AXIS Capital Holdings News

AXIS Enacts Policy to Ensure Diverse Supplier Networks for Its Operations

AXIS Capital Holdings is enacting a policy designed to ensure a more diverse base for its supplier networks. The Bermuda-based specialty insurer and reinsurer said its new Supplier Diversity Policy calls for working with certified Diverse Business Enterprises in its …

AXIS Capital Accelerates Its Retreat From Coal Investments and Cover

AXIS Capital Holdings Ltd. said it will phase out insurance cover and investments in the coal business globally within the next 20 years. “It is our belief at AXIS that [insurance/reinsurance] industry needs to move to the forefront of the …

Everest Re, AXIS Capital Estimate Costs of Q3 Natural Catastrophe Losses

Everest Re Group Ltd. and AXIS Capital announced their preliminary third quarter 2021 catastrophe losses. In advance of its full quarterly earnings to be released on Oct. 27, 2021, Everest is estimating total Q3 pre-tax net catastrophe losses of $635 …

AXIS Capital Estimates Q1 Pre-Tax Catastrophe Losses of $105M-$115M

Bermuda-based AXIS Capital Holdings Ltd. announced a preliminary, pre-tax first quarter net loss estimate for catastrophes and other weather-related events in the range of $105 million to $115 million, or $95 million to $105 million, after-tax. The pre-tax net loss …

AXIS Capital Decides to Stop Insuring Arctic Oil and Gas Projects

AXIS Capital Holdings Ltd. said it won’t insure oil and gas projects in the Arctic National Wildlife Refuge, becoming the first North American underwriter to make the commitment after pressure from native Alaskans and environmentalists. The move follows similar pledges …

AXIS Capital Estimates Q3 Pre-Tax Catastrophe Losses of $225M-$255M

AXIS Capital Holdings Ltd. announced a preliminary pre-tax net loss estimate in the range of $225 million to $255 million ($190 million to $220 million, after-tax) for third quarter catastrophes and other events. This net loss estimate relates to Hurricanes …

AXIS Gets AM Best Ratings Downgrade on ‘Deterioration’ of Operating Performance

AM Best has downgraded the credit ratings of Bermuda-based AXIS Capital Holdings and its subsidiaries. The re/insurer has had its Financial Strength Rating downgraded to A (Excellent) from A+ (Superior) and its Long-Term Issuer Credit Ratings have been downgraded to …

AXIS Capital Estimates $235 Million of Coronavirus-Related Claims During First Quarter

AXIS Capital Holdings Ltd. announced an estimated net claims provision of $300 million, pre-tax, for the first quarter related to catastrophe and other weather-related events. This amount includes estimated pre-tax claims of $235 million for the COVID-19 pandemic. The company’s …

AXIS Chairman, Co-Founder Butt to Retire; Smith Named Chairman-Elect

AXIS Capital Holdings Ltd. announced that Michael Butt, chairman of the board of directors, will retire from the company, effective Sept. 16, 2020. A co-founder of AXIS and member of the Insurance Hall of Fame, Butt is a recognized industry …

AXIS Capital’s Losses from Japan’s Typhoon Hagibis Estimated at $90M-$110M

AXIS Capital Holdings Ltd. announced a preliminary pre-tax loss estimate for Japanese Typhoon Hagibis in the range of $90 million to $110 million, net of estimated recoveries from reinsurance and retrocessional covers, and including the impact of estimated reinstatement premiums. …