Axis Capital

The issuance comes as Axis is set to exit the property reinsurance market.

Sources said the company is to part ways with around 60 staff as it completes the pivot to specialty (re)insurance.

Many hybrids, unless they are willing to take a meaningful financial hit to secure a divestiture, will have to stick with their reinsurance businesses through the current cycle.

The carrier has shared insurance and reinsurance risk with ILS partners in the past, but the ILS team reports to Axis Re CEO Steve Arora.

The carrier also revealed $30mn in Russia-Ukraine Q1 losses.

The result comes as the firm prepares to sell its reinsurance unit as it has slashed catastrophe reinsurance premium.

Jefferies has been awarded the mandate to seek a buyer for the segment.

A New Jersey judge writes a scathing decision criticizing hospitality firms for attempting to claim physical damage from virus and misinterpreting policy language.

CEO Albert Benchimol pledged to grow the company’s specialty business as the catastrophe portion of its 1.1 book shrank by 10 percentage points.

Axis did not share any insurance premium with capital partners in Q4, while reinsurance cessions continued.

The company lowered its full-year core loss ratio 2.6 points to 55.1% and posted a $266mn full-year underwriting gain.

Axis Capital has signed up Patrick Witteveen, European head of investor relations at Securis, for a new role in its ILS division, Trading Risk has learned.