Axis Capital

The executive also said that in many cases, the increases in ceding commissions that buyers were looking for were “too much”.

The company lowered its full-year core loss ratio 2.6 points to 55.1% and posted a $266mn full-year underwriting gain.

Former Navigators CEO Vince Tizzio has joined as a senior adviser and will transition into the CEO role on June 1.

Based in Alpharetta, Georgia, he will report to Britt Smith, senior vice president for US excess casualty.

The executive said there was a strong case for meaningful rate increases in reinsurance.

The company generated a $10mn underwriting gain in insurance, reversing last year’s $80mn loss, though the reinsurance division’s loss widened to $69mn.

The carrier will phase out thermal coal business and invest $20mn in a green investment fund.

The carrier has appointed Beth Convey, Julieta Moya and Mark Sutton to help build out its London FI business.

Axis estimates Hurricane Ida will be a $35bn industry loss event while the European floods – from which Axis expects a $55mn bill – are projected to cost the industry $13bn.

Tom Rivers joins the carrier from Axis Managing Agency, where he held the position of chief risk officer for nearly five years.

Shuohan Dai joined as a senior underwriter and will work closely with existing teams to oversee the capital risk solutions team’s underwriting activities in the Asia Pacific region.

Nine (re)insurance firms in London took part in the programme for career-break women, organised by diversity and inclusion firm Inclusivity and supported by the Insurance Families Network.