Axis cat bond non-renewal reveals tail risk ‘noise’: Vogt
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Axis cat bond non-renewal reveals tail risk ‘noise’: Vogt

Liz Bury
03 August 2023
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Axis Capital’s decision not to renew its Northshore Re catastrophe bond coverage at 1 July has caused the firm’s probable maximum loss (PML) on its Southeast business to increase, CFO Peter Vogt said on its Q2 earnings call yesterday.

Vogt said the cat bonds had been “really helping the tail risk that’s there”.

He added: “Now, we did get good indemnity coverage instead when we renewed our XOLs, but it’s the working of the cat bonds through the model...

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