The Bermudian reported $15mn in catastrophe losses for the quarter, down from $125mn in the same period last year.

The January 1 renewal for 2023 was “one of the most profound” the company has ever had, the CEO said.

Based in Bermuda, the executive will oversee the firm’s investments in technology and support its growth initiatives.

The Bermuda Monetary Authority expects carriers on the island to take a 25% share of the total industry loss.

Management are now likely to focus on growing the business given the turn in market conditions, rather than rebooting the process immediately, sources said.

Q3 reserve releases were driven by an improvement in claims developments in most lines of its long-tail unit, as well as in its energy and property lines in the short-tail book.

The Canadian holding company increased its ownership in the Bermudian carrier to 82.9% from 70.9%.

Axis’ pivot away from property reinsurance comes just as the sector reaches one of the biggest inflection points.

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In a Q3 earnings call today, Arch CEO Marc Grandisson also told investors that events like Hurricane Ian “almost always result in opportunities”.

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