AXIS Capital Holdings Limited reports recurring developments tied to its global specialty insurance and reinsurance business. Through operating subsidiaries, the company underwrites specialty risk across markets that include Bermuda, the United States, Europe, Singapore and Canada, with financial updates organized around its Insurance segment and AXIS Re reinsurance operations.
Company news commonly covers quarterly and annual results, gross and net premiums written, combined ratios, underwriting income, operating return on equity and book value per share. Updates also include common-share and Series E preferred-share dividends, share repurchase authorizations, investor presentations, governance matters and commentary on specialty underwriting strategy, product portfolio expansion and distribution capabilities.
AXIS Capital Holdings Limited (NYSE: AXS) has appointed Andy Maher as the new Head of Cyber and Technology, based in London. Previously serving as Deputy Chief Underwriting Officer for Cyber and Technology, Maher joined AXIS in 2018. His focus will be on enhancing the team and expanding product offerings globally to better serve distribution partners and customers. With shareholders' equity reported at $4.3 billion as of September 30, 2022, AXIS is positioned to strengthen its leadership in the cyber insurance market.
AXIS Capital has authorized a $100 million repurchase of its common shares to be executed in the open market or through private negotiations until December 31, 2023. This buyback aims to enhance shareholder value based on market conditions. Additionally, the Board declared a quarterly dividend of $0.44 per common share and $34.375 per Series E preferred share, payable on January 18, 2023. The company reported $4.3 billion in shareholders' equity as of September 30, 2022.
AXIS Capital Holdings Limited (NYSE: AXS) has unveiled a new Specialty Package Policy for manufacturers (SPPm) that integrates general and environmental liability coverage into a single insurance package. The SPPm policy is designed for US-based manufacturing and distribution operations with revenues of up to $2B. The coverage includes various liabilities such as pollution and product withdrawal expenses. Additionally, AXIS appointed Tom Kashickey as Lead Underwriter for Environmental Liability, aiming to enhance their offerings in this sector.
AXIS Capital Holdings Limited (NYSE:AXS) has appointed Miranda Hunter as the new Head of Investor Relations, effective immediately. Reporting to CFO Peter Vogt, Ms. Hunter will enhance the company's communication with the investment community, focusing on their strategic evolution towards specialty insurance. With over 15 years of experience in the (re)insurance industry, she previously held senior roles at Aeolus Capital Management and Validus Holding. AXIS Capital maintains a strong financial position with shareholders' equity of $4.3 billion as of September 30, 2022.
AXIS Capital Holdings Limited (AXS) reported a net loss of $17 million for Q3 2022, translating to $(0.20) per diluted common share, compared to a net income of $47 million for the same period in 2021. The operating income stood at $3 million, up from $1 million a year earlier. Pre-tax catastrophe losses, mainly from Hurricane Ian, were $212 million. Despite challenges, AXIS grew underwriting income by 75% and operating income by 30% year to date. The book value per diluted share decreased to $43.50, down 8.7% from the previous quarter.
AXIS Capital Holdings Limited (NYSE: AXS) has announced it anticipates a small operating income for Q3 2022, significantly impacted by a pre-tax net loss of $212 million from catastrophes, including $160 million attributed to Hurricane Ian. The company's insurance segment estimates $100 million for Hurricane Ian, while its reinsurance segment estimates $60 million. Overall, industry losses from Hurricane Ian are projected at $60 billion, with AXIS's estimates aligning with these figures. A conference call is scheduled for October 27, 2022, to discuss results.
AXIS Capital Holdings Limited (NYSE: AXS) announced it will release its financial results for Q3 2022 on October 26, 2022, post-market. CEO Albert Benchimol and CFO Peter Vogt will host an investor teleconference on October 27, 2022, at 9:30 AM EDT to discuss these results. The company has a reported shareholders' equity of $4.7 billion as of June 30, 2022, and operates globally with strong financial ratings from Standard & Poor's and A.M. Best.
AXIS Capital has declared a quarterly dividend of $0.43 per common share, payable on October 18, 2022, to shareholders of record by October 3, 2022. Additionally, a dividend of $34.375 per Series E 5.50% preferred share will also be payable on the same date. As of June 30, 2022, AXIS Capital reported shareholders' equity of $4.7 billion. The company maintains strong financial ratings with an 'A+' from Standard & Poor's and an 'A' from A.M. Best.
AXIS Capital Holdings Limited (NYSE: AXS) announced the launch of AXIS Wholesale, a dedicated division for the wholesale market, led by Carlton Maner as CEO. This initiative aims to enhance customer service and product offerings tailored to the wholesale channel. The division will integrate existing business units including E&S Property, Primary Casualty, and Financial Institutions. With a shareholders' equity of $4.7 billion as of June 30, 2022, AXIS plans to strengthen its position in the specialty insurance sector while delivering improved services.
AXIS Capital announced the launch of its new insurance policy, the AXIS Cyber Technology and Miscellaneous Professional Liability (ACTM). This policy offers custom coverage for companies with revenues up to $2bn. ACTM combines various coverages, including Cyber, Technology Errors and Omissions, and Miscellaneous Professional Liability. It aims to assist small and mid-sized businesses across the US in addressing potential insurance gaps. The policy is designed to enhance clarity and certainty in coverage, thereby improving customer service.