Axis Capital

The Axis Capital CEO’s employment term has been extended to 31 December 2023.

Third-quarter catastrophe losses resulted in a 1.8 percent to 5.2 percent hit to the shareholder equity of global reinsurers, with major catastrophe writers all impacted.

The (re)insurer said its estimate is consistent with industry insured losses of roughly $10bn.

The firm’s insurance division took the bulk of its losses.

Marcus Pollak, who joins from PartnerRe, will lead underwriting process and portfolio management activities for Axis Re.

Anne Kelly will be joining Axis Capital as its global head of ceded reinsurance.

A Northshore Re cat bond and a one-off deal with third-party capital partners have helped Axis to reduce its catastrophe exposures.

Axis ceded $163.5mn of premium to strategic partners, excluding its Harrington Re vehicle, of a total of $624.2mn in managed premiums.

Axis Capital’s latest cat bond has increased by 33.3 percent over the course of marketing, settling at $200mn.

Axis Capital increased the amount of premium it ceded to third-party capital providers by 60 percent year-on-year to $343.97mn in the first quarter.

Securis will need to find a new partner for its Lloyd's special purpose arrangement (SPA) in 2019 after Axis gave the fund manager notice to discontinue their arrangement, sources told sister publication The Insurance Insider.