Axis Capital
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The case is the latest US suit regarding whether physical damage is required to trigger BI payouts. -
The changing reinsurance market dynamics are impacting reinsurers' ability to raise rates.
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Axis Miami wrote direct and facultative property, political violence, energy, aviation and cyber risks, typically on a following market basis.
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New CEOs were not able to consistently create higher book value growth than their predecessors, and any growth achieved wasn’t maintained after five years.
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Axis promotes internally for new position to head up commercial partnerships.
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Ann Haugh will lead the new global property division, with Andy Hottinger heading up international and Jonathan Gray specialties.
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Thomas Uribe moves to Axis from Axa XL, where he was a senior excess casualty underwriter.
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Several (re)insurer reporters do not anticipate the rate momentum to slow down materially even as they build on exposure growth.
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Insurance rates in the US rose 15%, while London market pricing was up 10%
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Axis posted operating earnings of $83mn in Q1, compared to an operating loss of $164mn in the same period last year.
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The carrier says it expects winter storms Uri and Viola to account for between $80mn and $90mn of claims absorbed during the period.
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Market heavyweights gave their views on subjects including loss costs, M&A, InsurTech and pricing.
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