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AXIS Capital expands with new life sciences division

Published 2024-09-09, 09:24 a/m
AXS
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PEMBROKE, Bermuda - AXIS Capital Holdings Limited (NYSE:AXS) announced the appointment of Pranav Shroff as Head of Life Sciences in North America. Shroff's role will focus on developing specialty coverages tailored to the life sciences industry, including Products Liability, Professional Liability, and Clinical Trials Liability.


Shroff brings a wealth of underwriting experience to AXIS, having previously held a vice president position at The Doctors Company Specialty Underwriters. His background also includes stints at Chubb (NYSE:CB), ACE, and CNA. He will be operating out of New York, reporting directly to Michael McKenna, Head of AXIS North America.


Michael McKenna expressed confidence in Shroff's ability to spearhead the new initiative, stating that his leadership and expertise are key to building underwriting capabilities and strengthening partnerships within the life sciences sector. This move is part of AXIS's strategic expansion to become a leading specialty carrier in its chosen markets.


AXIS Capital, a global specialty underwriter, provides insurance and reinsurance solutions with shareholders' equity reported at $5.7 billion as of June 30, 2024. The company operates from its locations in Bermuda, the United States, Europe, Singapore, and Canada, and its subsidiaries boast an "A+" ("Strong") financial strength rating from Standard & Poor's and an "A" ("Excellent") rating from A.M. Best.


This organizational move, based on a press release statement, signifies AXIS's commitment to growing its specialty insurance offerings and enhancing services for customers in the life sciences industry.


"In other recent news, Axis Capital (NYSE:AXS) Holdings Ltd. disclosed a new Executive Severance Plan aimed at attracting and retaining key personnel by standardizing severance benefits. This comes alongside Axis Capital's robust Q2 2024 results, with a record $2.4 billion in revenue and a 31.5% increase in operating earnings per share from the previous year. The company also returned $76 million to shareholders through dividends and share repurchases. Analysts at Keefe, Bruyette & Woods have raised their price target on the company's stock to $88 from $86, maintaining an Outperform rating. This revision is based on recent developments and the company's strong performance in the second quarter. Analysts also increased earnings per share estimates for 2024 and 2025 to $10.85 and $11.00, respectively, and introduced a 2026 EPS estimate of $11.40. These revisions underscore the firm's confidence in Axis Capital's future financial health and market performance. Despite a 5% decrease in U.S. casualty due to reshaping of the primary casualty business, Axis Capital experienced strong performance in the insurance segment, particularly in property lines. These are the recent developments for Axis Capital."


InvestingPro Insights


As AXIS Capital Holdings Limited (NYSE:AXS) fortifies its position in the life sciences insurance market with the appointment of Pranav Shroff as Head of Life Sciences in North America, the company's financial health and strategic maneuvers are of keen interest to investors. An InvestingPro Tip highlights that management at AXIS has been actively buying back shares, signaling confidence in the company's value. Additionally, AXIS has demonstrated a strong commitment to shareholder returns, having raised its dividend for an impressive 22 consecutive years.


From a financial performance standpoint, the latest InvestingPro Data indicates that AXIS has a market capitalization of $6.46 billion, maintaining a solid P/E ratio of 9.56 as of the last twelve months ending Q2 2024. This valuation metric suggests that the company is trading at a reasonable price relative to its earnings. Moreover, with a PEG ratio of just 0.13, AXIS appears to offer growth at a significant discount. Revenue growth has also been positive, with a 7.16% increase over the last twelve months leading up to Q2 2024, which could be an indicator of the company's underlying business strength.


For investors seeking further insights and tips on AXIS, there are additional InvestingPro Tips available (https://www.investing.com/pro/AXS), which could provide more detailed analysis and forecasts regarding the company's financial outlook. These tips may shed light on the potential impacts of AXIS's strategic initiatives, including the expansion into the life sciences insurance sector.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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