Axis Capital

The executive said there was a strong case for meaningful rate increases in reinsurance.

The company generated a $10mn underwriting gain in insurance, reversing last year’s $80mn loss, though the reinsurance division’s loss widened to $69mn.

The carrier will phase out thermal coal business and invest $20mn in a green investment fund.

Axis estimates Hurricane Ida will be a $35bn industry loss event while the European floods – from which Axis expects a $55mn bill – are projected to cost the industry $13bn.

Shuohan Dai joined as a senior underwriter and will work closely with existing teams to oversee the capital risk solutions team’s underwriting activities in the Asia Pacific region.

He will be based in Alpharetta, Georgia, and will report to Britt Smith, senior vice president for U.S. Excess Casualty.

The Inside P&C Select Index outperformed the S&P 500 (5.7% to 2.9%) in August, despite Hurricane Ida making landfall.

The drivers that led to the consolidation in the reinsurance industry might not replicate for a while.

Michael Worman joins from Westchester, while David Malcolm and Lisa Finch join from Ethos.

The carrier has restructured its cyber business with stringent underwriting conditions.

The company reported $139mn in Q2 cat losses that it said mostly came from Winter Storm Uri.

Following strong year-to-date performance, P&C stocks were down in June after a change of tone in a Fed meeting.