Axis Capital
-
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.
-
Market orthodoxy suggests cross-class reinsurers secure more leverage – but are there too many implicit offsets in this game?
-
The ILS manager’s half-year report showed significantly lower holdings with Everest Re, as much of its portfolio has gone private.
-
The segment’s lustre has been dulled by losses and capital trapping.
-
-
The pricing on the storm and quake cover has shifted down from initial guidance, bucking early Q2 trends.
-
The issuance comes as Axis is set to exit the property reinsurance market.
-
Sources said the company is to part ways with around 60 staff as it completes the pivot to specialty (re)insurance.
-
Many hybrids, unless they are willing to take a meaningful financial hit to secure a divestiture, will have to stick with their reinsurance businesses through the current cycle.
-
The carrier has shared insurance and reinsurance risk with ILS partners in the past, but the ILS team reports to Axis Re CEO Steve Arora.
-
The carrier also revealed $30mn in Russia-Ukraine Q1 losses.
