Bermuda
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The ratings agency said it could revisit the ratings if James River’s loss portfolio transfer agreement with Fortitude Re does not go through. -
The stock hit new lows after James River booked a $115mn reserve charge and posted a Q4 combined ratio of 140.6%.
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CEO John Boylan expects "material" increase in premium in 2022.
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The start-up Bermudian reinsurer has focused initially more on quota share.
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Since joining the company in 2003, Orla Gregory has held increasingly senior roles, rising to acting CFO in September.
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The broker will also sit with Marsh McLennan/Guy Carpenter, WTW and Lockton Re on ABIR’s broker advisory cabinet.
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S&P’s proposal to disallow senior debt as a form of available capital is thought to be among the most impactful of a slew of detailed changes by the rating agency.
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The CEO also said that price increases in property cat were insufficient for the company to allocate more capital to the line.
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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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The UN’s Principles for Sustainable Insurance is helping to ensure ESG practices are embedded across all aspects of the insurance industry.
