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Axis Capital (AXS) Gets In-Principle Approval for Syndicate 2050
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AXIS Capital Holdings Limited (AXS - Free Report) recently announced that it has received an in-principle approval from Llyod’s, allowing it to form a syndicate to underwrite energy projects. This move will aid insurers in providing capacity for the growing energy space and contribute to the establishment of a sustainable environment. AXIS Energy Resilience Syndicate 2050 expects to start underwriting from Apr 1, 2024, awaiting final approval from Llyod’s.
This is a time-opportune move as many countries are planning their shift to renewable energy sources amid supply-chain issues, climate change and inflation. More capacity in the renewable energy space implies an opportunity for insurers to underwrite these unique risks with their specialized knowledge and expertise.
Per the International Energy Agency’s new Renewable Energy Market Update, addition to renewable power capacity is expected to witness a one-third jump on a global scale in 2023. AXS’s global specialty knowledge is expected to aid it in capitalizing on opportunities in this space. Moreover, this will also enable AXS to aid in the transition to net zero emissions.
AXIS Energy Resilience Syndicate 2050 will provide insurance solutions at a single point of access to cover cross-class risks across different lifecycles of projects. It will also provide support to projects aimed at replacing fossil fuels with economically sustainable carbon alternatives through their transition phase to an economically sustainable world. This move will solidify AXS’s existing position in the emerging growth market of renewable energy.
Per the Swiss Re Institute, if companies succeed in building the targeted renewable energy capacity, investments in this space will generate additional premiums of $237 billion by 2035. The new syndicate formed will insure the operation and construction of technologies, supporting the energy transition. Moreover, it will also underwrite financing, transit and storage activities, enabling the energy shift. This move is expected to diversify AXIS Capital’s underwriting capabilities in the energy space.
Zacks Rank & Price Performance
AXIS Capital currently carries a Zacks Rank #2 (Buy). The stock has gained 3.1% in the past month compared with the industry’s rise of 1.8%.
Mercury General beat estimates in two of the last four quarters and missed in the other two, the average being 2,833.05%.
The Zacks Consensus Estimate for MCY’s 2023 and 2024 earnings per share (EPS) indicates a year-over-year increase of 65.2% and 343.7%, respectively.
CNA Financial has a solid track record of beating earnings estimates in three of the last four quarters, missing once, the average being 9.2%.
The Zacks Consensus Estimate for CNA’s 2023 and 2024 earnings has moved 0.5% and 0.6% north, respectively, in the past 30 days, reflecting analysts’ optimism.
HCI Group surpassed earnings in each of the last four quarters, the average being 519.6%.
The Zacks Consensus Estimate for HCI’s 2023 and 2024 EPS indicates a year-over-year increase of 194.9% and 51.4%, respectively.
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Axis Capital (AXS) Gets In-Principle Approval for Syndicate 2050
AXIS Capital Holdings Limited (AXS - Free Report) recently announced that it has received an in-principle approval from Llyod’s, allowing it to form a syndicate to underwrite energy projects. This move will aid insurers in providing capacity for the growing energy space and contribute to the establishment of a sustainable environment. AXIS Energy Resilience Syndicate 2050 expects to start underwriting from Apr 1, 2024, awaiting final approval from Llyod’s.
This is a time-opportune move as many countries are planning their shift to renewable energy sources amid supply-chain issues, climate change and inflation. More capacity in the renewable energy space implies an opportunity for insurers to underwrite these unique risks with their specialized knowledge and expertise.
Per the International Energy Agency’s new Renewable Energy Market Update, addition to renewable power capacity is expected to witness a one-third jump on a global scale in 2023. AXS’s global specialty knowledge is expected to aid it in capitalizing on opportunities in this space. Moreover, this will also enable AXS to aid in the transition to net zero emissions.
AXIS Energy Resilience Syndicate 2050 will provide insurance solutions at a single point of access to cover cross-class risks across different lifecycles of projects. It will also provide support to projects aimed at replacing fossil fuels with economically sustainable carbon alternatives through their transition phase to an economically sustainable world. This move will solidify AXS’s existing position in the emerging growth market of renewable energy.
Per the Swiss Re Institute, if companies succeed in building the targeted renewable energy capacity, investments in this space will generate additional premiums of $237 billion by 2035. The new syndicate formed will insure the operation and construction of technologies, supporting the energy transition. Moreover, it will also underwrite financing, transit and storage activities, enabling the energy shift. This move is expected to diversify AXIS Capital’s underwriting capabilities in the energy space.
Zacks Rank & Price Performance
AXIS Capital currently carries a Zacks Rank #2 (Buy). The stock has gained 3.1% in the past month compared with the industry’s rise of 1.8%.
Image Source: Zacks Investment Research
Other Stocks to Consider
Some other top-ranked stocks from the property and casualty insurance industry are Mercury General Corporation (MCY - Free Report) , CNA Financial Corporation (CNA - Free Report) and HCI Group, Inc. (HCI - Free Report) . Each of these companies sports a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
Mercury General beat estimates in two of the last four quarters and missed in the other two, the average being 2,833.05%.
The Zacks Consensus Estimate for MCY’s 2023 and 2024 earnings per share (EPS) indicates a year-over-year increase of 65.2% and 343.7%, respectively.
CNA Financial has a solid track record of beating earnings estimates in three of the last four quarters, missing once, the average being 9.2%.
The Zacks Consensus Estimate for CNA’s 2023 and 2024 earnings has moved 0.5% and 0.6% north, respectively, in the past 30 days, reflecting analysts’ optimism.
HCI Group surpassed earnings in each of the last four quarters, the average being 519.6%.
The Zacks Consensus Estimate for HCI’s 2023 and 2024 EPS indicates a year-over-year increase of 194.9% and 51.4%, respectively.