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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.
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AXIS Capital Holdings Limited (AXS) reported robust first-quarter 2023 financial results, achieving an annualized return on average common equity (ROACE) of 16.2% and operating ROACE of 18.8%. The company saw net income of $173 million, equating to $2.01 per diluted common share, up from $142 million or $1.65 per share in Q1 2022. Operating income reached $200 million, or $2.33 per diluted share, and a book value per diluted share increased to $50.31. AXIS reported a combined ratio of 91% and significant growth in gross written premiums, hitting $1.4 billion in its Specialty Insurance segment. A decrease in gross premiums written was noted, primarily in the Reinsurance segment, where a 26% drop was recorded. Leadership transitions are underway as Vince Tizzio takes over as CEO on May 4, 2023, following Albert Benchimol's tenure.
AXIS Capital Holdings Limited (NYSE: AXS) has appointed Megan Watt as Chief Claims Officer, effective April 17, 2023. She will be located in New York and report to Vince Tizzio, CEO of Specialty Insurance and Reinsurance, and future Group CEO from May 4, 2023. Ms. Watt will oversee the claims department globally and will implement policies to enhance operational effectiveness. With extensive experience in leading claims organizations from her previous roles at Chubb, Everest, and AIG, her addition is expected to strengthen AXIS's claims handling capabilities.
AXIS Capital Holdings Limited (NYSE: AXS) is set to release its first quarter financial results for the period ending March 31, 2023, on April 26, 2023. Key executives, including President Albert Benchimol and CFO Peter Vogt, will conduct an investor teleconference at 9:30 a.m. ET on April 27, 2023, to discuss the results. The event will also be accessible via webcast on the company’s investor relations website. As of December 31, 2022, AXIS Capital reported shareholders' equity of $4.6 billion and has a strong financial standing with ratings of A+ by Standard & Poor's and A by A.M. Best.
AXIS Capital Holdings Limited (NYSE: AXS) has declared a quarterly dividend of $0.44 per common share, payable on April 18, 2023, to shareholders of record as of March 31, 2023. Additionally, a dividend of $34.375 per Series E 5.50% preferred share will be paid, also on April 18, 2023, with the same record date. The company reported shareholders' equity of $4.6 billion as of December 31, 2022. AXIS Capital operates globally, providing specialty insurance and reinsurance solutions and holds strong financial ratings from Standard & Poor's and A.M. Best.