Axis Capital’s insurance unit breaks fall of reinsurance GWP

Axis Capital “continued to deliver strong progress along virtually all key metrics” in the first quarter of this year, Albert Benchimol, president and CEO of the Bermuda-based specialty lines re/insurer, has announced.

Gross written premium (GWP) rose by 4% ($99 million) year on year, to $2.6 billion, thanks to a 20% ($224 million) increase in the insurance segment, which was partially offset by a decrease of 9% ($125 million) to $1.3 billion in the reinsurance segment.

There was an improvement of 7.5 points in the combined ratio to 91.4% from 98.9%.

Axis recorded a net income of $149 million, which is a rise of 21% from the $123 million achieved in the same period last year.

"Our insurance segment again recorded 20% premium growth on the back of double-digit rate increases, and record first quarter new business as we continued to expand our presence in attractive markets, with a focus on delivering value to our partners in the E&S, Wholesale and Specialty channels,” Benchimol said. “Within our reinsurance segment, the team continued to make good progress in strengthening our portfolio while reducing our footprint in catastrophe, highlighted by a 45% reduction in catastrophe lines premium.”

Axis aims to become a “top quintile performer”, he added.