AXIS Capital has suffered losses within the fourth quarter of 2023.

Right here’s how the insurance coverage group fared within the quarter and yr ended December 31:   

In This fall, 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 yr, GWP was up 2% to $8.4 billion. Pre-tax disaster and weather-related losses, internet of reinsurance, amounted to $138 million.

Section-wise, the insurance coverage operations at AXIS posted an underwriting loss in This fall; insurance coverage underwriting earnings for the yr was down 20%. The reinsurance phase additionally took a beating within the quarter, to the tune of $212 million in underwriting loss. Equally, the yr generated a detrimental outcome when it comes to reinsurance underwriting.

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

He stated in a launch: “This was a transformative yr for AXIS, one the place we additional elevated all facets of how we function and go to market, and we imagine the corporate is on a transparent path to changing into a specialty underwriting chief.

“We’re capitalizing on favorable circumstances in our chosen specialty markets whereas exhibiting underwriting self-discipline and robust cycle administration. This was evidenced by our working earnings of $486 million and a 4.5 level year-over-year enchancment within the present accident yr mixed ratio to 91.8%.”  

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