AXIS Capital takes SG$261 million net loss in Q1

spike

AXIS Capital Holdings Limited, which provides specialty lines insurance and treaty reinsurance globally, has been hit hard by the coronavirus crisis in the first quarter.

According to the Bermuda-headquartered group, its estimated pre-tax catastrophe and weather-related losses – net of reinsurance and reinstatement premiums – in the period amount to US$300 million (around SG$424.3 million). Of this figure, US$235 million (around SG$332.3 million) is attributable to the COVID-19 outbreak.

The latter approximation is primarily associated with property-related coverages but also spans event cancellation and accident & health, and takes into consideration a global shelter-in-place order effective until July 31.

In

Read More

AXIS Capital confirms Q1 financial results

spike

AXIS Capital Holdings has announced an estimated net claims division of US$300 million, pre-tax, for Q1 related to catastrophe and other weather-related events. The amount includes an estimated net claims provision of US$235 million, pre-tax, for the COVID-19 pandemic, AXIS Capital said.

The company said that the estimated net claims provision for COVID-19 is driven largely by property-related coverages, and takes into account a global shelter-in-place order that remains in effect until July 31. US$65 million, pre-tax, for other weather-related events includes regional weather events in the US, UK floods and Australian wildfires.

The firm said there was continuous improvement

Read More

AXIS Insurance turns to cyber stalwart for newly created role

spike

AXIS Insurance, a business segment of AXIS Capital Holdings, has announced the appointment of Max Perkins to the newly created role of head of strategy and innovation for its global cyber and technology unit. Perkins will be based in the United States and will report to Dan Trueman, global head of cyber and technology.

In his new role, Perkins will help AXIS maintain a position as a thought leader in cyber and technology underwriting and risk transfer. He will also spearhead the development of innovative ways to lead the understanding of cyber risk and cyber insurance, as well as developing

Read More

AXIS Capital gives US$1 million towards COVID-19 relief

spike

AXIS Capital Holdings Limited has announced US$1 million in targeted donations to support COVID-19 relief efforts. AXIS will partner with non-profits providing pandemic relief globally, as well as in the communities in which AXIS operates.

“COVID-19 is an unprecedented challenge that is impacting millions of lives,” said Albert Benchimol, president and CEO of AXIS. “As a purpose-driven organisation, we feel a deep commitment to do our part to give back and help support the relief efforts that are underway globally, as well as in our local communities. Nearly every one of us has been touched in some way by COVID-19.

Read More