Axis Capital
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This comes after Stone Ridge, one of the firm's third-party providers, reduced its sidecar holdings.
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Carrier books $10mn loss on WHO pandemic bond
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Countless other insurance executives have made similar remarks as they face the prospect of legislators pushing through such bills.
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After 13 years at Axis, Kiernan has completed gardening leave and taken up a new role.
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Michael Butt said the company is in “good hands”.
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The (re)insurer has cut its peak risk exposures by more than a third in some cases.
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Fee income from capital partners nearly doubled to $80.2mn in 2019, up from $48.5mn in 2018.
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The (re)insurer faced increased losses from Hurricane Irma alongside Typhoon Hagibis and wildfire claims.
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Sidecar capacity is likely to be down by at least 20 percent year on year after a renewal in which ILS investors have pulled back significant capacity, sources estimated.
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The deal may replace a $55mn sidecar listed this time last year, which sources said provided reinsurance for a short-tail property insurance book.
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The government secured a slight expansion in the level of cover obtained across the middle layer of the programme.
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The firm made less fee income from reinsurance partnerships, but lifted insurance-related fees.