Reinsurance News

AXIS Capital Holdings

AXIS adds Everest Re’s Caponigro to lead overhauled ILS unit

13th July 2021

AXIS Capital has appointed Chris Caponigro to lead its newly-rebranded Insurance Linked Securities (ILS) unit as Global Head. Caponigro will oversee the company’s third party capital related activities currently under management across its reinsurance and Insurance segments. He will report to AXIS Re Chief Executive Steve Arora and will be based out ... Read the full article

AXIS Capital Holdings rebrands all aviation units

24th June 2021

AXIS Capital Holdings has announced that all of its aviation units have been rebranded to reflect the AXIS brand and logo. This is the last phase of the 2016 acquisition by AXIS of European specialty aviation insurer and reinsurer Aviabel and its Dutch brand NLP (Nederlandse Luchtvaartpool). The retirement of the Aviabel ... Read the full article

AXIS Re names Haugh as President of new Global Property division

10th May 2021

AXIS Re, the reinsurance arm of Bermuda-based AXIS Capital Holdings Limited, has announced a simplified overall structure, which includes the establishment of a new Property Reinsurance division, led by Ann Haugh. Previously AXIS Re's President of Global Markets, Haugh has been appointed President of the reinsurer's new Global Property unit. In her ... Read the full article

Robust Q1 performance sees AXIS secure $116mn net income

29th April 2021

Bermuda-based re/insurer AXIS Capital has announced a first quarter net income of $116 million, compared to a $185 million loss in the prior year quarter. At $83 million, operating income also improved considerably from the $164 million figure announced in Q120. Gross premiums written increased by $104 million to $2.5 billion as ... Read the full article

AXIS pegs Q1 catastrophe and weather losses at up to $115mn

15th April 2021

Bermuda-based insurer and reinsurer, AXIS Capital Holdings Limited, estimates net losses from catastrophes and other weather-related events in the range of $105 million to $115 million, pre-tax, for the first-quarter of 2021. Between $80 million and $90 million of the pre-tax net loss estimate relates to Winter Storms Uri and Viola, ... Read the full article

NA reinsurers report deterioration in underwriting results: Fitch

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

AXIS earnings to benefit from reserve development: KBW

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

AXIS Capital adds two to board of directors

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

AXIS Re adds Michelle Glass to NA Casualty team

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

AXIS Capital reports $5mn net loss for Q4

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

Heightened storm frequency, rising sea levels to drive greater losses: report

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

AXIS adds two to underwriting team

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

AXIS announces Q4 losses of up to $205mn from COVID-19 and cats

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

Long-time members Greetham & Zeller to retire from AXIS board

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

Fitch affirms AXIS Capital rating, outlook remains negative

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