Axis Capital

Sidecar capacity is likely to be down by at least 20 percent year on year after a renewal in which ILS investors have pulled back significant capacity, sources estimated.

The deal may replace a $55mn sidecar listed this time last year, which sources said provided reinsurance for a short-tail property insurance book.

The government secured a slight expansion in the level of cover obtained across the middle layer of the programme.

The firm made less fee income from reinsurance partnerships, but lifted insurance-related fees.

The provider said the losses were driven by the impact of Hurricane Dorian and Japanese typhoons.

Martin McCarty’s new responsibilities will include servicing Axis’ strategic capital partners.

The reinsurer’s Bermuda president is exiting after 13 years with the carrier.

The firm’s third-party capital total includes $600mn from the Harrington Re joint venture.

The executive joins after 22 years at Swiss Re.

Industry leaders have lifted the expected total loss to a new high.

Developments this year indicate third-party capital will be a disciplined participant requiring adequate risk-adjusted returns, Axis president and CEO Albert Benchimol said.

Fee income rises by over two thirds to surpass $19mn for the quarter.