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Axis did not share any insurance premium with capital partners in Q4, while reinsurance cessions continued. -
The company lowered its full-year core loss ratio 2.6 points to 55.1% and posted a $266mn full-year underwriting gain.
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The company’s DaVinci fund grew by $500mn as it took in a higher share of cat risk from the group.
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The year broke a number of records in terms of insured losses.
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This is the first natural catastrophe loss under the World Bank series of ILS deals since 2019.
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The firm took $411mn of losses in December, up 940.5% year-on-year, but losses since April are still below the aggregate attachment of its latest Sanders Re deals.
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The insurer increased its occurrence treaty coverage by $300mn as the aggregate deal shrank, following a full loss to reinsurers in 2021.
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This was the second year the insurer drew down its full reinsurance limit.
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Both pricing and terms improved in most of its core market, with the firm's year-on-year renewal net rate change for 1.1 business estimated to be +5%
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The December redemption was raised to 7.5% of the fund from the usual 5%.
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There is a lack of capacity for aggregate deals, and moves towards more named peril coverage.
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Assignment of benefits (AOB) cases rose to a third of all new litigated cases in December.
