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AXIS Capital (AXS) Launches AXIS Group Benefits for Growth

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AXIS Capital Holdings Limited’s (AXS - Free Report) specialty Insurance business segment, AXIS Insurance has combined its corporate accident and supplemental health benefits business under the name of AXIS Group Benefits. This move was intended to boost the accident and health (A&H) product line of the Insurance segment.

The AXIS Capital Insurance segment offers specialty insurance products to a variety of niche markets globally. A&H, one of the product lines in this segment, provides solutions like AXIS Corporate Accident Insurance, AXIS Specialty Accident & Health Insurance, and AXIS Supplemental Health Insurance that help control the uncertainties related to health of employees.

In April 2015, AXIS A&H acquired Ternian Insurance Group LLC, a leading provider of voluntary, limited benefit, affordable health plans and other employee benefits coverage for workers and their families. As part of the transition, Ternian Insurance Group LLC, has changed its name to AXIS Group Benefits LLC, to reflect the alignment of these products and services.

Supplemental insurance helps to limit the financial burden of medical expenses for employees. These health benefits also help employers create a competitive benefits package that retains employees. AXIS Capital’s innovative supplemental insurance solutions are offered through Ternian Insurance Group.

Corporate accident benefits enable clients to meet their duty-of-care responsibilities as well as protect the employees.

Considering new business, the timing of the renewals of significant contracts and premium adjustments, the A&H lines are expected to witness growth. Growth in A&H lines should continue to provide a strong double-digit return on equity opportunities.

The new team, which will manage the AXIS Group Benefits business portfolio, will offer clients new and advanced products and services in the group benefits space. AXIS Group Benefits is likely to provide brokers and policyholders client-focused solutions and notable service through a wide array of products and services.

The transition will provide AXIS Capital with further growth opportunities as well as strengthen its presence in the employer and association benefits space.

AXIS Capital continues to build on A&H to pave the way for long-term growth. In November 2021, the specialty Insurance segment of AXIS Capital forayed into the pet insurance market through its A&H unit. AXS partnered with Petplan to enter the North American pet insurance marketplace and complement the existing global accident and health portfolio.

Shares of this Zacks Rank #2 (Buy) insurer have gained 7.9% in the past year, outperforming the industry’s increase of 0.6%.

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The Zacks Consensus Estimate for HCI Group’s 2022 and 2023 earnings has moved 33.3% and 40% north, respectively, in the past 30 days. In the past year, HCI Group stock has lost 18%.

The Zacks Consensus Estimate for 2022 and 2023 earnings per share indicates year-over-year increases of 700% and 75%, respectively.