{"id":476412,"date":"2021-04-14T16:18:17","date_gmt":"2021-04-14T20:18:17","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/axis-capital-provides-initial-comments-on-first-quarter-results\/"},"modified":"2021-04-14T16:18:17","modified_gmt":"2021-04-14T20:18:17","slug":"axis-capital-provides-initial-comments-on-first-quarter-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/axis-capital-provides-initial-comments-on-first-quarter-results\/","title":{"rendered":"AXIS Capital Provides Initial Comments on First Quarter Results"},"content":{"rendered":"

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AXIS Capital Provides Initial Comments on First 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 first quarter net loss estimate for catastrophes and other weather-related events in the range of $105 million to $115 million, pre-tax ($95 million to $105 million, after-tax).\n<\/p>\n

\nThe pre-tax net loss estimate includes an amount of $80 million to $90 million for Winter Storms Uri and Viola, principally related to the state of Texas, and is consistent with industry insured losses of approximately $13 billion to $14 billion. The Company also reaffirmed no change to its net loss estimate established for the COVID-19 pandemic in 2020.\n<\/p>\n

\nSeparately, AXIS Capital noted continuing improvements in its current accident year loss ratios excluding catastrophe and weather-related losses for its insurance and reinsurance segments consistent with the progress observed in 2020.\n<\/p>\n

\nAs previously announced, the Company’s results will be discussed during its conference call on Thursday, April 29, 2021 at 9:30 AM (EDT).\n<\/p>\n

About AXIS Capital<\/span><\/b><\/p>\n

\nAXIS Capital, through its operating subsidiaries, is a global provider of specialty lines insurance and treaty reinsurance with shareholders’ equity at December 31, 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 its website at www.axiscapital.com<\/a>.\n<\/p>\n

Website and Social Media Disclosure<\/span><\/b><\/p>\n

\nThe Company uses its website (www.axiscapital.com<\/a>) and its LinkedIn (AXIS Capital) and corporate Twitter (@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

\nFollow AXIS Capital on LinkedIn and Twitter.\n<\/p>\n

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

Risk and Uncertainties related to COVID-19<\/span><\/b><\/p>\n

\nThe determination of the Company’s net loss estimate is based on its ground-up assessment of coverage from individual contracts and treaties across all lines of business, including a review of analyses and market information, where appropriate. In addition, the Company considers preliminary information received from clients, brokers and loss adjusters together with global shelter-in-place orders and the outcomes of recent court judgments, including the UK Supreme Court ruling.\n<\/p>\n

\nThe net loss 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