Axis Capital

The (re)insurer has been reorienting itself away from writing property cat.

The outgoing CEO will step down in May and spend six months as a strategic adviser to the company.

Benchimol said there was a risk of losing business, but more important was the transition to a specialty carrier with low volatility.

The insurance group reduced premiums ceded to strategic partners but upped them to reinsurers.

The firm’s insurance business recorded $100mn of Ian-related losses while the reinsurance unit booked $60mn.

The two ILS firms were among those participating in a $20mn fundraise for Elpha Secure Technology.

Hurricane Ian could present a challenge for ILS fundraising conversations this autumn if ILS firms do not find more financing solutions to manage trapped capital, according to panellists at Trading Risk New York 2022 last week.

How much capacity is available to meet rising cat reinsurance demands was a key theme throughout this year’s Rendez-Vous.

Berkley also increased its position in Global Indemnity and now owns around 8.5% of the firm.

The company aims to run off its cat and property business by 2024.

Fee income dropped 24% year on year, as premiums ceded to other strategic partners fell by 7%.

The property reinsurance underwriter had joined Axis Re’s London team three years ago.