Results

The company will ‘aggressively pursue subrogation’ for the Eaton Fire.

The LA-based firm estimated gross cat losses in the range of $1.6bn-$2bn.

FY24 disclosures show shifting fortunes at reinsurer ILS platforms.

Over 2024, four hurricanes added 13 points of cat-loss impact to the combined ratio.

The carrier disclosed it will book $1.1bn in net losses from the California fires.

The group ceded 55% more premium to Nephila over the year at $1.3bn.

The Bermudian’s wildfire loss estimate was based on an industry loss range of $35bn-$45bn.

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.

Models will need to steepen the curve in the tail to reflect severe event frequency.

The carrier has been reducing its exposure to the area where the wildfires occurred by over 50%.

The reinsurer reported total fee income of $77.1mn.

CEO Jim Williamson said social inflation was a “growing barrier” to a vibrant economy.