Axis Capital

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Sources said the company is to part ways with around 60 staff as it completes the pivot to specialty (re)insurance.

The ratings agency cited beneficial insurance and reinsurance pricing and a reduction in the carrier’s catastrophe risk exposure.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Insurers could face pressure if interest rate and recession fears intersect with worsening loss cost trends.

Axis Capital had emphasized insurance growth and reinsurance remediation in recent earnings calls, but the top line remains below $10bn.

Many hybrids, unless they are willing to take a meaningful financial hit to secure a divestiture, will have to stick with their reinsurance businesses through the current cycle.

The specialty (re)insurer has appointed Axa XL’s Christine Cook as head of portfolio underwriting to lead the team.

A sale of the reinsurance business would drive higher returns, reduce volatility and help re-rate the shares.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

Inside P&C’s news team canters through the week’s key developments.

The carrier also revealed $30mn in Russia-Ukraine Q1 losses.