AXIS Capital comments on 4th Quarter 2019 Financial Results
AXIS Capital Holdings Limited has announced that it anticipates reporting modest operating income for the fourth quarter of 2019.
The Company's results were impacted by a pre-tax loss for catastrophes and other weather-related events of $140 million, net of estimated reinsurance recoveries and reinstatement premiums in the fourth quarter. This amount included a pre-tax loss for Japanese Typhoon Hagibis of $93 million, primarily attributable to the Company's reinsurance segment, consistent with the previously disclosed range. Other weather-related events included Australian wildfires and regional weather events in the United States.
The Company's results also included a pre-tax underwriting loss for its reinsurance agriculture business of approximately $29 million primarily related to poor weather conditions that impacted the Company's United States and India books of business.
In addition, the Company's results included net favorable prior year reserve development of $14 million primarily attributable to motor, credit, surety and political risk, partially offset by loss development attributable to Hurricane Irma, consistent with industry trends.
After consideration of these items, AXIS Capital noted further improvements in pricing and performance in core Insurance lines in the fourth quarter. AXIS Capital's results will be discussed during its conference call on Thursday, January 30, 2020 at 9:30 AM (EST).
The Company’s loss estimates are based on its ground-up assessment of losses from individual contracts and treaties exposed to the affected regions, including preliminary information from clients, brokers and loss adjusters. Industry insured loss estimates, market share analyses and catastrophe modeling analyses were also taken into account where appropriate. Due to the nature of these events, including the complexity of loss assessment and factors contributing to the losses, and the preliminary nature of the information available to prepare these estimates, the actual net ultimate losses for these events may differ materially from these current estimates.
Authored by AXIS
At AXIS, specialty insurance and global reinsurance solutions are delivered with determination, passion and strength.
We're inspired by the opportunity to give people and organizations the confidence to take necessary risks in the pursuit of their goals and ambitions.
By virtue of being a specialty insurer and global reinsurer with deep expertise and a commitment to service, we have the capability to provide a broad range of solutions. We're not afraid to take on complex and volatile risks.
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