AXIS Re Ventures
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AXIS Re Ventures - snapshot
- ILS manager or company name: AXIS Re Ventures
- Location (HQ / Domicile): Bermuda
- Date of launch: Dec 2013
- Assets under management *: $1 billion (As of Sep 30th 2020)
- Website link: AXIS Re Ventures website
AXIS Re Ventures - Details
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:
Led by Ben Rubin, Executive Vice President, Capital Markets at AXIS Capital.
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