Results
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The carrier disclosed it will book $1.1bn in net losses from the California fires.
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The group ceded 55% more premium to Nephila over the year at $1.3bn.
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The Bermudian’s wildfire loss estimate was based on an industry loss range of $35bn-$45bn.
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Axis Capital’s fee income from strategic capital partners grew 39% to $85mn in the year to 31 December 2024, up from $61mn the year prior, the firm’s Q4 earnings release said.
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Models will need to steepen the curve in the tail to reflect severe event frequency.
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The carrier has been reducing its exposure to the area where the wildfires occurred by over 50%.
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CEO Jim Williamson said social inflation was a “growing barrier” to a vibrant economy.
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The (re)insurer recorded a reserve charge of nearly $1.3bn within its casualty insurance book.
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The carrier’s Milton loss came in below expectations, but its fire claims will be “material” in Q1.
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The ILS unit’s AuM was higher by $100mn compared to $1.9bn as of 30 June.
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The reinsurer took $743mn of nat-cat losses in the quarter.