Axis Capital
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The executive will be based in Zurich and report to international CUO Joerg Bruniecki.
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The executive is also CUO of Axis Managing Agency.
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The syndicate reported profit up 44.7% to $153mn for the year.
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Dejung spent 13 years at Scor, most recently as cyber CUO.
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It will begin underwriting from April 2024.
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Talbot has lost a trio of PV underwriters to Ark in recent months.
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Marty Becker was previously chair of QBE Insurance and Alterra Capital.
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Slipstream will be available to marine, cargo and logistics UK clients.
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Head of FI Samantha Shean is leaving Axis to join Aviva.
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The firm will still be prepared for ‘modest changes’.
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Its PPD ratio for the quarter jumped 34.2 points YoY to 33.6%.
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Axis shares were trading at almost $59 after closing at around $55 Tuesday.
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More than 100% of the reserve charge came from pre-pandemic years, as the slight release of $40mn that offset the full-year increase of $452mn was from 2020 to 2022 accident years.
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The reserve strengthening was related to liability and professional lines related to 2019 and prior accident years, the firm wrote in a preliminary earnings disclosure.
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The transaction would have been one of the largest the market has seen for years.
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The Syndicate 2050 will provide capacity for new energy projects that support the transition to net zero.
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Stan Galanski most recently served as president and CEO of The Navigators Group until its 2019 acquisition by The Hartford.
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The latest class of business entry forms part of the carrier’s ongoing international insurance expansion.
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Ratings could be lowered by one notch depending on regulatory restrictions on cash flow from Bermuda operating entities to non-operating holding companies, the ratings agency said.
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John Owen has been with Axis – and Novae prior to its merger with Axis in 2017 – for 19 years in underwriting and leadership roles.
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The Bermudian also revealed a $29mn restructuring charge for Q3.
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The 11.6-point CoR improvement was driven by smaller catastrophe losses, which totaled $42mn for the quarter, compared to $212mn a year ago.
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Carlton Maner is stepping down after having served at AXIS for almost 22 years.
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Staff movement in the marine class exceeds that in all other lines of business.
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The sidecar has been launched alongside partner Stone Point Credit Adviser.
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The executive will drive the carrier’s new change programme, ‘How We Work’.
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Some 15 months on from the property reinsurance exit, he said the firm continued to reserve the right to reshape the portfolio.
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The carrier has strengthened its cargo team following the departure of two underwriters.
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The underwriter will join the company following the departure of underwriters David Axtell and Ryan Godfrey.
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It is understood that Cozens will follow former head of cyber and technology Creasy to Inigo.
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Market conditions remain “vibrant” with substantial rate increases in property business.
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The carrier’s consolidated combined ratio improved 1.9 points to 91.5%, as its Q2 pre-tax cat losses declined 52%.
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The vehicle is turnkeyed by Mission Underwriters.
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The underwriter specialises in business including commodity traders, petrochemical risks and African business.
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The executive has worked at the Bermudian carrier for more than two decades.
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The executive will be responsible for shaping the business unit’s strategy in alignment with the wider reinsurance business.
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Raj Brar has spent more than four years at the carrier as a senior construction underwriter.
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She will report to global head of cyber and technology Dan Trueman and play a key role in shaping the team’s strategic direction.
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Most forecasters predict below-average activity in the region – but opposing weather phenomena mean uncertainty is higher than usual.
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She will be responsible for driving the firm's global data strategy and governance as well as overseeing the analytics operating model.
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Mark Gregory was previously CEO of Axis’s international division, while McKenna was CUO of Falvey Insurance Group for two years.
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The withdrawal from the aviation reinsurance class announced yesterday represented ~$10mn of non-renewed premium.
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The decrease was also driven by non-renewals of some marine business in Q1 as well as declines in some specialty lines including liability, and accident and health.
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The carrier has made significant investments towards launching in numerous primary specialty classes in London.
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Based in New York, Watt will report directly to Axis specialty insurance head and incoming group CEO Vince Tizzio.
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The appointment comes following the departure of Stephen Haynes, who has joined Argenta.
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Marcus Pollak and Stefan Behr will be based in Zurich.
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The decision is the carrier’s latest step in its ambition to transition to a low-carbon economy.
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Axis CEO Albert Benchimol has led posthumous tributes to industry veteran Michael Butt.
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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”.
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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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Based in New York, Greer is responsible for leading the surety reinsurance efforts in the United States, Canada and Puerto Rico.
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Insurance Insider selects 10 exclusive news stories reported by our team on the frontline at Monte Carlo Rendez-Vous.
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How much capacity is available to meet rising cat reinsurance demands was a key theme throughout this year’s Rendez-Vous.
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The Axis chief outlined optimism on his new structure for reinsurance, and said it can grow in its chosen classes of casualty and specialty reinsurance.
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The company has appointed Carlton Maner as CEO, who will report directly to Axis Specialty and Reinsurance CEO Vincent Tizzio.
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The executive will step into a newly created role which was announced in the company’s strategic plan in June.
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The executive laid out the carrier’s plans following a property cat exit on a call with analysts.
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The underwriter specialises in aviation and marine sub-segments of the accident and health class.
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The Bermudian’s gross premiums written rose 9% year-on-year as increases from the insurance segment offset a 4% decrease in reinsurance.
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The appointment comes amid a flurry of movement within the construction class.
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The property reinsurance underwriter had joined Axis Re’s London team three years ago.
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Market orthodoxy suggests cross-class reinsurers secure more leverage – but are there too many implicit offsets in this game?
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Plus the latest people moves and all the top news from the week.
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The carrier’s move to cement its identity as a specialty (re)insurer could put it at a competitive disadvantage.
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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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Jefferies has been awarded the mandate to seek a buyer for the segment.
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A New Jersey judge writes a scathing decision criticizing hospitality firms for attempting to claim physical damage from virus and misinterpreting policy language.
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The incoming executive succeeds Helen O’Sullivan, who became group treasurer earlier this year.
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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.
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The executive also said that in many cases, the increases in ceding commissions that buyers were looking for were “too much”.
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The company lowered its full-year core loss ratio 2.6 points to 55.1% and posted a $266mn full-year underwriting gain.
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Former Navigators CEO Vince Tizzio has joined as a senior adviser and will transition into the CEO role on June 1.
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Based in Alpharetta, Georgia, he will report to Britt Smith, senior vice president for US excess casualty.
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The executive said there was a strong case for meaningful rate increases in reinsurance.
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The company generated a $10mn underwriting gain in insurance, reversing last year’s $80mn loss, though the reinsurance division’s loss widened to $69mn.
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The carrier will phase out thermal coal business and invest $20mn in a green investment fund.
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The carrier has appointed Beth Convey, Julieta Moya and Mark Sutton to help build out its London FI business.
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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.
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Tom Rivers joins the carrier from Axis Managing Agency, where he held the position of chief risk officer for nearly five years.
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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.
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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.
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The carrier has restructured its cyber business with stringent underwriting conditions.
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The company reported $139mn in Q2 cat losses that it said mostly came from Winter Storm Uri.
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The new hire joins from Axis’ capital risk solutions team.
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The insurer says the rebrand will fully align Aviabel and NLP with its Axis brand.
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The case is the latest US suit regarding whether physical damage is required to trigger BI payouts.
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Axis Miami wrote direct and facultative property, political violence, energy, aviation and cyber risks, typically on a following market basis.
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Axis promotes internally for new position to head up commercial partnerships.
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A smattering of data points and commentary from Q1 analyst calls shows that turnaround efforts are bearing some fruit.
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Ann Haugh will lead the new global property division, with Andy Hottinger heading up international and Jonathan Gray specialties.
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Insurance rates in the US rose 15%, while London market pricing was up 10%
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Axis posted operating earnings of $83mn in Q1, compared to an operating loss of $164mn in the same period last year.
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The carrier says it expects winter storms Uri and Viola to account for between $80mn and $90mn of claims absorbed during the period.
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The recruit spent almost a decade at Willis Towers Watson.
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The newcomer will work as a senior underwriter with a focus on business within the aviation and marine industries.
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Climate change risk is not yet being properly reflected in pricing, the company chief warned.
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William Alderton becomes head of the new worldwide unit.
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Aon’s Nicholas Boswell Brown and Aviva’s Claire Whelan join the business in April to support the expansion into Spanish-speaking markets.
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David Bangs joins from Willis Re Singapore where he worked for more than 15 years.
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Lydia LaSalata and Matthew Trinkle have joined the reinsurance business.
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Axis, RenRe, Arch and Everest Re trade roughly in line with the S&P 500.
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The former GL leader takes up a New York and Connecticut role.
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The underwriters join from Gallagher, Chubb and Starr as Axis experiences increased product demand.
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The president and CEO urges wordings precision to avoid cyber-related litigation.
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The appointments follow the arrival of former Axis head of global international property Stuart Heath to lead delegated property.
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The reinsurance business of Axis Capital is currently recruiting for the parallel role of North America mortgage and surety head.
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Filip Vandeputte will be branch manager for Brussels and Amsterdam and office lead for Aviabel.
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The PE firm, whose founder sits on the Bermudian’s board, began building the stake in March.
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Sue Ringold and Bill Orendorf will join Roman Romeo’s team in Bermuda.
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Parkdean’s legal arguments bear a close resemblance to those in the FCA test case.
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The executive joined the company last year from Swiss Re and has also worked at AIG and Willis.
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The new recruit will lead the carrier’s US open market business.
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The underwriter will be responsible for the strategy and underwriting of the business segment.
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Bobby Kwan will help manage the reinsurer’s property portfolio in the region.
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The move comes after AM Best last week cut the carrier’s FSR to A.
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The CEO says the carrier is committed to winning back its A+ Superior rating.
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The ratings agency says the revision reflects a deterioration in the (re)insurer’s operating performance.
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Covid claims would lead to a 106% 2020 combined ratio, the ratings agency says.
-
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Albert Benchimol says the job of insurers is to mutualise risk, not subsidise it.
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Perkins arrives at the carrier after working at Lockton for five years.
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Mark McCormick takes the CEO role of the group’s Dublin reinsurer, with Helen O’Sullivan staying on as head of the local specialty business.
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Michael Carr will report to US CEO Carlton Maner.
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The executive was head of casualty for North America and London for Axis Reinsurance.
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Chuck Davis disclosed an affiliated fund had boosted its stakes in the Bermuda (re)insurer to almost $20mn.
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The underwriter will be responsible for writing new business and product development.
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Allstate shares shrink 5.3 percent, while Axis shares lose almost 5 percent of their market value.
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CEO Albert Benchimol says the carrier is undergoing an “extensive repositioning” across its business.
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The carrier’s combined ratio improved by 10 percentage points to 107.3 percent over the period.
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The carrier is to book $140mn of weather-related losses and $29mn from agricultural reinsurance.
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Sam Walsh joins from GCube, while liability specialist Pifer moves over from another Axis division.
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Greenspan was more optimistic about Arch, switching her opinion to ‘overweight’ from ‘equal weight’.
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GCube specialises in marine, property, liability and political risk cover for the renewable energy market.
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Joining the board is Anne Melissa Dowling, a former insurance regulator in Connecticut and Illinois.
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Axis reported a Q3 operating loss, while Argo anticipates a $42mn reserve charge in the period.
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The Bermuda carrier will also curb investments in fossil fuel-exposed companies.
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The insurer reportedly follows in the footsteps of carriers including Axa, Allianz, Munich Re and Swiss Re.
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David Hayward, who currently holds the position, will retire from the firm in March 2020.
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The Bermuda (re)insurer exits management liability, along with marine hull, power and product recall.
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The carrier’s current total of $2.1bn has grown from $300mn at the start of 2015 and is up $100mn since the start of the year.
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The new recruit joins after a 19-year international career with Axa XL.
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The results showed a mixed bag for (re)insurer use of third-party capital.
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Further details of the cyber placement show the risk is fairly evenly spread across the US, Bermuda and London markets.
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Jason Busti will hold the position of North America president.
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The company said “pricing momentum continues to build across substantially all business lines”.
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Axis and Swiss Re were able to top up on ILW cover at the lower end of their targeted costs.
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Robert Hands' arrival reflects the expansion of the reinsurer's strategic partners unit.
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