Results

Modest increases to reinsurance costs were partly offset by the Australia cyclone pool.

Wildfire loss ‘serves as a strong reminder not to unwind hard-fought for rates and terms’, the executive said.

The carrier said 72% of those losses occurred in personal property.

The estimate is net of its per-occurrence reinsurance program and gross of tax.

The company will ‘aggressively pursue subrogation’ for the Eaton Fire.

The LA-based firm estimated gross cat losses in the range of $1.6bn-$2bn.

FY24 disclosures show shifting fortunes at reinsurer ILS platforms.

Over 2024, four hurricanes added 13 points of cat-loss impact to the combined ratio.

The carrier disclosed it will book $1.1bn in net losses from the California fires.

The group ceded 55% more premium to Nephila over the year at $1.3bn.

The Bermudian’s wildfire loss estimate was based on an industry loss range of $35bn-$45bn.

Axis Capital’s fee income from strategic capital partners grew 39% to $85mn in the year to 31 December 2024, up from $61mn the year prior, the firm’s Q4 earnings release said.