Axis Capital

The result comes as the firm prepares to sell its reinsurance unit as it has slashed catastrophe reinsurance premium.

Jefferies has been awarded the mandate to seek a buyer for the segment.

A New Jersey judge writes a scathing decision criticizing hospitality firms for attempting to claim physical damage from virus and misinterpreting policy language.

CEO Albert Benchimol pledged to grow the company’s specialty business as the catastrophe portion of its 1.1 book shrank by 10 percentage points.

Axis did not share any insurance premium with capital partners in Q4, while reinsurance cessions continued.

The company lowered its full-year core loss ratio 2.6 points to 55.1% and posted a $266mn full-year underwriting gain.

Axis Capital has signed up Patrick Witteveen, European head of investor relations at Securis, for a new role in its ILS division, Trading Risk has learned.

The executive said there was a strong case for meaningful rate increases in reinsurance.

The company generated a $10mn underwriting gain in insurance, reversing last year’s $80mn loss, though the reinsurance division’s loss widened to $69mn.

Axis estimates Hurricane Ida will be a $35bn industry loss event while the European floods – from which Axis expects a $55mn bill – are projected to cost the industry $13bn.

CEO Albert Benchimol said it would continue to ‘manage down’ catastrophe volatility.

He will join on 22 July, after Ben Rubin left the firm earlier this year.