Axis Capital
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The carrier’s move to cement its identity as a specialty (re)insurer could put it at a competitive disadvantage. -
The move comes after an abortive effort from Axis to sell its entire $3bn-premium reinsurance business.
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Axis class construction underwriter Ian Smith looks set to leave his role at the company, Insurance Insider can reveal.
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The ratings agency cited beneficial insurance and reinsurance pricing and a reduction in the carrier’s catastrophe risk exposure.
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Axis Capital had emphasized insurance growth and reinsurance remediation in recent earnings calls, but the top line remains below $10bn.
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Plus the latest company results, people moves and all the top news of the week.
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The Bermudian has painted its reinsurance unit in an unfavourable light – and that will be hard to counter.
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Many hybrids, unless they are willing to take a meaningful financial hit to secure a divestiture, will have to stick with their reinsurance businesses through the current cycle.
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The specialty (re)insurer has appointed Axa XL’s Christine Cook as head of portfolio underwriting to lead the team.
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Plus this week’s Q1 results and all the top news of the week.
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The Bermudian is trying to cement its pivot into specialty insurance – but selling the reinsurance unit may prove tricky.
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The carrier also revealed $30mn in Russia-Ukraine Q1 losses.
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