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The remediation process is on track for completion in the fourth quarter. -
The reinsurer also promoted Ethan Allen to chief program officer.
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Overall, the company’s underwriting income fell 43% to $417mn in the first quarter.
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The company also hired Beazley’s Tracy Holm as general counsel.
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The carrier is targeting an IPO valuation between $2.6bn and $2.9bn.
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Growing economic and population exposures are driving potentially larger insured losses.
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Renewal rates were favorable compared to what could have happened after several hurricanes.
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The commercial risk and reinsurance units delivered mid-single-digit growth.
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Axis is retroceding $2.3bn of reinsurance segment reserves to Enstar.
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However, the firm will take a “conservative approach” until the improvements are shown in data.
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Lucy Clarke said the broking business was resilient in the face of macro challenges.
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The only major product line to see rate increases was casualty.
