Axis Capital

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.

Former Swiss Re and Rewire executive Vincent Myers is hired following the departure of ILS vice president Livingston.

The 2019-3 notes bring the total Alturas sidecar support for the year up to $230mn.

The reinsurer is looking to pay more rate to secure retro cover in a tightening market.

Buckingham Research analyst Amit Kumar noted that insured loss estimates had been revised up since the early weeks following the August and September events.

Both Axis and RenaissanceRe significantly lifted fee income from third-party partners in 2018 as increased volumes and reinstatement income drove more business to be transferred to ILS partners.

The company’s investors were now more diversified, CEO Albert Benchimol said in an earnings call.

The firm’s Q4 fee income was down year on year, but over the course of 2018 has risen 35 percent from 2017.

Newer vehicles found it harder to get going as sidecar sponsors struggled to hit their fundraising targets in the January renewals.

The latest deal will provide the carrier with retro cover, Trading Risk understands.