AXIS reports Q3 2024 results

AXIS Capital held its earnings call on Oct 31, 2024. Key highlights:

•  The company is increasingly focusing on premium-adequate short-tail lines, aiming for stronger returns in property, accident & health (A&H), and political risk insurance.
• It projects $30 million in total losses from Hurricane Helene and expects a similarly sized market share loss from Hurricane Milton.
• AXIS has reshaped its cyber portfolio, moving from delegated business to targeting large accounts and partnering with Elpha Secure to reach mid-market customers.
• AXIS launched a new syndicate focused on supporting energy transition projects, strategically expanding to meet global demand for sustainable solutions.
• How We Work Initiative: This program is enhancing operational efficiency, reducing the G&A ratio and streamlining processes through technology investments.
• Investment in AI: AXIS is leveraging AI to improve submission and underwriting processes, partnering with Mea for data and document automation.
• AXIS achieved 17% growth in the lower middle market, driven by new initiatives and expanded segments within North America.
• The company maintained growth in property lines, notably in U.S. E&S property, where submission activity rose by 35%, while remaining selective amid increased competition.