Axis Capital
-
New leaders of these reinsurers have started strong, but Axis still has work to do.
-
The primary casualty book was down by “some 26-odd percent from the prior year”.
-
The Insurance Insider US news team runs you through the earnings results for the day.
-
Pauline Morley will report to John Van Decker, head of global financial lines.
-
The executive is also CUO of Axis Managing Agency.
-
The executive’s exit is part of a reassessment of Axis’s primary casualty book.
-
Dejung spent 13 years at Scor, most recently as cyber CUO.
-
It will begin underwriting from April 2024.
-
Marty Becker was previously chair of QBE Insurance and Alterra Capital.
-
The executive will continue in his role as global head of distribution.
-
With mixed results in the reinsurance space, the specialty pivot remains a "show-me" story.
-
Markel, Axis and Selective booked sizeable reserve charges in their liability segments.
-
The firm will still be prepared for ‘modest changes’.
-
Insurance Insider US runs you through the earnings results for the day.
-
Axis’s reserve cleanup removes longstanding overhang and narrows the credibility gap.
-
Axis shares were trading at almost $59 after closing at around $55 Tuesday.
-
More than 100% of the reserve charge came from pre-pandemic years, as the slight release of $40mn that offset the full-year increase of $452mn was from 2020 to 2022 accident years.
-
The reserve strengthening was related to liability and professional lines related to 2019 and prior accident years, the firm wrote in a preliminary earnings disclosure.
-
The transaction would have been one of the largest the market has seen for years.
-
Anna Tan will play a pivotal role in elevating the position of AXIS in the US wholesale casualty market in alignment with the company’s position as a leading specialty insurer.
-
Mike Cueman will be based in New York and report to global head of construction Steve Cross and, via a matrixed structure, to Michael McKenna, head of North America.
-
He will be based in New York and report to Mike McKenna, head of North America.
-
Stan Galanski most recently served as president and CEO of The Navigators Group until its 2019 acquisition by The Hartford.
-
Coburn will report to Jason Busti, Axis Re president of North America.
-
Ratings could be lowered by one notch depending on regulatory restrictions on cash flow from Bermuda operating entities to non-operating holding companies, the ratings agency said.
-
John Owen has been with Axis – and Novae prior to its merger with Axis in 2017 – for 19 years in underwriting and leadership roles.
-
The Bermudian also revealed a $29mn restructuring charge for Q3.
-
The Inside P&C news team runs you through the earnings results for the day.
-
Carlton Maner is stepping down after having served at AXIS for almost 22 years.
-
The sidecar has been launched alongside partner Stone Point Credit Adviser.
-
Cyber is another market Axis is watching closely, given new MGA entrants as well as the recent rise of ransomware activity, with the carrier expecting more “undulation” as a result.
-
Wu will focus on supporting and growing the broker’s existing US, Canada and Bermuda strategic partnerships.
-
Some 15 months on from the property reinsurance exit, he said the firm continued to reserve the right to reshape the portfolio.
-
Inside P&C’s news team runs you through the key highlights of the week.
-
Rate declines have not been as pronounced in private D&O, though competition is increasing.
-
Effective August 24, Kristen Hunter will start as head of inland marine – North America at Axis, bringing a team of three with her from Berkshire Hathaway.
-
A 15% tax is in the works, but appears manageable, and with (re)insurance being Bermuda’s largest industry, the territory will take steps to keep companies where they are.
-
Differences in reinsurer strategies and risk management lead to differentiation in stock multiples and long-term value creation.
-
Market conditions remain “vibrant” with substantial rate increases in property business.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The Inside P&C news team runs you through the earnings results for the day.
-
In this new role, he will help shape the overall direction of the company’s specialty programs portfolio business.
-
The executive has worked at the Bermudian carrier for more than two decades.
-
Inside P&C’s news team runs you through the key highlights of the week.
-
The executive will be responsible for shaping the business unit’s strategy in alignment with the wider reinsurance business.
-
Axa’s lack of success in selling its more volatile XL Re segment has led the insurer to cut back on those lines, but the current rate environment makes this a good time to revisit a sale.
-
Romeo will be responsible for building out the US cargo program and charting a course for growth ahead of its launch later this year.
-
Inside P&C’s news team runs you through the key highlights of the week.
-
Reinsurers have mostly grown since before the Covid crisis, but the type and timing of growth affects value creation,
-
She will report to global head of cyber and technology Dan Trueman and play a key role in shaping the team’s strategic direction.
-
Everest Re’s $1.5bn capital raise could be part of a continued pivot, or an early indicator of a shifting marketplace.
-
Mark Gregory was previously CEO of Axis’s international division, while McKenna was CUO of Falvey Insurance Group for two years.
-
The withdrawal from the aviation reinsurance class announced yesterday represented ~$10mn of non-renewed premium.
-
The decrease was also driven by non-renewals of some marine business in Q1 as well as declines in some specialty lines including liability, and accident and health.
-
Tizzio’s new employment agreement starts May 4, 2023 and ends December 31, 2026, with automatic one-year renewal periods unless either party gives prior notice of non-renewal.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Based in New York, Watt will report directly to Axis specialty insurance head and incoming group CEO Vince Tizzio.
-
Inmaculada Gonzalez was previously US head of ceded reinsurance placements.
-
He will report to John Van Decker, president of global financial lines, and will also work closely with Axis Wholesale, led by CEO Carlton Maner.
-
The decision is the carrier’s latest step in its ambition to transition to a low-carbon economy.
-
Axis CEO Albert Benchimol has led posthumous tributes to industry veteran Michael Butt.
-
Inside P&C’s news team runs you through the key highlights of the week.
-
Axis has reported good results as it heightens its focus on specialty business, but it remains to be seen if it can close the value creation gap.
-
In an interview with this publication, the CEO admitted the transition “took longer than any one of us would have wanted”.
-
The carrier estimated losing less than $10mn of desired renewals due to exits from property and property cat reinsurance.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Pre-tax catastrophe losses during the quarter totaled $64mn, including weather-related losses of $32mn, primarily attributable to Winter Storm Elliott.
-
Although 2022 was on balance, a good year, macro-economic issues such as a slowing economy, falling employment, and loss cost reversion could create an overhang for 2023.
-
The outgoing CEO will step down in May and spend six months as a strategic adviser to the company.
-
The transaction covers net reserves for losses and loss expenses of approximately $400mn and provides ground-up cover to a policy limit of $605mn.
-
Axis’ pivot away from property reinsurance comes just as the sector reaches one of the biggest inflection points.
-
Discussion on Q3 earnings calls focused heavily on the supply-demand imbalance in cat capacity, as executives discussed how they would navigate a challenging January renewal.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The declining number of IPOs has reduced demand for public D&O cover and created competition, but current rates may not adequately price the risk, the executive said.
-
Benchimol said there was a risk of losing business, but more important was the transition to a specialty carrier with low volatility.
-
The company said $212mn in cat losses were primarily attributable to Hurricane Ian and European convective storms.
-
The firm’s insurance business recorded $100mn of Ian-related losses while the reinsurance unit booked $60mn.
-
Based in New York, Greer is responsible for leading the surety reinsurance efforts in the United States, Canada and Puerto Rico.
-
Universal P&C, the FHCF, Axis, Berkshire and Nephila are among the firms that will be in focus as the loss develops.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The executive noted that there are still unmet needs in the wholesale sector, and expects the flow of business to continue into the E&S channel.
-
If the hurricane season continues to be mild, it could impact pricing momentum.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The Axis chief outlined optimism on his new structure for reinsurance, and said it can grow in its chosen classes of casualty and specialty reinsurance.
-
The company has appointed Carlton Maner as CEO, who will report directly to Axis Specialty and Reinsurance CEO Vincent Tizzio.
-
The executive will step into a newly created role, which was announced in the company’s strategic plan in June.
-
The executive will also serve as senior underwriter of professional liability.
-
Berkley also increased its position in Global Indemnity and now owns around 8.5% of the firm.
-
The ratings agency also affirmed the long-term issuer credit rating of ‘a+’ for the insurer.
-
Inside P&C’s news team runs you through the key highlights of the week.
-
After the bumpy rebalancing away from reinsurance, the firm must now step up to deliver on the plan based around its better-performing insurance unit.
-
The executive laid out the carrier’s plans following a property cat exit on a call with analysts.
-
Inside P&C’s morning summary of the key stories to get you up to speed fast.
-
The Bermudian’s gross premiums written rose 9% year-on-year as increases from the insurance segment offset a 4% decrease in reinsurance.