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Axis Capital Holdings Limited (symbol: AXS) is a global leader in the insurance and reinsurance industry. The company offers a wide array of specialized risk transfer products and services, providing financial security and innovative solutions to clients and distribution partners worldwide. With a robust financial backbone, Axis Capital is rated “A+” (Strong) by Standard & Poor’s and “A+” (Superior) by A.M. Best, both with a stable outlook.
Headquartered in Bermuda, Axis Capital operates through a network of subsidiaries and branches spread across the United States, Canada, Europe, Australia, Latin America, and Singapore. The company's operations are divided into two main segments: AXIS Insurance and AXIS Reinsurance. AXIS Insurance delivers customized property, casualty, professional lines, and other specialty coverage through wholesale and retail brokers and managing general underwriters. Concurrently, AXIS Reinsurance provides capacity and expertise across treaty and facultative reinsurance on a global scale.
The company's dedicated teams in underwriting, claims, modeling, and actuarial functions are noted for their depth of knowledge and industry experience, positioning Axis Capital as a preferred partner. Axis's ethical, entrepreneurial, and disciplined culture promotes outstanding customer service and intelligent risk management, fostering long-lasting relationships and trust with their clients.
Axis Capital is committed to continuous improvement and adaptability, which is evident through its recent accomplishments and ongoing projects. The company consistently explores new avenues to enhance its product offerings and expand its market reach. This dedication to excellence and innovation ensures that Axis Capital remains at the forefront of the insurance and reinsurance sectors.
- Recent achievements include strategic partnerships that have fortified the company’s market position and broadened its service capabilities.
- Current projects focus on leveraging advanced technologies and data analytics to optimize risk assessment and underwriting processes.
- The company's strong financial condition is reflected in its stable outlook ratings, underscoring its reliability and claims-paying ability.
For more detailed information about their services and latest developments, visit their official website at Axis Capital.
AXIS Capital Holdings (NYSE: AXS) has announced a significant leadership change. Sara Mitchell will succeed Mark Gregory as Head of Global Markets. Gregory, who has been with AXIS for 15 years, will retire in March 2025 after a 50-year career in the industry. Mitchell, previously Divisional President at Chubb, will join AXIS on November 25 as Strategic Advisor and become Head of Global Markets on January 1, 2025.
Under Gregory's leadership, AXIS achieved several milestones, including establishing the AXIS Managing Agency at Lloyd's and becoming a top ten player at Lloyd's by capacity. Mitchell brings extensive experience in specialty P&C and international markets, having managed multi-billion dollar businesses at Chubb. This transition marks a new chapter for AXIS's Global Markets division, building on its strong foundation in the specialty insurance sector.
AXIS Capital Holdings (NYSE: AXS) has announced the appointment of Pranav Shroff as Head of Life Sciences in North America. Shroff will lead the development of specialty coverages for the life sciences industry, focusing initially on Products Liability, Professional Liability, and Clinical Trials Liability. His responsibilities include executing the underwriting strategy, cultivating relationships with distribution partners, and building a team to support this initiative.
Shroff brings extensive underwriting experience and knowledge of life sciences from his previous roles at The Doctors Company Specialty Underwriters, Chubb, ACE, and CNA. He will be based in New York and report to Michael McKenna, Head of AXIS North America. This move marks an important milestone in AXIS North America's growth strategy, aiming to become the leading specialty carrier in chosen markets.
AXIS Capital reported strong financial results for Q2 2024, with net income available to common shareholders at $204 million, or $2.40 per diluted share, and operating income at $250 million, or $2.93 per diluted share. The annualized return on average common equity (ROACE) was 16.2%, and the operating ROACE was 19.9%. The combined ratio improved by 1.1 points to 90.4%, and the book value per diluted common share increased by $2.16 to $59.29.
For the first half of 2024, net income was $592 million, or $6.93 per diluted share, with operating income at $470 million, or $5.50 per diluted share. Gross premiums written increased by 9% to $5.1 billion. The company also saw a 40% increase in net investment income to $191 million.
CEO Vince Tizzio highlighted the company's strong performance in specialty insurance and reinsurance markets, with significant growth in net premiums and improved combined ratios. The “How We Work” transformation program was also noted for enhancing operational efficiency and productivity.
AXIS Capital Holdings (NYSE: AXS) announced the release of its Q2 financial results on July 30, 2024, after market close. The results will cover the period ending June 30, 2024. President and CEO Vince Tizzio, along with CFO Peter Vogt, will lead an investor teleconference on July 31, 2024, at 8:30 AM ET to discuss the results.
Investors can join the call by dialing 1-877-883-0383 (U.S.) or 1-412-902-6506 (international), using passcode 9099781. A live webcast will be available on the company's website, with a replay accessible for two weeks post-call at 1-877-344-7529 (U.S.) or 1-412-317-0088 (international), passcode 9537017.
AXIS has published a report titled 'Navigating Risk in the Energy Transition,' highlighting the risks and opportunities in the energy sector's shift towards net zero. The report, based on research involving over 600 energy industry stakeholders, underscores challenges like climate change, economic volatility, and the need for government support. Notably, 69% of industrial energy buyers anticipate climate change will impact their business performance. High capital costs and economic conditions are major barriers to renewable energy investments. The insurance sector is urged to adopt a more strategic role in supporting the energy transition.
AXIS Capital Holdings announced a quarterly dividend of $0.44 per common share and $34.375 per Series E 5.50% preferred share, both payable on July 18, 2024, to shareholders of record on June 28, 2024. The company also introduced a new share repurchase program authorizing up to $300 million in buybacks, adding to the existing $100 million repurchase program, with $36 million still available. This brings the total amount available for repurchases to $336 million. The repurchase timing and amount will depend on various market and economic factors.
AXIS Capital Holdings (NYSE: AXS) will host an Investor Day on May 30, 2024, featuring discussions on strategic priorities and outlook by President, CEO, and CFO. The event will have a live webcast, with in-person attendance by invitation only. An archived replay will be available post-event.
AXIS Capital reported first quarter net income available to common shareholders of $388 million, or $4.53 per diluted common share, and operating income of $220 million, or $2.57 per diluted common share. The company achieved an annualized return on average common equity of 32.1% and an annualized operating return on average common equity of 18.2%. AXIS Capital also reported a combined ratio of 91.1% and a book value per diluted common share of $57.13, indicating a 5.7% increase compared to December 31, 2023.
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