AXIS outlook revised to negative due to insurance operations

AM Best has revised the outlooks to negative from stable of AXIS Capital Holdings and its operating subsidiaries, according to a Feb. 16 press release.

The revised outlooks are based on unfavourable trends in the group’s operating performance, particularly from AXIS’ insurance segment.

Historically, AXIS’ operating performance ranks among the top of its peer group, AM Best noted. However, in recent years these results have trended toward the middle of its cohort.

The group’s combined ratio run rate has trended higher, giving AXIS a smaller cushion to absorb shock-losses. Additionally, AXIS’ accident & health segment’s organic build-out has contributed to a higher expense ratio and the group is yet to fully realize the benefit. While AXIS has taken measures to address these trends, the current challenging market conditions could impede its effectiveness, according to AM Best.

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