Axis Capital
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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. -
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.
