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The UK insurer said it hoped the transaction was the start of a longer-term relationship.
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The Floridian insurer has become the latest carrier to reveal details of increased Irma claims.
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The (re)insurer said it had already bought an aggregate reinsurance cover for the combined Axa-XL entity and has decreased its cat exposure by about 40 percent relative to 2017.
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CEO Dominic Addesso said it was a mistake that early favourable loss reports had not set off “alarm bells” for the company. -
Underwriting profit for the reinsurance division fell by 3.6 percent to $134.9mn in Q2, due to increased expenses.
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The carrier also signed up 50 percent more investors during the July renewal.
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Axis ceded $163.5mn of premium to strategic partners, excluding its Harrington Re vehicle, of a total of $624.2mn in managed premiums.
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The carrier increased its loss reserves for Hurricane Matthew but did not update its Irma claims estimates.
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Lancashire’s asset management platform took a second consecutive quarter of losses, but its fee income was up after raising additional capital.
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Former CEO Rick Welsh has left the company as it prepares for a rebrand.
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Jay Green moves back to Guy Carpenter’s capital markets division as it expands the ILS team.
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Richard Slater and Adam Champion have been hired at Brit’s new collateralised reinsurance vehicle Sussex Capital.
