{"id":416771,"date":"2021-01-19T08:33:53","date_gmt":"2021-01-19T13:33:53","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=416771"},"modified":"2021-01-19T08:33:53","modified_gmt":"2021-01-19T13:33:53","slug":"axis-capital-provides-initial-comments-on-fourth-quarter-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/axis-capital-provides-initial-comments-on-fourth-quarter-results\/","title":{"rendered":"AXIS Capital Provides Initial Comments on Fourth Quarter Results"},"content":{"rendered":"

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AXIS Capital Provides Initial Comments on Fourth Quarter Results<\/b><\/p>\n

PEMBROKE, Bermuda–(BUSINESS WIRE<\/a>)–
\nAXIS Capital Holdings Limited (“AXIS Capital” or the “Company”) (NYSE: AXS) today announced a preliminary fourth quarter net claims estimate in the range of $195 million to $205 million, pre-tax, for catastrophes and weather-related events.\n<\/p>\n

\nThe net claims estimate includes $125 million, pre-tax, for the COVID-19 pandemic. This amount was determined following an extensive review of potential exposures to the COVID-19 pandemic on all lines of business, both short and long-tail, which considered new information provided by clients, global shelter-in-place orders that came into effect in the fourth quarter and outcomes of recent court judgments, including the UK Supreme Court ruling. This amount is in addition to the estimate of $235 million recognized in the first quarter. The Company noted that its claims reserves provide for ultimate COVID-19 related losses across all lines of business incurred at December 31, 2020.\n<\/p>\n

\nSeparately, other catastrophe and weather-related losses in the range of $70 million to $80 million, pre-tax, include Hurricanes Zeta and Delta, and regional weather events in the United States.\n<\/p>\n

\nIn addition, AXIS Capital noted ongoing improvements in its current accident year loss ratios excluding catastrophe and weather-related losses consistent with progress observed earlier in 2020.\n<\/p>\n

\nAs previously announced, the Company’s results will be discussed during its conference call on Thursday, January 28, 2021 at 9:30 AM (EST).\n<\/p>\n

About AXIS Capital
\n
<\/span><\/b>AXIS Capital, through its operating subsidiaries, is a global provider of specialty lines insurance and treaty reinsurance with shareholders’ equity September 30, 2020 of $5.3 billion and locations in Bermuda, the United States, Europe, Singapore and Canada. Its operating subsidiaries have been assigned a rating of “A+” (“Strong”) by Standard & Poor’s and “A” (“Excellent”) by A.M. Best. For more information about AXIS Capital, visit the Company’s website at www.axiscapital.com<\/a>.\n<\/p>\n

Website and Social Media Disclosure
\n
<\/span><\/b>The Company uses its website (www.axiscapital.com<\/a>) and its corporate Twitter (@AXIS_Capital) and LinkedIn (AXIS Capital) accounts as channels of distribution of Company information. The information posted through these channels may be deemed material. Accordingly, investors should monitor these channels, in addition to following the Company’s press releases, SEC filings and public conference calls and webcasts. In addition, e-mail alerts and other information about AXIS Capital may be received when enrolled in the Company’s “E-mail Alerts” program, which can be found in the Investor Information section of the Company’s website (www.axiscapital.com<\/a>). The contents of the Company’s website and social media channels are not part of this press release.\n<\/p>\n

\nPlease be sure to follow AXIS Capital on LinkedIn.\n<\/p>\n

\nLinkedIn: http:\/\/bit.ly\/2kRYbZ5<\/a><\/p>\n

Risk and Uncertainties
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<\/span><\/b>The determination of the net claims estimate for the COVID-19 pandemic is based on the Company’s ground-up assessment of coverage from individual contracts and treaties across all lines of business, including a review of modeling analyses and market information, where appropriate. In addition, the Company considers information received from clients, brokers and loss adjusters.\n<\/p>\n

\nThe net claims estimate related to the COVID-19 pandemic is subject to significant uncertainty. This uncertainty is driven by the inherent difficulty in making assumptions around the impact of the COVID-19 pandemic due to the lack of comparable events, the ongoing nature of the event, and its far-reaching impacts on world-wide economies and the health of the population. These assumptions include:\n<\/p>\n