Harrington Re

AXIS Capital Holdings’ strategic capital partnership activities generated increased fee income for the re/insurer during the first nine months of 2017, as a decrease in profit commissions related to retrocessional agreements in Q3 was offset by more than $9 million in service fees and reimbursement of expenses to its reinsurance segment.

The retrocession market has helped Bermudian re/insurer AXIS Capital to reduce its losses from third-quarter catastrophe events, including hurricanes Harvey, Irma and Maria, as well as the Mexico earthquakes, to $578 million, with the firm set to claim $136 million back from retrocessionaires.

During the second-quarter of 2017 Bermuda-based insurer and reinsurer, AXIS Capital Holdings, noted the continued positive momentum it sees in its strategic capital partnership activities, recognising increased fee income and ceding more premiums to third-party capital in the period.

When rating or commenting on a total-return reinsurance firm, a hedge fund reinsurer, or any insurance or reinsurance strategy that adds more risk on the investment side, rating agency A.M. Best has a habit of warning of the downside, but in affirming the AXIS Capital & Blackstone sponsored Harrington Re Ltd., A.M. Best seems more […]

Bermuda based insurance and reinsurance group AXIS Capital Holdings Limited has recognised a significant increase in the fee income it earned from its work with what it terms “strategic capital partners” in the first-quarter of 2017 and ceded significantly more premiums to third-party capital as well.

Jay Nichols has resigned from his position as CEO of AXIS Re, the reinsurance division of AXIS Capital Holdings Limited, a role that has seen him develop third-party capital strategies at the firm as it adapted to the changing market.

AXIS Capital has reported an increase in fee income earned through its strategic capital partners activity, which includes its alternative reinsurance capital strategy and the total-return reinsurer Harrington Re.

Total-return reinsurance vehicle Harrington Re, established earlier this year by re/insurer AXIS in partnership with Blackstone, has become an integral part of the firm’s broader alternative capital strategy, according to AXIS Capital Holdings President and Chief Executive Officer (CEO), Albert Benchimol.

Capital from third-party reinsurance investors is becoming increasingly important to re/insurer AXIS Capital with the company set to increasingly utilise alternative and capital markets sources, as the multiple balance-sheet approach enables it to optimise its risk appetite and underwriting portfolio.

For insurance and reinsurance group AXIS Capital Holdings, the launch of new venture total-return reinsurer startup Harrington Re, is considered part of the firms “21st century” approach to managing its capital, with the help and backing of third-party investors.