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Top Stories / Ad / Most Recent
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The Bermudian expects pricing momentum to continue this year. -
The CEO said his company would be going on offense to accelerate book value growth while strong market conditions lasted.
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The company shrank its gross premium writings in the quarter by 12% to $138mn.
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Will the latest iteration of re-underwriting and management change improve the return profile of one of the largest (re)insurance franchises?
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The company was weighed down by a spike in mortgage claims, and higher cat losses in both insurance and reinsurance.
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The company also said that it expects to grow underlying margins through underwriting actions that go beyond price improvement.
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Third Point Re also confirmed Tim Mardon as global property head and named Rachael Dugan as general counsel.
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The (re)insurer had previously disclosed the $400mn reserve charge, largely connected to casualty reinsurance business from accident years 2015 to 2018.
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The executive replaces Jay Bullock, who announced his departure last summer.
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The executive will join the reinsurer ahead of the close of its merger with Sirius International later this month.
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Following his departure Axis’ third-party capital unit will become a standalone division.
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The carrier has set aside $13mn to pay coronavirus claims at its international unit.
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