Axis Capital

The provider said the losses were driven by the impact of Hurricane Dorian and Japanese typhoons.

Martin McCarty’s new responsibilities will include servicing Axis’ strategic capital partners.

The reinsurer’s Bermuda president is exiting after 13 years with the carrier.

The firm’s third-party capital total includes $600mn from the Harrington Re joint venture.

The executive joins after 22 years at Swiss Re.

Industry leaders have lifted the expected total loss to a new high.

Developments this year indicate third-party capital will be a disciplined participant requiring adequate risk-adjusted returns, Axis president and CEO Albert Benchimol said.

Fee income rises by over two thirds to surpass $19mn for the quarter.

Former Swiss Re and Rewire executive Vincent Myers is hired following the departure of ILS vice president Livingston.

The 2019-3 notes bring the total Alturas sidecar support for the year up to $230mn.

The reinsurer is looking to pay more rate to secure retro cover in a tightening market.

Buckingham Research analyst Amit Kumar noted that insured loss estimates had been revised up since the early weeks following the August and September events.