Axis Capital
-
Axis set up a new casualty sidecar in the quarter. -
Sources have raised concerns that cedant demand could outpace available capacity for cyber cat bonds.
-
The sidecar has been launched alongside partner Stone Point Credit Adviser.
-
The industry’s ability to draw new capital will hinge on the outcome of the Atlantic hurricane season.
-
The firm’s PML on its Southeast wind business has increased after Northshore Re coverage was not renewed at 1 July.
-
The firm earned higher fees off the back of growth in insurance premiums ceded to reinsurers, as premiums ceded to third-party capital partners declined.
-
Most forecasters predict below-average activity in the region – but opposing weather phenomena mean uncertainty is higher than usual.
-
Remaining ILS staff will now report into the group’s CFO.
-
The withdrawal from the aviation reinsurance class announced yesterday represented ~$10mn of non-renewed premium.
-
-
Inmaculada Gonzalez was previously US head of ceded reinsurance placements.
-
The carrier estimated losing less than $10mn of desired renewals due to exits from property and property cat reinsurance.
