AXIS eyes top 10 spot
After a period of refocusing and realignment, AXIS is ready to thrive
and claim a top 10 spot in the reinsurance market, senior executives
Albert Benchimol and Steve Arora tell Bermuda:Re+ILS.
Albert Benchimol, president and chief executive officer at
AXIS Capital, is increasingly confident that the company
is well placed to thrive in the current reinsurance
market—although he stresses it is not a hard market—
and become a top 10 player by gross written premiums. “Now is our
time,” Benchimol says positively.
Over the past 18 months the company has been busy restructuring its
business, focusing on the areas in which it believes it is relevant and
is particularly strong—and pulling back from the lines where it is not.
“It isn’t possible to do everything,” Benchimol says. “We have pulled
back from some lines where we aren’t strong, such as Australian
property, excess casualty and energy.
“That allows us to focus on areas where we can add value for
our clients, such as renewables where we are one of the biggest
underwriters globally, cyber where we are top five, and credit and
According to Benchimol, AXIS also felt that it was underrepresented
in the London market. It acquired Novae in 2017 for
more than $600 million, creating a $2 billion player in the London
specialty market in the process.
This also made it a top 10 player in London, allowing it to
invest in the market and benefit from some of the recent changes in
“Our position in the market has been focused, we have invested