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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 (AXS) reported its Q3 2021 results, achieving a net income of $47 million ($0.56 per share) compared to a net loss of $73 million in Q3 2020. The current accident year combined ratio improved by 4.8 points to 87.6%, excluding catastrophe losses. Catastrophe and weather-related losses totaled $250 million, affecting the results primarily due to Hurricane Ida. Gross premiums written rose by 24% to $1.6 billion, and the annualized ROACE was 3.9%. Book value per share decreased by 1.2% to $54.86, reflecting competitive market conditions.
AXIS Capital announced updates to its fossil fuel underwriting and investment policy, committing to phase out thermal coal by 2030 in OECD countries and 2040 globally. The new policy also includes thermal coal developers and continues to support renewable energy projects. Furthermore, AXIS is investing $20 million in BlackRock’s Climate Finance Partnership, focusing on climate-infrastructure investments in emerging markets. These initiatives align with AXIS’s commitment to a low-carbon economy and corporate citizenship efforts led by its executives.
AXIS Capital announced three senior appointments in its Financial Institutions London team, aimed at enhancing relationships with distribution partners. The new senior underwriters, Beth Convey, Julieta Moya, and Mark Sutton, bring diverse expertise from previous roles at companies like CNA Hardy and Marsh McClennan. According to Calum McPherson, Head of Financial Institutions, these appointments support the growth strategy of AXIS in the London market.
AXIS Capital holds shareholders' equity of $5.4 billion as of June 30, 2021, and boasts strong ratings from Standard & Poor's and A.M. Best.
AXIS Capital (NYSE: AXS) announced a net loss estimate for Q3 totaling approximately $250 million pre-tax ($219 million after-tax) due to catastrophic events. This includes $175 million for Hurricane Ida, $55 million for European floods, and $20 million for other disasters. Despite these losses, the company reported improvements in its current accident year combined ratio excluding catastrophe impacts. Actual losses may differ from estimates due to the complexity of loss assessment.
AXIS Capital has announced significant appointments within its Capital Risk Solutions (CRS) team to bolster its underwriting presence in London and Asia Pacific. Shuohan Dai has been appointed as Senior Underwriter in Singapore, focusing on overseeing underwriting activities in the APAC region. Senior Underwriters Jim Parker and Richard Jelf have relocated to London to enhance project finance and aircraft finance portfolios. These strategic moves aim to align underwriting capabilities with growing market demands while reinforcing relationships with brokers.
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AXIS Capital Holdings Limited (NYSE: AXS) will announce its third-quarter financial results for the period ending September 30, 2021, on October 27, 2021, after market close. The management team, including CEO Albert Benchimol and CFO Peter Vogt, will discuss the results during a teleconference on October 28, 2021, at 9:30 a.m. EDT. Shareholders can access the call via phone or through a live webcast on AXIS Capital's website. The company, a global provider of specialty lines insurance and treaty reinsurance, reported shareholders' equity of $5.4 billion as of June 30, 2021.
AXIS Capital Holdings Limited (NYSE:AXS) announced a quarterly dividend of $0.42 per common share, payable on October 15, 2021 to shareholders of record on October 4, 2021. Additionally, a dividend of $34.375 per Series E 5.50% Preferred Share (equivalent to $0.34375 per depositary share) has also been declared, with the same payment date and record date. The company reported shareholders' equity of $5.4 billion as of June 30, 2021.
AXIS Insurance, part of AXIS Capital Holdings Limited (NYSE:AXS), announced three key appointments within its US Renewables team to enhance relationships with brokers and develop new business opportunities. Becky Nace-Grover was appointed as Senior Underwriter, Kamran Hameed as Cross-Class Underwriter, and German Torres as Underwriter. These roles are critical due to the growing demand in the renewable energy sector, particularly wind, solar, and battery storage projects in the US. These strategic hires aim to strengthen the company’s service delivery in this expanding market.
AXIS Capital has appointed Abiy Dadi as Vice President of the U.S. Excess Casualty team, effective immediately. Dadi will focus on enhancing relationships with wholesale distribution partners and executing underwriting strategy. He brings extensive experience from CRC Group, where he was an Associate Broker, managing casualty production and training operations since 2012. This leadership change aims to bolster business opportunities and strengthen AXIS's market position.