AXIS Capital suffers 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 12 months ended December 31:   

In This autumn, AXIS reported $26 million in pre-tax disaster and weather-related losses, internet of reinsurance. The corporate’s gross written premium (GWP) elevated by 1% to $1.8 billion. For the complete 12 months, GWP was up 2% to $8.4 billion. Pre-tax disaster and weather-related losses, internet of reinsurance, amounted to $138 million.

Phase-wise, the insurance coverage operations at AXIS posted an underwriting loss in This autumn; insurance coverage underwriting revenue for the 12 months was down 20%. The reinsurance phase additionally took a beating within the quarter, to the tune of $212 million in underwriting loss. Equally, the 12 months generated a unfavourable consequence when it comes to reinsurance underwriting.

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

He mentioned in a launch: “This was a transformative 12 months for AXIS, one the place we additional elevated all features 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 capitalizing on favorable situations in our chosen specialty markets whereas exhibiting underwriting self-discipline and robust cycle administration. This was evidenced by our working revenue of $486 million and a 4.5 level year-over-year enchancment within the present accident 12 months mixed ratio to 91.8%.”  

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