Axis Capital
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Berkley also increased its position in Global Indemnity and now owns around 8.5% of the firm. -
The ratings agency also affirmed the long-term issuer credit rating of ‘a+’ for the insurer.
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After the bumpy rebalancing away from reinsurance, the firm must now step up to deliver on the plan based around its better-performing insurance unit.
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The executive laid out the carrier’s plans following a property cat exit on a call with analysts.
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The Bermudian’s gross premiums written rose 9% year-on-year as increases from the insurance segment offset a 4% decrease in reinsurance.
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The sector was hit by a rough first half of 2022, with more to come in the second half of the year.
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The firm announced that it is exiting the property reinsurance business.
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Sources said the company is to part ways with around 60 staff as it completes the pivot to specialty (re)insurance.
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The ratings agency cited beneficial insurance and reinsurance pricing and a reduction in the carrier’s catastrophe risk exposure.
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