AXIS News

AXIS Launches Cyber Center of Excellence to Help Mitigate Cyber Risks

AXIS Capital Holdings Ltd. has launched the AXIS Cyber Center of Excellence, which aims to provide commercial insurance products and solutions for mitigating cyber risks. The AXIS Cyber Center of Excellence is intended to address the more than $445 billion …

AXIS’ A.M. Best Ratings Revised to Negative; Insurance Arm Blamed

AXIS Capital Holdings’ money-losing insurance segment has drawn the attention of A.M. Best, which revised its outlooks for the Bermuda-based carrier to negative from stable, based largely on its performance. “The revised outlooks are based on unfavorable trends in the …

AXIS Capital Restructures to Focus More on Tech & Innovation

AXIS Capital Holdings is reorganizing its operations in a bid to focus more on technology and innovation, with an eye on long-term profitable growth. Executives hope to put the new changes in place during the 2018 second quarter. The Bermuda-based …

AXIS Names Swiss Re’s Arora as Reinsurance CEO

AXIS Capital Holdings Ltd. announced that Steve Arora has been named chief executive officer of AXIS Re. Arora joins the company from Swiss Re where he spent 18 years in a variety of senior positions, most recently as head of …

AXIS Sweetens Offer for Lloyd’s Specialty Carrier Novae to $611.5M

AXIS Capital Holdings Ltd. has substantially sweetened its offer for Novae Group plc, a Lloyd’s of London specialty insurer and reinsurer. AXIS, a Bermuda-based specialty insurer and reinsurer, said it will now pay $611.5 million in cash for Novae, up …

AXIS Capital to Acquire Lloyd’s Specialty Re/Insurer Novae for $604 Million

AXIS Capital Holdings Ltd. announced it is acquiring Novae Group plc, a specialty re/insurer that operates through Lloyd’s of London. “The US$604 million transaction adds scale and breadth to the international specialty insurance business of AXIS, creating a $2 billion …

Talbot Underwriting Launches $50M Consortium to Cover NBCR Terrorism

Talbot Underwriting Ltd., a wholly owned subsidiary of Validus Holdings Ltd., announced the launch of a Lloyd’s led consortium for nuclear, biological, chemical and radiological (NBCR) terrorism. The facility will allow brokers to fully bind through one underwriter, with Talbot …

Good Risk Management Is Just Good Business: Steel, Former CRO of AXIS Capital

Companies originally created the role of the chief risk officer because they “recognized that good risk management is really good business,” according to Michael Steel, former CRO at AXIS Capital. The role of CRO is a relatively new one for …

AXIS Capital’s New Bermuda Operation, Harrington Re, Raises $600M

Harrington Re, a fledgling Bermuda operation sponsored by AXIS Capital Holdings Ltd., has raised $600 million in capital designed to beef up underwriting and investment plans put forth by its sponsor. Blackstone Group will assist with investment management. For AXIS, …

Negative Outlook for Energy Insurers May Force Sector Exit: Willis Towers Watson

Energy insurers continue to feel the pressure caused by over-supply of capital and falling demand from buyers, which may lead them to exit or scale back their participation in the energy sector, according to a report published by Willis Towers …