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The insurer has “several hundred million” of private reinsurance limit remaining. -
Profit at the carrier fell from $2.4mn to $0.7mn year on year.
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The ratings agency cites demonstrably effective risk management and “the strongest” balance sheet as it lifts both financial strength and issuer credit ratings at the reinsurer.
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The executive joins after 22 years at Swiss Re.
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Developments this year indicate third-party capital will be a disciplined participant requiring adequate risk-adjusted returns, Axis president and CEO Albert Benchimol said.
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The Markel co-CEO also said that “noise” around the performance of new acquisition Nephila will clear up by year end.
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Megan McConnell is moving to become CUO for Hiscox USA, with her London role replaced by Andrew Dolphin.
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The growth contrasted with a 2 percent slide in collective assets among the top tier of ILS players.
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Fee income rises by over two thirds to surpass $19mn for the quarter.
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Its new acquisition offset lower revenues from the Markel Catco business, which will take about three years to run off.
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The reinsurer said its nat-cat exposure is at the highest level since 2015, with support from third-party capital.
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The RenRe CEO also flagged changes to the firm’s purchased and written retro portfolios in mid-year renewals.
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