AXIS ILS
The Artemis Insurance-Linked Securities Investment Managers & Funds Directory is a one-stop resource for information on insurance or reinsurance linked investment managers and their ILS fund strategies.
AXIS ILS - snapshot
- ILS manager or company name: AXIS ILS
- Location (HQ / Domicile): Bermuda
- Date of launch: Dec 2013
- Assets under management *: $1 billion (As of Sep 30th 2020)
- Website link: AXIS ILS website
AXIS ILS - Details
Company profile:
The third-party reinsurance capital management unit of insurance and reinsurance group AXIS Capital.
AXIS has access to $2.1 billion of third-party capital support in total, as of September 2020.
Within that $2.1 billion are included AXIS Capital’s third-party capitalised total-return reinsurance joint-venture Harrington Re, its AXIS Ventures Reinsurance Limited unit where its insurance-linked securities (ILS) fund management activities take place, other private quota share and ILS deals with capital partners, and also the firm’s new Alturas Re reinsurance sidecar vehicle.
AXIS doesn’t break each down, but we’ve made an attempt to approximate how those assets under management are split across the vehicles.
We believe Harrington Re likely sits at somewhere around $1.1 billion of the total, that AXIS Ventures Reinsurance Limited could be as much as $400 million, that other capital partner quota shares and private ILS deals make up around $400 million and Alturas Re is around $200 million currently.
So that means approximately $1 billion of third-party investor assets under management in ILS funds, quota shares, reinsurance sidecars and other private ILS vehicles at AXIS Capital as of September 2020, with this sum largely deployed to property catastrophe risks.
In May 2020 the cessions of AXIS Ventures Reinsurance Limited (AVRL) were novated via to segregated accounts of Horseshoe Re – an action that enabled the firm to improve efficiency and reduce costs by lightening its administrative burden.
As this was a movement of contracts from one vehicle to another, there were no changes to the structure of the contracts, ceded premium, and capital underpinnings of the agreements.
Team size and structure:
Chris Caponigro, Global Head of ILS; Kyle Freeman, Head of ILS Structuring, Property; Keshav Gupta, ILS Associate; Loic Grandchamp, Harrington Liability Manager; Sam Wilkinson, Risk Funding Strategic Capital Partner Services Lead; Patrick Witteveen, Head of AXIS ILS Business Development.
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Disclaimer:
The Artemis Insurance-Linked Securities Investment Managers & Funds Directory is provided as-is. Best efforts are made to ensure the contents are accurate at the time of publication but there may be some omissions. Please contact Artemis should you require a change to your ILS manager listing.
*Note: Assets under management are prone to fluctuation so the figures here are either the best available or last submitted by included managers.
It is not always possible for us to track the ‘usable’ assets under management (AUM) of most ILS managers, so the figures above tend to include an element of trapped capital. Few ILS managers report AUM figures that exclude trapped capital, unless they have fronting or other arrangements in front of their ILS funds that allow them to do so more readily.
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