Axis to Wind Down Australian Reinsurance Business, Cut 100 Positions
October 07 2015 - 8:30AM
Dow Jones News
Axis Capital Holdings Ltd. said it would wind down its
Australian reinsurance operations and cut its workforce by about
100 positions as it pushes to make itself more profitable.
The specialty insurer said it would take a charge of about $51
million in the third quarter, but that it also expects cost savings
of about $30 million on a run-rate basis. Axis said it would
continue to serve Australia through other platforms.
"The refinements announced today are about strengthening the
company's focus, and moving resources to where they can provide the
greatest value to brokers and clients," said Chief Executive Albert
Benchimol.
After a several months of trying to tie up with PartnerRe Ltd.
in a merger earlier this year, PartnerRe reached a deal to be
bought by Italy's Exor SpA for $6.9 billion in August. Axis was set
to receive a $315 million break fee for the termination of its deal
with PartnerRe.
Write to Nathan Becker at nathan.becker@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
October 07, 2015 08:15 ET (12:15 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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