Axis Capital
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New leaders of these reinsurers have started strong, but Axis still has work to do.
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The primary casualty book was down by “some 26-odd percent from the prior year”.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Pauline Morley will report to John Van Decker, head of global financial lines.
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The executive is also CUO of Axis Managing Agency.
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The executive’s exit is part of a reassessment of Axis’s primary casualty book.
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Dejung spent 13 years at Scor, most recently as cyber CUO.
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It will begin underwriting from April 2024.
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Marty Becker was previously chair of QBE Insurance and Alterra Capital.
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The executive will continue in his role as global head of distribution.
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With mixed results in the reinsurance space, the specialty pivot remains a "show-me" story.
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Markel, Axis and Selective booked sizeable reserve charges in their liability segments.
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The firm will still be prepared for ‘modest changes’.
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Insurance Insider US runs you through the earnings results for the day.
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Axis’s reserve cleanup removes longstanding overhang and narrows the credibility gap.
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Axis shares were trading at almost $59 after closing at around $55 Tuesday.
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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.
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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.
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The transaction would have been one of the largest the market has seen for years.
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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.
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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.
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He will be based in New York and report to Mike McKenna, head of North America.
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Stan Galanski most recently served as president and CEO of The Navigators Group until its 2019 acquisition by The Hartford.
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Coburn will report to Jason Busti, Axis Re president of North America.