Axis Capital
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The firm also posted a 56% increase in fee income. -
The executive will replace Habib Kattan, who joined the company last summer.
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Sub-1% management fee and performance fee-only structures have evolved in ILS.
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The rise in ceded reinsurance premiums written impacted net premiums written.
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The firm is focusing on developing specialty offerings.
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The ILS platform ceded around 40% of its total managed premiums of $1.8bn.
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The $75mn Long Walk Re deal secured broad market support from ILS investors.
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Coburn will report to Jason Busti, Axis Re president of North America.
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The $75mn cat bond will cover systemic cyber events on a per-occurrence basis.
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The $75mn cat bond is expected to close in late November.
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Axis set up a new casualty sidecar in the quarter.
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Sources have raised concerns that cedant demand could outpace available capacity for cyber cat bonds.
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