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Axis Capital Holdings Limited (symbol: AXS) is a global leader in the insurance and reinsurance industry. The company offers a wide array of specialized risk transfer products and services, providing financial security and innovative solutions to clients and distribution partners worldwide. With a robust financial backbone, Axis Capital is rated “A+” (Strong) by Standard & Poor’s and “A+” (Superior) by A.M. Best, both with a stable outlook.
Headquartered in Bermuda, Axis Capital operates through a network of subsidiaries and branches spread across the United States, Canada, Europe, Australia, Latin America, and Singapore. The company's operations are divided into two main segments: AXIS Insurance and AXIS Reinsurance. AXIS Insurance delivers customized property, casualty, professional lines, and other specialty coverage through wholesale and retail brokers and managing general underwriters. Concurrently, AXIS Reinsurance provides capacity and expertise across treaty and facultative reinsurance on a global scale.
The company's dedicated teams in underwriting, claims, modeling, and actuarial functions are noted for their depth of knowledge and industry experience, positioning Axis Capital as a preferred partner. Axis's ethical, entrepreneurial, and disciplined culture promotes outstanding customer service and intelligent risk management, fostering long-lasting relationships and trust with their clients.
Axis Capital is committed to continuous improvement and adaptability, which is evident through its recent accomplishments and ongoing projects. The company consistently explores new avenues to enhance its product offerings and expand its market reach. This dedication to excellence and innovation ensures that Axis Capital remains at the forefront of the insurance and reinsurance sectors.
- Recent achievements include strategic partnerships that have fortified the company’s market position and broadened its service capabilities.
- Current projects focus on leveraging advanced technologies and data analytics to optimize risk assessment and underwriting processes.
- The company's strong financial condition is reflected in its stable outlook ratings, underscoring its reliability and claims-paying ability.
For more detailed information about their services and latest developments, visit their official website at Axis Capital.
AXIS Capital (NYSE: AXS) and Enstar Group have entered into a loss portfolio transfer (LPT) reinsurance agreement covering AXIS's reinsurance segment business. Under the agreement, structured as a 75% ground-up quota share, AXIS will retrocede $2.3 billion of reinsurance segment reserves to Enstar, primarily from casualty portfolios related to 2021 and prior underwriting years totaling $3.1 billion at September 30th.
AXIS expects to recognize an approximate $60 million benefit from the excess of reserves ceded over the consideration over the next several years. The transaction, expected to close in the first half of 2025 subject to regulatory approvals, will be provided by Enstar's subsidiary Cavello Bay Reinsurance , which holds an S&P 'A' financial strength rating. AXIS will maintain claims control for the covered reserves.
AXIS Capital Holdings (NYSE: AXS) has announced that President and CEO Vince Tizzio and CFO Pete Vogt will participate in a fireside chat at the 2024 UBS Global Specialty Insurance/Reinsurance Virtual Conference. The discussion will be moderated by UBS analyst Brian Meredith and is scheduled for December 17, 2024, at 9:15 am eastern. The event will feature a live webcast, and an archived replay will be made available after the presentation.
AXIS Capital (NYSE: AXS) has announced its Board of Directors' declaration of quarterly dividends. The company will pay a dividend of $0.44 per common share and $34.375 per Series E 5.50% preferred share (equivalent to $0.34375 per depositary share). Both dividends will be payable on January 15, 2025, to shareholders of record as of the close of business on December 31, 2024.
AXIS Capital reported strong Q3 2024 financial results with net income of $173 million ($2.04 per diluted share) and operating income of $230 million ($2.71 per diluted share). Key highlights include a combined ratio of 93.1%, annualized operating ROACE of 17.3%, and book value per diluted share increase of 9.0% to $64.65. The company saw gross premiums written increase by 2% to $1.9 billion, with insurance segment up 5% and reinsurance segment down 9%. Net investment income rose 33% to $205 million. Despite impacts from Hurricanes Helene and Milton, AXIS maintained profitable operations while improving operating efficiency through their 'How We Work' program, reducing G&A ratio by 1.4 points to 12.1%.
AXIS Capital Holdings (NYSE: AXS) has announced leadership changes for its Irish legal entities, AXIS Re SE (ARe) and AXIS Specialty Europe SE (ASE), effective October 7, 2024. Dax Gulmohamed has been appointed CEO of ASE, succeeding Fintan Mullarkey who is departing after 21 years with AXIS. Gulmohamed will oversee ASE and its branches in Belgium and the UK.
For ARe, John O'Neill has been appointed CEO, replacing Mark McCormick who is leaving after 14 years with the firm. O'Neill will be responsible for the Ireland-based legal entity and its Zurich branch, while continuing his role as Senior Vice President of Life Reinsurance.
These appointments reflect AXIS Capital's commitment to strengthening its leadership in its European operations and specialty insurance business.
AXIS Capital Holdings (NYSE: AXS) has announced it will release its third quarter financial results for the period ending September 30, 2024, on Wednesday, October 30, 2024, after the financial markets close. The company will host an investor teleconference on Thursday, October 31, 2024, at 9:00 AM EDT to discuss the results and related matters.
The call will be led by Vince Tizzio, President and CEO, and Peter Vogt, CFO. Investors can access the teleconference via phone or listen to a live webcast through the company's website. An audio replay will be available for two weeks following the call, and the webcast will be archived on the AXIS Capital website.
AXIS Capital Holdings (NYSE: AXS) has announced quarterly dividend declarations. The company's Board of Directors has approved a $0.44 per common share dividend, payable on October 18, 2024, to shareholders of record as of September 30, 2024. Additionally, a dividend of $34.375 per Series E 5.50% preferred share (equivalent to $0.34375 per depositary share) has been declared, also payable on October 18, 2024, to shareholders of record at the close of business on September 30, 2024. This announcement demonstrates AXIS Capital's commitment to returning value to its shareholders through regular dividend distributions.
AXIS Capital Holdings (NYSE: AXS) has announced a significant leadership change. Sara Mitchell will succeed Mark Gregory as Head of Global Markets. Gregory, who has been with AXIS for 15 years, will retire in March 2025 after a 50-year career in the industry. Mitchell, previously Divisional President at Chubb, will join AXIS on November 25 as Strategic Advisor and become Head of Global Markets on January 1, 2025.
Under Gregory's leadership, AXIS achieved several milestones, including establishing the AXIS Managing Agency at Lloyd's and becoming a top ten player at Lloyd's by capacity. Mitchell brings extensive experience in specialty P&C and international markets, having managed multi-billion dollar businesses at Chubb. This transition marks a new chapter for AXIS's Global Markets division, building on its strong foundation in the specialty insurance sector.
AXIS Capital Holdings (NYSE: AXS) has announced the appointment of Pranav Shroff as Head of Life Sciences in North America. Shroff will lead the development of specialty coverages for the life sciences industry, focusing initially on Products Liability, Professional Liability, and Clinical Trials Liability. His responsibilities include executing the underwriting strategy, cultivating relationships with distribution partners, and building a team to support this initiative.
Shroff brings extensive underwriting experience and knowledge of life sciences from his previous roles at The Doctors Company Specialty Underwriters, Chubb, ACE, and CNA. He will be based in New York and report to Michael McKenna, Head of AXIS North America. This move marks an important milestone in AXIS North America's growth strategy, aiming to become the leading specialty carrier in chosen markets.
AXIS Capital reported strong financial results for Q2 2024, with net income available to common shareholders at $204 million, or $2.40 per diluted share, and operating income at $250 million, or $2.93 per diluted share. The annualized return on average common equity (ROACE) was 16.2%, and the operating ROACE was 19.9%. The combined ratio improved by 1.1 points to 90.4%, and the book value per diluted common share increased by $2.16 to $59.29.
For the first half of 2024, net income was $592 million, or $6.93 per diluted share, with operating income at $470 million, or $5.50 per diluted share. Gross premiums written increased by 9% to $5.1 billion. The company also saw a 40% increase in net investment income to $191 million.
CEO Vince Tizzio highlighted the company's strong performance in specialty insurance and reinsurance markets, with significant growth in net premiums and improved combined ratios. The “How We Work” transformation program was also noted for enhancing operational efficiency and productivity.
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