Axis Capital

Earnings at Axis fell as the company reported $300mn in cat losses – including $235mn stemming from the Covid-19 pandemic – as the carrier continued to show strong underlying improvement.

The ratings agency says the revision reflects a deterioration in the (re)insurer’s operating performance.

Covid claims would lead to a 106% 2020 combined ratio, the ratings agency says.

Carrier also to report investment income down 13 percent for Q1.

Albert Benchimol says the job of insurers is to mutualise risk, not subsidise it.

Perkins arrives at the carrier after working at Lockton for five years.

Michael Carr will report to US CEO Carlton Maner.

The executive was head of casualty for North America and London for Axis Reinsurance. 

Chuck Davis disclosed an affiliated fund had boosted its stakes in the Bermuda (re)insurer to almost $20mn.

Allstate shares shrink 5.3 percent, while Axis shares lose almost 5 percent of their market value.

A picture is emerging of the state of the reinsurance market heading into the mid-year renewals.

The carrier is to book $140mn of weather-related losses and $29mn from agricultural reinsurance.