Axis Capital

Neil Ross was also appointed CUO for the broker’s MGA.

Markel’s Bryan Sanders is receiving the Lifetime Achievement Award for his service to the industry.

Ryan Alternative Capital Re was launched in partnership with Axis Capital.

Peter Vogt will act as a strategic advisor at Axis until the end of 2026.

Company alum David Murie will lead the new business unit.

Reinsurers are mostly aligned on cat reinsurance, but goals are otherwise diverse.

Pricing was “virtually flat” in the second quarter.

The Insurance Insider US news team runs you through the earnings results for the day.

Eric Seyfried and Glen Manjos are also departing Axis’ cyber and tech unit.

The changes are aimed at improving underwriting and operational performance.

The executive will report to CEO Peter McKenna.

Primary and excess casualty in the US saw double-digit rate growth and remained above loss trends in Q1.

The Insurance Insider US news team runs you through the earnings results for the day.

New roles include CUO for primary and excess casualty and practice leader for complex specialty.

Axis is retroceding $2.3bn of reinsurance segment reserves to Enstar.

Markel had announced the exit from the line of business in the US last year.

GAAP reserve triangles reveal the struggles of some hybrid franchises.

The PE firm held over 6.7 million Axis shares, around 8.2% of shares outstanding.

The carrier also grew TL written premiums by 11% in Q4 and 24% for the full year.

The Insurance Insider US news team runs you through the earnings results for the day.

New CEO Williamson will likely continue walking the hybrid path, with an emphasis on fixing US casualty.

The three lines add up to 80% of the deal.

The transaction mostly covers casualty portfolios of 2021 and prior underwriting years.

A signal around Q4 adverse development has brought the carrier into the spotlight.

Arch stands out among hybrids, but Axis and Everest grind it out.

The company’s reshaping of the book will be substantially completed by year end.

The Insurance Insider US news team runs you through the earnings results for the day.

In tandem, John Posa joins the primary casualty team as vice president.

The executive moves from his current role as chief risk officer for Axis Managing Agency.

Mark Gregory will retire next March, while Sara Mitchell will initially join as a strategic adviser.

The executive struck a cautious note on the industry’s reserve adequacy for the 2021-23 accident years.

David White will succeed Terry Wood on 1 October

Civil case, nuclear verdict and claims count data show worrying trends.

Severe convective storms, wildfires and hurricanes increasingly moving inland are top concerns for the industry.

The outage is not expected to impact Axis’s financials at this time.

A quick roundup of today’s need-to-know news, including AIG's earnings.

The Insurance Insider US news team runs you through the earnings results for the day.

The executive will replace Habib Kattan, who joined the company last summer.

Investor skepticism visible in stock prices and short interest data over first half of 2024.

Launched in 2021, Axis is both an investor and capacity provider.

The two join the company from Navigators, a subsidiary of The Hartford.

Industry trends show the Axis book value growth goal may be hard to hit.

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.

Need to Know

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.

The sector was hit by a rough first half of 2022, with more to come in the second half of the year.

The firm announced that it is exiting the property reinsurance business.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Sources said the company is to part ways with around 60 staff as it completes the pivot to specialty (re)insurance.

The ratings agency cited beneficial insurance and reinsurance pricing and a reduction in the carrier’s catastrophe risk exposure.

Inside P&C’s morning summary of the key stories to get you up to speed fast.