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 announced a $100 million share repurchase program effective through December 31, 2022. The Company will repurchase shares opportunistically based on market conditions. Additionally, a quarterly dividend of $0.43 per share was declared, marking an increase of 2.4% and continuing the Company's 18th consecutive year of dividend growth. The dividend is payable on January 18, 2022.
AXIS Capital maintains strong financials with shareholders' equity of $5.3 billion as of September 30, 2021.
AXIS Capital Holdings has appointed Patrick Witteveen as Head of AXIS ILS Business Development and Kyle Freeman as Head of ILS Structuring, Property. Witteveen brings over 20 years of experience in business development, while Freeman has a strong background in the ILS market. Their appointments aim to enhance AXIS ILS's capabilities and presence in attractive markets. AXIS ILS focuses on matching risk with the right capital, leveraging its integrated model and expertise in underwriting and portfolio management.
AXIS Insurance, part of AXIS Capital (NYSE: AXS), has announced the appointment of Chelsea McIntyre and Nicholas Crowder as Vice Presidents for its US Excess and Surplus (E&S) Property team. McIntyre, based in San Francisco, brings nearly ten years of insurance experience from Westchester and other firms. Crowder, located in Chicago, also has close to a decade of E&S Property experience, previously working at AmRisc, Zurich, and Allianz Global. Their roles are expected to enhance AXIS's E&S business growth strategy.
AXIS Insurance, part of AXIS Capital (NYSE: AXS), has entered the pet insurance market through a partnership with Petplan, a leading Managing General Underwriter in North America. This collaboration aims to provide comprehensive pet insurance coverage for dogs and cats in the U.S. and Canada. Petplan, which insures over 280,000 pets, offers a mobile platform that enhances customer experience with seamless claims and health tracking. This strategic move aligns with AXIS's existing Accident and Health insurance portfolio, expanding its presence in a growing market.
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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