AXIS Capital experiences losses in This autumn

AXIS Capital has suffered losses within the fourth quarter of 2023.

Right here’s how the insurance coverage group fared within the quarter and yr ended December 31:   

In This autumn, AXIS reported US$26 million in pre-tax disaster and weather-related losses, internet of reinsurance. The corporate’s gross written premium (GWP) elevated by 1% to US$1.8 billion. For the complete yr, GWP was up 2% to US$8.4 billion. Pre-tax disaster and weather-related losses, internet of reinsurance, amounted to US$138 million.

Phase-wise, the insurance coverage operations at AXIS posted an underwriting loss in This autumn; insurance coverage underwriting earnings for the yr was down 20%. The reinsurance phase additionally took a beating within the quarter, to the tune of US$212 million in underwriting loss. Equally, the yr generated a adverse end result by way of reinsurance underwriting.

Commenting on the numbers, AXIS president and chief government Vince Tizzio highlighted the positives.

He stated in a launch: “This was a transformative yr for AXIS, one the place we additional elevated all facets of how we function and go to market, and we consider the corporate is on a transparent path to turning into a specialty underwriting chief.

“We’re capitalising on beneficial circumstances in our chosen specialty markets whereas exhibiting underwriting self-discipline and powerful cycle administration. This was evidenced by our working earnings of US$486 million and a 4.5 level year-over-year enchancment within the present accident yr mixed ratio to 91.8%.”  

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