Axis Capital Holders Limited - AXS STOCK NEWS

AXIS Capital Holdings Limited (NYSE: AXS) announced the retirement of Board members Christopher V. Greetham and Wilhelm Zeller, effective December 31, 2020. The Chairman, Henry Smith, acknowledged their significant contributions, particularly in guiding the company through transformation. Greetham has been on the Board since 2006, and Zeller since 2009. Since 2018, AXIS has added five new directors, indicating ongoing efforts to refresh leadership.

AXIS Capital has declared a quarterly dividend of $0.42 per common share, reflecting a 2.4% increase. This dividend is payable on January 15, 2021, to shareholders on record as of December 31, 2020. This marks the 17th consecutive year of dividend increases for AXIS Capital since its IPO in 2003. Additionally, a dividend of $34.375 per Series E Preferred Share will also be distributed on the same date to the same group of shareholders.

AXIS Re has appointed Emilie Hungenberg as a Senior Underwriter for Property in the EMEA and Latin America regions. Ms. Hungenberg will oversee a Property treaty portfolio for France, Benelux, Iberia, and Africa, collaborating with the underwriting team to implement AXIS Re’s strategy. Gino Smith, Head of Property, expressed confidence in her extensive underwriting experience and commercial networks. Hungenberg previously worked with Schroders and has held senior roles at RMS, MS Amlin, Sompo, and Odyssey Re. She will be based in Zurich.

AXIS Re has appointed David Bangs as the new Head of Japan, aiming to enhance its reinsurance services in the evolving Japanese market. Previously, Bangs held significant roles in Willis Re as Executive Director and Japan Representative. His experience is expected to strengthen AXIS Re's presence and expertise in the region. This strategic hiring aligns with AXIS Capital's commitment to provide exceptional service to clients across its global operations.

AXIS Insurance, part of AXIS Capital (NYSE:AXS), has appointed three lead underwriters in its U.S. Cyber and Technology team to enhance strategic growth. Ashley Sales, Jonah Papesh, and Eric Allen bring extensive experience from AIG, AXA XL, and Chubb, respectively. Their roles focus on underwriting profitability and managing client needs in a complex cyber landscape. AXIS also added three Senior Underwriters based in Chicago and Los Angeles, reinforcing its commitment to delivering exceptional service and understanding client requirements.

AXIS Insurance, a division of AXIS Capital (NYSE:AXS), has strengthened its U.S. Renewable Energy team by hiring three new underwriters: Kristopher Williams, Melissa Marsh, and Kevin Motta. Effective immediately, they will focus on underwriting renewable energy risks across wind, solar, and battery storage projects. The team is led by Sam Walsh, who emphasizes the significant growth in the U.S. renewable energy market. The new hires will enhance the company's expertise and service to brokers in this expanding sector.

AXIS Capital Holdings Limited (NYSE: AXS) reported a net loss of $73 million in Q3 2020, a significant drop from a net income of $28 million in Q3 2019. The company experienced a decrease in gross premiums written by 5% to $1.3 billion, primarily due to a 23% decrease in the reinsurance segment. However, the insurance segment saw a 5% increase. Despite challenges from natural disasters, the company reported a 16% rate increase in its Insurance segment and improved underlying performance, demonstrated by a 5.2 point reduction in the current accident year combined ratio, excluding catastrophe losses.

AXIS Re, part of AXIS Capital, has announced the addition of Lydia LaSalata and Matthew Trinkle to its North American Casualty team. LaSalata joins as a Senior Underwriter for Professional Liability, bringing extensive experience from Safety National Re, while Trinkle, formerly with Transatlantic Re, takes on the role of Underwriter for Casualty & Alternative Risk. This strategic hiring aims to enhance AXIS Re's adaptability in the evolving casualty market and strengthen relationships with partners, according to Dan Osterrieder, Head of Casualty North America.

AXIS Capital Holdings Limited (AXS) estimates a preliminary net loss of $225 million to $255 million for Q3 due to major catastrophes including Hurricanes Laura and Sally, the Midwest derecho, and wildfires. The company reaffirmed its earlier COVID-19 related loss estimates. Despite this, AXIS reported improvements in pricing and loss ratios in its insurance and reinsurance segments. The results will be discussed in a conference call on October 29, 2020.