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AXIS Capital (AXS) Unit Launches Supplemental Health Product

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AXIS Capital Holdings Limited’s (AXS - Free Report) AXIS Group Benefits has introduced HealthGap, a new gap insurance product to its business travel, voluntary and supplemental benefits coverage product portfolio. AXIS Group Benefits, part of the AXIS Accident and Health (A&H) division, will offer coverage across multiple sectors in the United States.

HealthGap is a supplemental medical insurance policy that matches an employee’s medical policy. It reimburses covered upfront and out-of-pocket costs, including deductibles and coinsurance.

AXS is a well-recognized provider of limited benefits products to under-served industries. The addition of HealthGap to its portfolio marks AXIS Group Benefit’s expansion into the traditional employer market.

AXIS Capital’s continues to build on its Specialty Insurance, Reinsurance plus Accident and Health to pave the way for long-term growth. This Zacks Rank #2 (Buy) leading specialty insurer and global reinsurer aiming leadership in specialty risks remains focused on growing its business lines that are likely to provide a solid double-digit return on equity opportunities.

Shares of AXIS Capital have gained 5.1% year to date against the industry’s decrease of 6.3%. The company’s focus on repositioning its portfolio and markets offering profitable growth, lower volatility, strong market presence, better pricing, margin expansion and effective capital deployment should help it retain the momentum.
 

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Insurers are continually sharpening their competitive edge by embracing organic growth initiatives. Recently, W.R. Berkley Corporation (WRB - Free Report) formed Berkley Enterprise Risk Solutions to provide workers’ compensation insurance to large businesses that have headquarters in California.

W.R. Berkley has been establishing new units to cater to demands in emerging markets or risks or increasingly important sectors of the economy. The formation of Berkley Small Business Solutions is in tandem with this strategy. Shares of WRB have gained 25.5% year to date.

Other Stocks to Consider

Some other top-ranked stocks from the insurance industry are American Financial Group, Inc. (AFG - Free Report) and HCI Group (HCI - Free Report) , each sporting Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for HCI Group’s 2022 and 2023 earnings has moved 33.3% and 40% north, respectively, in the past 60 days, indicating a year-over-year increase of 280.9% and 75%.

The Zacks Consensus Estimate for American Financial’s 2022 and 2023 earnings has moved 9.8% and 6.9% north, respectively, in the past 60 days. American Financial’s earnings surpassed estimates in each of the last four quarters, the average beat being 41.72%. AFG sports a Zacks Rank #1.

Shares of AFG have gained 0.% year to date while that of HCI lost 20% in the same time frame.

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