Axis 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.