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The carrier has around $2.5bn-$4bn of reinsurance cover specifically for California risk. -
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.
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The capital partners unit was launched via London Bridge 2 in Lloyd’s last year.
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The bond went on watch after Mercury said it would exceed its $150mn retention.
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The Floridian also expects to report its “best earnings quarter” for Q4 2024.
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Models will need to steepen the curve in the tail to reflect severe event frequency.
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The carrier has been reducing its exposure to the area where the wildfires occurred by over 50%.
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Company touts growing investor demand for Asian cat risks.
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Non-proportional business accounted for 34% of its total.
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Both the Class A and Class B notes increased in size.
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The latest issuance will add extra cat bond limit, with a $100mn note still on risk.
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