Axis Capital

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.

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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.