Axis Capital
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Colette Buckley joins Steven Ridgers, who became Axis head of erection all risks in October.
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Plus, the latest people moves and all the top news of the week.
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CFO Vogt added that the vehicle’s impact from earned premiums should ramp up from 2026 through 2029.
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In insurance, premium growth came from all lines of business except cyber.
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Neil Ross was also appointed CUO for the broker’s MGA.
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White will join from Allianz trade, and Summers from Talbot.
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Stephen Ridgers is leaving his current role as head of construction midcorp at Allianz Commercial.
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The combined casualty treaty team has also made a number of hires.
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The company, however, sets a high bar on making a move.
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Ryan Alternative Capital Re was launched in partnership with Axis Capital.
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The broker announced the launch of its cross-class facility this week.
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Peter Vogt will act as a strategic advisor at Axis until the end of 2026.
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Beth MacGregor and Adam Vulliamy are also set to join from Axis Capital.
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Company alum David Murie will lead the new business unit.
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Cat portfolios generally grew, but casualty approaches varied.
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The French carrier’s first-half revenues were driven by 6% growth in P&C.
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Pricing was “virtually flat” in the second quarter.
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The carrier had $20mn in reserve releases in the quarter, compared to nil in Q2 2024.
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Eric Seyfried and Glen Manjos are also departing Axis’ cyber and tech unit.
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The changes are aimed at improving underwriting and operational performance.
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Markel International has also hired senior underwriter Keely Madden.
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The headcount at the start-up now stands at around 40.
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Primary and excess casualty in the US saw double-digit rate growth and remained above loss trends in Q1.
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The Bermudian reported net pre-tax cat losses of $49mn, with $32mn attributable to the California wildfires.
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The carrier has moved to hire in the fine art and specie line after the exit of Mark Benbow.
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The executive has also worked for Guy Carpenter during her 20-year career.
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The carrier’s Q4 CoR decreased 34.8 pts YoY to 94.2% as it reported favorable prior-year reserve development.
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The appointment comes after the departure of Mark Benbow, who is joining Westfield.
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The transaction mostly covers casualty portfolios of 2021 and prior underwriting years.
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Aon announced in early December that it had expanded ACT to offer 28.5% capacity for 2025.
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The company’s reshaping of the book will be substantially completed by year end.
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Pre-tax cat losses were $78mn, or 5.8 points on the Q3 CoR, compared to last year’s $42mn, or 3.2 points.
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The launch will add to a marine portfolio which already includes cargo and reinsurance accounts.
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Chris Cane and Jaime Hunwicks join from Talbot, Jonathan Bint from Chaucer and Molly Ashcroft from Axis.
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Dax Gulmohamed succeeds Fintan Mullarkey, who is departing following a 21-year career with Axis.
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The executive moves from his current role as chief risk officer for Axis Managing Agency.
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Mark Gregory will retire next March, while Sara Mitchell will initially join as a strategic adviser.
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The executive struck a cautious note on the industry’s reserve adequacy for the 2021-23 accident years.
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The change comes as negotiations start to kick off for 2025 renewals.
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Everest Re bucked a more general trend to keep cat exposure stable.
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The company did not book any changes in its prior period reserve development.
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The executive will replace Habib Kattan, who joined the company last summer.
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Cyber physical damage cover has also been added to the facility.
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The primary casualty book was down by “some 26-odd percent from the prior year”.
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The GWP gain was driven by an 11.2% increase in the insurance top line and 11.8% in reinsurance.
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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.
