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Capital partnerships help Axis to offset losses

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Bermuda-based insurer and reinsurer Axis Capital Holdings Ltd.'s strategic capital partnership activities generated nearly $10 million in fee income which helped offset a decrease in profit commissions related to retrocessional agreements and catastrophe losses in the third quarter, Artemis.bm reported. Axis' reinsurance segment ceded more business to its vehicle Harrington Re, and its other insurance-linked securities activities. This helped the insurer offset its losses by nearly $10 million for the third quarter compared with $4.7 million in the third quarter of 2016.

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