firm said that the appointment was still pending due to regulatory approval but once confirmed, Mullarkey would be responsible for ASE and the legal entity aspects of its branches. Mullarkey will also join the Board of ... Read the full article
AXIS Capital promotes senior analyst to Ceded Re treaty manager
14th March 2022
AXIS Capital has promoted Buddhima Mendis to be Ceded Re Treaty Manager. Mendis will begin her new role immediately. She is currnetly based in New York. In a social media post, AXIS Capital said: “With over 15 years of experience in reinsurance, Buddhima will be responsible for managing all phases of the reinsurance ... Read the full article
AXIS hopeful upward rate momentum will continue: Ann Haugh
21st February 2022
After a late January 1st, 2022, reinsurance renewals season with evident disruption, Bermuda-based AXIS Capital Holdings Limited feels that some of the positives suggest a continuation of the current rate and market environment, according to Ann Haugh, the firm's President of Global Property Reinsurance. Executives from global insurer ... Read the full article
AXIS cut reinsurance property & cat premiums by 45% at 1/1
27th January 2022
Bermuda-based insurer and reinsurer, AXIS Capital Holdings Limited, further reduced the volatility of its portfolio at the Jan 1, 2022, renewals, cutting its reinsurance property and property catastrophe premiums by 45%. The company's President and Chief Executive Officer (CEO), Albert Benchimol, confirmed on a recent earnings call that AXIS advanced its ... Read the full article