Axis Capital

The executive said there was a strong case for meaningful rate increases in reinsurance.

The company generated a $10mn underwriting gain in insurance, reversing last year’s $80mn loss, though the reinsurance division’s loss widened to $69mn.

Axis estimates Hurricane Ida will be a $35bn industry loss event while the European floods – from which Axis expects a $55mn bill – are projected to cost the industry $13bn.

CEO Albert Benchimol said it would continue to ‘manage down’ catastrophe volatility.

He will join on 22 July, after Ben Rubin left the firm earlier this year.

The former Swiss Re ILS specialist has joined the carrier after its debut sidecar launch.

Ann Haugh will lead the new global property division, with Andy Hottinger heading up international and Jonathan Gray specialties.

The insurer returned to underwriting profit after last year’s Covid hit, but the reinsurance segment faced higher non-Covid cat losses.

The carrier says it expects winter storms Uri and Viola to account for between $80mn and $90mn of claims absorbed during the period.

Climate change risk is not yet being properly reflected in pricing, the company chief warned.

The carrier’s combined ratio increased to 109.6% last quarter, up over 2 points year on year.

The deal took Alturas transactions to $115mn for the year to date as syndicated sidecars are expected to continue shrinking.