Axis Capital
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The firm earned higher fees off the back of growth in insurance premiums ceded to reinsurers, as premiums ceded to third-party capital partners declined. -
Most forecasters predict below-average activity in the region – but opposing weather phenomena mean uncertainty is higher than usual.
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Remaining ILS staff will now report into the group’s CFO.
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The withdrawal from the aviation reinsurance class announced yesterday represented ~$10mn of non-renewed premium.
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Inmaculada Gonzalez was previously US head of ceded reinsurance placements.
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The carrier estimated losing less than $10mn of desired renewals due to exits from property and property cat reinsurance.
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The (re)insurer has been reorienting itself away from writing property cat.
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The outgoing CEO will step down in May and spend six months as a strategic adviser to the company.
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Benchimol said there was a risk of losing business, but more important was the transition to a specialty carrier with low volatility.
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The insurance group reduced premiums ceded to strategic partners but upped them to reinsurers.
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The firm’s insurance business recorded $100mn of Ian-related losses while the reinsurance unit booked $60mn.
