AXIS Capital names new leaders for Irish entities

PEMBROKE, Bermuda - AXIS Capital Holdings Limited (NYSE:AXS) has announced new leadership appointments for its Irish legal entities, AXIS Re SE (ARe) and AXIS Specialty Europe SE (ASE), effective October 7, 2024. Dax Gulmohamed is appointed as the CEO of ASE, and John O'Neill is taking the helm at ARe.

Dax Gulmohamed, with a history of serving as ASE's Chief Underwriting Officer and UK Branch Manager, will oversee ASE and its branches in Belgium and the UK, transitioning from London to Dublin. He succeeds Fintan Mullarkey, who is departing after a 21-year tenure with AXIS, during which he significantly contributed to the growth of the European Legal Entity platform, generating combined revenues over $3 billion.

John O'Neill, a seasoned professional with a background in life reinsurance, will lead ARe and its Zurich branch while continuing his role as Senior Vice President of Life Reinsurance. O'Neill, a Fellow of the Society of Actuaries in Ireland, replaces Mark McCormick (NYSE:MKC), who exits after 14 years and a four-year stint as ARe CEO.

AXIS Re CEO Ann Haugh and AXIS Chief Financial Officer Pete Vogt have expressed their gratitude to the outgoing CEOs for their contributions and welcomed the new appointees, highlighting their experience and expertise in the industry.

AXIS Capital, a global specialty underwriter providing insurance and reinsurance solutions, reported shareholders' equity of $5.7 billion as of June 30, 2024. The company operates in various locations, including Bermuda, the United States, Europe, Singapore, and Canada, and holds strong financial strength ratings from Standard & Poor's and A.M. Best.

The information in this article is based on a press release statement from AXIS Capital Holdings Limited.

In other recent news, AXIS Capital Holdings Limited has experienced significant developments. The company reported 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. AXIS Capital also returned $76 million to shareholders through dividends and share repurchases.

AXIS Capital announced the appointment of Sara Mitchell as the future Head of Global Markets, succeeding Mark Gregory who will retire in 2025. Mitchell's appointment is part of a planned leadership transition. In addition, AXIS Capital expanded its operations with a new Life Sciences division, headed by Pranav Shroff, focusing on specialty coverages tailored to the life sciences industry.

The company has also updated its Executive Severance Plan, aiming to attract and retain key personnel by standardizing severance benefits. This strategic move is part of the company's continuous efforts to enhance its operational efficiency and growth.

In the realm of analyst notes, Keefe, Bruyette & Woods have raised their price target on AXIS Capital's stock to $88 from $86, maintaining an Outperform rating. The analysts have 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, signaling their confidence in AXIS Capital's future financial health. These are the recent developments for AXIS Capital.

InvestingPro Insights

AXIS Capital Holdings Limited (NYSE:AXS) has demonstrated strong financial performance and market positioning, aligning with its recent leadership changes. According to InvestingPro data, the company boasts a market capitalization of $6.79 billion, reflecting its significant presence in the insurance industry.

The company's financial health is further underscored by its attractive valuation metrics. With a P/E ratio of 11.02 and an adjusted P/E ratio of 10.05 for the last twelve months as of Q2 2024, AXIS Capital appears to be trading at a reasonable valuation relative to its earnings. This is particularly noteworthy given the company's revenue growth of 7.16% over the same period, reaching $5.79 billion.

InvestingPro Tips highlight AXIS Capital's strong dividend history, having raised its dividend for 21 consecutive years and maintained payments for 22 years. This commitment to shareholder returns is complemented by management's aggressive share buyback program, potentially indicating confidence in the company's future prospects.

The company's recent stock performance has been impressive, with a 26.28% price total return over the past six months and a 48.37% return year-to-date. Trading near its 52-week high at 97.92% of that level, AXIS Capital's stock appears to have momentum behind it.

These insights suggest that AXIS Capital's new leadership appointments come at a time of financial strength and market optimism. The company's solid financial footing and shareholder-friendly policies may provide a stable foundation for the incoming CEOs to build upon as they take the helm of their respective entities.

For investors seeking a deeper understanding of AXIS Capital's potential, InvestingPro offers 14 additional tips, providing a comprehensive analysis of the company's financial health and market position.

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