AXIS Capital Acquires High-Performing Excess Liability Book from DUAL North America
On August 5, AXIS Capital (NYSE: AXS) announced it has acquired the renewal rights to the excess liability business of DUAL North America. This acquisition adds a high-performing casualty book to its portfolio and is part of its strategy as it approaches its 25th anniversary. The deal leverages an existing relationship with Howden Group, which owns DUAL Group, whose U.S.-based unit transacted over $1.2 billion in gross written premium last year. AXIS reported strong second-quarter financial results on July 28, including a 16% increase in net income to $251 million and shareholders' equity of $6.5 billion as of the end of Q2. However, operating and underwriting incomes declined by 19% and 24%, respectively, highlighting some internal challenges despite overall growth. The integration of DUAL’s excess liability business into AXIS’ Wholesale Lower Middle Market unit is expected to be complex but strategic. The move also comes amid broader market uncertainties such as the conflict in the Middle East.
Tickers: $AXS
Topics: acquisitions casualty insurance insurance specialty insurance