Axis Capital

Axis Capital had emphasized insurance growth and reinsurance remediation in recent earnings calls, but the top line remains below $10bn.

Plus the latest company results, people moves and all the top news of the week.

The Bermudian has painted its reinsurance unit in an unfavourable light – and that will be hard to counter.

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.

The specialty (re)insurer has appointed Axa XL’s Christine Cook as head of portfolio underwriting to lead the team.

Plus this week’s Q1 results and all the top news of the week.

The Bermudian is trying to cement its pivot into specialty insurance – but selling the reinsurance unit may prove tricky.

The carrier also revealed $30mn in Russia-Ukraine Q1 losses.

Jefferies has been awarded the mandate to seek a buyer for the segment.

A New Jersey judge writes a scathing decision criticizing hospitality firms for attempting to claim physical damage from virus and misinterpreting policy language.

The incoming executive succeeds Helen O’Sullivan, who became group treasurer earlier this year.

Rates across Axis’s insurance book rose by 14% in 2021, roughly matching the 14% rate increases Axis said it achieved across its insurance portfolio in 2020.