AXIS Capital Holdings has announced financial results for the third quarter ended September 30, 2020.

Commenting on the third quarter 2020 financial results, Albert Benchimol, President and CEO of AXIS Capital, said:

“This was a quarter in which the world and our industry were impacted by exceptional levels of cat loss activity. First and foremost, our thoughts are with the people and communities that were directly affected by these events, and we’re committed to providing our customers with top caliber claims service as we help to support their rebuilding efforts.

“The losses that we experienced during the quarter were consistent with our reduced catastrophe exposure, reflecting the changes that we’ve made in recent years to re-position our portfolio. We continue to see positive trends in our underlying performance, highlighted by a year-over-year improvement of 5.2 points to our current accident year combined ratio ex-cat and weather this quarter, bringing the year-to-date reduction to 4.5 points.

“This is encouraging progress and we look to the future with great optimism. AXIS is well positioned in its chosen markets, we have excellent relationships with our producers, and we’re seeing strong pricing momentum, highlighted by a 16% rate increase during the quarter in our Insurance segment. We’re confident that AXIS is on a strong path forward, as we continue to build a world class leader in specialty risks.”

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