Axis Capital
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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. -
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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