Axis Capital

Both Axis and RenaissanceRe significantly lifted fee income from third-party partners in 2018 as increased volumes and reinstatement income drove more business to be transferred to ILS partners.

The company’s investors were now more diversified, CEO Albert Benchimol said in an earnings call.

The firm’s Q4 fee income was down year on year, but over the course of 2018 has risen 35 percent from 2017.

Newer vehicles found it harder to get going as sidecar sponsors struggled to hit their fundraising targets in the January renewals.

The latest deal will provide the carrier with retro cover, Trading Risk understands.

Daniel Ohn has joined the reinsurer as an ILS structurer in New York.

The new vehicle managed to launch amid a challenging fundraising market.

The insurer said the range is consistent with industry insured losses of up to $20bn from the recent blazes.

The Axis Capital CEO’s employment term has been extended to 31 December 2023.

Third-quarter catastrophe losses resulted in a 1.8 percent to 5.2 percent hit to the shareholder equity of global reinsurers, with major catastrophe writers all impacted.

The (re)insurer said its estimate is consistent with industry insured losses of roughly $10bn.

The firm’s insurance division took the bulk of its losses.