Axis Capital
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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.
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Pre-tax catastrophe losses during the quarter totaled $64mn, including weather-related losses of $32mn, primarily attributable to Winter Storm Elliott.
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The outgoing CEO will step down in May and spend six months as a strategic adviser to the company.
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The transaction covers net reserves for losses and loss expenses of approximately $400mn and provides ground-up cover to a policy limit of $605mn.
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James Creasy is leaving the carrier to launch a cyber book with Inigo.
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The underwriter had worked for Axis and predecessor Novae for 17 years.
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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.
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Benchimol said there was a risk of losing business, but more important was the transition to a specialty carrier with low volatility.
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The underwriter has more than 40 years’ experience in the market and was global head of marine and energy reinsurance at Axis Re.
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The company said $212mn in cat losses were primarily attributable to Hurricane Ian and European convective storms.
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The firm’s insurance business recorded $100mn of Ian-related losses while the reinsurance unit booked $60mn.
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