Axis Capital

Its PPD ratio for the quarter jumped 34.2 points YoY to 33.6%.

Axis shares were trading at almost $59 after closing at around $55 Tuesday.

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.

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.

The transaction would have been one of the largest the market has seen for years.

The Syndicate 2050 will provide capacity for new energy projects that support the transition to net zero.

Stan Galanski most recently served as president and CEO of The Navigators Group until its 2019 acquisition by The Hartford.

The latest class of business entry forms part of the carrier’s ongoing international insurance expansion.

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.

John Owen has been with Axis – and Novae prior to its merger with Axis in 2017 – for 19 years in underwriting and leadership roles.

The Bermudian also revealed a $29mn restructuring charge for Q3.

The 11.6-point CoR improvement was driven by smaller catastrophe losses, which totaled $42mn for the quarter, compared to $212mn a year ago.