Axis Capital Holders Limited - AXS STOCK NEWS

AXIS Capital Holdings announced its fourth quarter and full-year 2022 financial results, highlighting a net income of $193 million or $2.25 per diluted share. The annualized return on average common equity (ROACE) was 4.2% with an operating ROACE of 16.9%. Total gross premiums written rose by $529 million or 7% year-over-year to $8.2 billion. The combined ratio improved by 1.7 points to 95.8%, while pre-tax catastrophe losses decreased to $403 million. Book value per diluted share increased to $46.95, up 7.9% from the previous quarter, despite a 12.7% annual decline.

AXIS Capital announced that President and CEO Albert A. Benchimol will step down on May 4, 2023, after over a decade of leadership. He will be succeeded by Vincent C. Tizzio, who has served as CEO of Specialty Insurance and Reinsurance since June 2022. Benchimol will remain as a strategic advisor through the end of 2023. Under Benchimol, AXIS underwent a transformation, becoming recognized for its specialty underwriting and strong workplace culture. Both leaders expressed confidence in the company's future growth.

AXIS Capital Holdings Limited (NYSE: AXS) will release its fourth-quarter financial results for the period ending December 31, 2022, on January 25, 2023. An investor teleconference hosted by CEO Albert Benchimol and CFO Peter Vogt is scheduled for January 26, 2023, at 9:30 a.m. EST. It will cover the results and allow for a Q&A session. Shareholders should note that the company reported shareholders' equity of $4.3 billion as of September 30, 2022. The teleconference can be accessed via phone or webcast.

AXIS Capital Holdings Limited (NYSE: AXS) has appointed Andy Maher as the new Head of Cyber and Technology, based in London. Previously serving as Deputy Chief Underwriting Officer for Cyber and Technology, Maher joined AXIS in 2018. His focus will be on enhancing the team and expanding product offerings globally to better serve distribution partners and customers. With shareholders' equity reported at $4.3 billion as of September 30, 2022, AXIS is positioned to strengthen its leadership in the cyber insurance market.

AXIS Capital has authorized a $100 million repurchase of its common shares to be executed in the open market or through private negotiations until December 31, 2023. This buyback aims to enhance shareholder value based on market conditions. Additionally, the Board declared a quarterly dividend of $0.44 per common share and $34.375 per Series E preferred share, payable on January 18, 2023. The company reported $4.3 billion in shareholders' equity as of September 30, 2022.

AXIS Capital Holdings Limited (NYSE: AXS) has unveiled a new Specialty Package Policy for manufacturers (SPPm) that integrates general and environmental liability coverage into a single insurance package. The SPPm policy is designed for US-based manufacturing and distribution operations with revenues of up to $2B. The coverage includes various liabilities such as pollution and product withdrawal expenses. Additionally, AXIS appointed Tom Kashickey as Lead Underwriter for Environmental Liability, aiming to enhance their offerings in this sector.

AXIS Capital Holdings Limited (NYSE:AXS) has appointed Miranda Hunter as the new Head of Investor Relations, effective immediately. Reporting to CFO Peter Vogt, Ms. Hunter will enhance the company's communication with the investment community, focusing on their strategic evolution towards specialty insurance. With over 15 years of experience in the (re)insurance industry, she previously held senior roles at Aeolus Capital Management and Validus Holding. AXIS Capital maintains a strong financial position with shareholders' equity of $4.3 billion as of September 30, 2022.

AXIS Capital Holdings Limited (AXS) reported a net loss of $17 million for Q3 2022, translating to $(0.20) per diluted common share, compared to a net income of $47 million for the same period in 2021. The operating income stood at $3 million, up from $1 million a year earlier. Pre-tax catastrophe losses, mainly from Hurricane Ian, were $212 million. Despite challenges, AXIS grew underwriting income by 75% and operating income by 30% year to date. The book value per diluted share decreased to $43.50, down 8.7% from the previous quarter.

AXIS Capital Holdings Limited (NYSE: AXS) has announced it anticipates a small operating income for Q3 2022, significantly impacted by a pre-tax net loss of $212 million from catastrophes, including $160 million attributed to Hurricane Ian. The company's insurance segment estimates $100 million for Hurricane Ian, while its reinsurance segment estimates $60 million. Overall, industry losses from Hurricane Ian are projected at $60 billion, with AXIS's estimates aligning with these figures. A conference call is scheduled for October 27, 2022, to discuss results.