Insight and Intelligence on the London & International Insurance Markets

20 October 2017

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Axis pegs net Q3 pre-tax cat losses at $617mn

Dan Ascher and Iulia Ciutina 12 October 2017

Axis Capital has said its net losses from the unusually active third quarter are likely to total $617mn before tax.

The group's insurance segment contributed just over half of that with $315mn of losses after a $6mn reinsurance recovery, the company said late today.

The reinsurance division reported expected losses of $302mn, net of a $136mn retro payment and $20mn of reinstatement premiums.

After tax, Bermuda-based Axis expected the aggregated loss to come to $578mn.

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