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Axis shows a $ 73 million loss in the third quarter in the midst of disasters



Axis Capital Holdings Ltd. turned into a loss in the third quarter of $ 73 million from a net profit of $ 28 million the year before, when catastrophic losses hit the company's insurance and reinsurance business.

Net premiums decreased 4.7% to $ 816.0 million, the Bermuda-based insurance company and reinsurer reported late Wednesday. In the insurance segment, net premiums increased by 5.4% to $ 544.9 million. In the reinsurance segment, net premiums decreased by 20% to $ 271.1 million.

Disaster effects could also be seen in the company's total share of the third quarter of 114.5%, up from 109.4% in the previous year.

Excluding disasters, Axis 'total share was 92.4%, compared to 97.6% in the third quarter of 201

9, Albert Benchimol, Axis' President and CEO, noted in a results discussion on Thursday with analysts.

He called 2020 a year of "exceptional catastrophic activity, as the world experienced" the effects of the global COVID-19 pandemic "combined with" a very active year in natural disasters. "

Estimated disaster before tax and weather-related losses, after reinsurance and reinstatement premiums, amounted to $ 240 million, with $ 132 million in insurance and $ 108 million in reinsurance, equivalent to $ 205 million after tax. Axel ch Iief CFO, said at the conversation.

Prices continued to rise during the third quarter, Benchimol said.

"We continue to see an acceleration in virtually every industry," he said. "In the insurance area, we saw average interest rate increases of more than 16% throughout the book, compared with 15% in the second quarter and 10% in the first quarter of 2020."

Axis' US division saw an average interest rate increase of more than 16%, Benchimol said. The surplus accident increased by more than 25% and the primary increase in accidents was on average more than 15%, while the surplus and surplus property ratio increased by almost 20%. Catalog

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