AXIS CEO bemoans 'year of tremendous challenge' as it swings to $151m loss in 2020

Bermuda-based AXIS Capital's CEO Albert Benchimol admitted "disappointing" financial results in a "year of tremendous challenge" as the re/insurer posted a loss in both its fourth quarter 2020 and full year results, but remains optimistic about the positive pricing momentum in 2021.

The company reported a net loss of $151 million for the full year 2020, having made a $282 million profit in 2019. It made a net loss of $5 million in Q4, compared to a $10 million loss in the same period of the previous year.

AXIS reported a combined ratio of 109.6 percent for both the full year and Q4 periods in 2020. That was up from 102.6 percent for the full year 2019, and from 107.3 percent for Q4 2019.

Gross written premiums for the full year 2020 came in at $4.02 billion, up from $3.68 billion in 2019. For Q4 2020, gross written premiums were $1.1 billion, up from $961.6 million in the same period the previous year.

Benchimol, president and CEO of AXIS Capital, said it has been a “year of tremendous challenge”.

“The combined impact of the pandemic which affected both our underwriting and investment results and elevated hurricane activity that made 2020 the fifth costliest cat year on record, led to disappointing financial results that overshadowed significant underlying progress."

Benchimol added: "We begin 2021 with positive momentum and confidence. We have great talent, deep relationships with our clients and partners in distribution, a strong and balanced book of business, and leadership positions in markets that are seeing the most meaningful pricing corrections.

"With all of the progress that’s been achieved, we’re confident that we will see profitable growth and continued improvement in our underwriting and profitability – and we are focused on delivering value to our shareholders.”

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