DUAL North America, the specialist underwriting arm of the global Howden Group, said it is increasing its surety programme capacity in response to rising demand from clients. The move follows what the company described as a successful first year in the surety segment.

Under the expansion, single-bond limits have increased from $100 million to $150 million. Aggregate per-principal limits have also risen, reaching $300 million compared with the previous $200 million.

Brendan Keating, EVP Surety at DUAL North America, said: “This expansion is a direct response to the success we’ve seen over the past year. As we look to continue to build a world class surety portfolio with AXIS as our partner, the increased resources coupled with the team’s expertise will enable us to achieve what we set out to do.”

The surety programme is backed by AXIS Insurance Company, a subsidiary of AXIS Capital Holdings Limited. AXIS is a global specialty insurer and reinsurer. The program is supported by financial strength ratings of “A” from AM Best and “A+” from S&P.

According to DUAL, the programme offers a range of surety products including commercial, contract and international bonds. These are supported by the firm’s underwriting team, which works with brokers and clients to structure solutions for projects requiring surety coverage.

Mike McKenna, Head of North America at AXIS, added: “The decision to expand capacity in the Surety space is a testament to the DUAL team’s ability to build this business while providing best in class underwriting expertise. AXIS looks forward to continuing to find ways to grow our footprint and innovate to serve clients in the surety market with our trusted partner DUAL.”

The increase in programme capacity forms part of DUAL’s wider strategy to develop its surety offering while responding to demand from clients seeking larger bond limits for complex projects.

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The appointments are part of a planned succession and leadership development process. The pair will continue to report directly to Vince Tizzio, President and Chief Executive Officer (CEO), AXIS and sit on the firm’s Executive Committee.

Draper currently serves as the Group Chief Underwriting Officer of AXIS and will remain based in London. In his new role, he will oversee AXIS’ global specialty reinsurance business.

Additionally, Draper will now assume responsibility for the re/insurer’s AXIS ILS Unit and will continue to oversee its AXIS Capacity Solutions capability.

AXIS’ Reserving and Capital Modeling functions, which had previously reported to Draper, will now become part of the CFO organisation.

Meanwhile, Haugh will continue to be based in New York and, in her new role, drive operational excellence and transformation across the enterprise.

Since June 2022, she has served as CEO of AXIS Re. This appointment follows the sustained positive impact on AXIS’ operations and productivity driven by its “How We Work” programme, which Haugh has led since its launch in 2023.

Lastly, Lauren Kent has been promoted to the newly created position of Head of Global Casualty and Specialty, reporting directly to Draper.

Tizzio commented, “We are proud to announce Ann and Dan’s new appointments. Both are exceptional leaders who have played pivotal roles in driving the positive transformation of AXIS into a top global specialty underwriter.

“With these organisational changes that we’ve announced today, we are further adapting our business to succeed in the current, dynamic risk environment while simplifying and harmonising our operations to enhance our effectiveness and efficiency.”

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AXIS Capital ended 2025 strongly with fourth quarter Group net income of $282 million, down slightly on Q4 2024’s $286.1 million, as total revenues increased to $1.7 billion for the period.

For Q4’25, gross premiums written (GPW) rose by 12% to $2.2 billion, with growth of 12% in the insurance segment to $1.9 billion, and 13% growth in the reinsurance segment to $311 million. Net premiums written (NPW) increased by 13% year-on-year to $1.4 billion, driven by 14% growth in insurance to $1.2 billion and 5% growth in reinsurance to $176 million.

Within the insurance arm, AXIS attributes the premium growth to most lines of business, while in reinsurance, the quarterly expansion was driven by new business in motor lines, and credit and surety lines, as well as premium adjustments in credit and surety lines, partially offset by premium adjustments in professional lines.

Across the business, pre-tax catastrophe and weather-related losses, net of reinsurance, totalled $30 million in Q4’25 related to the insurance segment, of which $17 million relates to Hurricane Melissa, with the remaining losses primarily attributable to other weather-related events.

During the quarter, AXIS benefitted from net favorable prior year reserve development of $30 million, $23 million in insurance and $7 million in reinsurance, compared with just $16 million in Q4’24.

The re/insurer’s underwriting result improved by 42% to $184 million in Q4’25 with a combined ratio of 90.4%, compared with underwriting income of $130 million and a combined ratio of 94.2% a year earlier.

On the asset side of the balance sheet, net investment income fell to $187 million for Q4’25 from $196 million in Q4’24.

The Bermuda-based carrier’s full year performance was also strong, with top-line growth of 7% to $9.6 billion. Insurance segment GPW rose 9% in 2025 to $7.2 billion, and 3% growth in the reinsurance segment to $2.5 billion. Group-wide NPW for full year 2025 increased by 6% to $6.1 billion, with 9% growth in insurance to $4.6 billion, partially offset by a 1% decrease in the reinsurance segment to $1.5 billion.

Again, AXIS attributes the insurance segment premium growth for the year to most lines of business with the exception of cyber lines. In reinsurance, premium growth reflects new business and premium adjustments, while the decrease in NPW reflects increased cession rates to the firm’s strategic capital partners consistent with recent periods.

For the full year, pre-tax catastrophe and weather-related losses, net of reinsurance, hit $159 million, of which $156 million hit the insurance segment and just $3 million the reinsurance segment. This includes natural catastrophe and weather-related losses of $137 million, primarily attributable to the California Wildfires, Hurricane Melissa, and other weather-related events. $22 million of full year losses were attributable to the Middle East Conflict.

During the year, AXIS recorded net favorable prior year reserve development of $87 million, split $67 million insurance and $20 million reinsurance, compared with $24 million of favourable prior year development in 2024.

Group-wide, AXIS has reported 2025 underwriting income of $725 million, an increase of 27% year-on-year, with a combined ratio of 89.8%. This compares with underwriting income of $571 million and combined ratio of 92.3% in 2024.

The full year 2025 investment result improved slightly year on year, with net investment income of $767 million, compared with 759 million in 2024.

All in all, AXIS generated net income of $979 million in 2025, down 7%, or $73 million, on the prior year. Operating income for the year increased by 8% year on year to $1 billion in 2025.

Vince Tizzio, President and CEO of AXIS Capital, said: “The fourth quarter capped an outstanding year for AXIS as we continued to drive sustained profitable growth while executing on our specialty strategy. In 2025, we delivered on our stated goals, producing an 18% year-over-year increase in diluted book value per common share, 18.1% operating ROE, 89.8% combined ratio, and record gross premiums written of $9.6 billion, up 7% over the prior year.

“Our insurance business generated excellent results, highlighted by a 9% year-over-year increase in gross premiums written at $7.2 billion and an 86.1% combined ratio. A key driver was our new and expanded business lines, which we believe have significant upside potential. We also saw steady bottom-line performance from our targeted reinsurance business, which produced a 92.6% combined ratio for the year.

“We are now operating consistently as One AXIS, capitalizing on the best opportunities across our chosen markets, generating efficiency gains through our How We Work program, and sharpening our market position as a differentiated specialty leader.”

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In commissioning this study, AXIS Capital surveyed 500 CEOs and CISOs across the United States and the United Kingdom and found clear contrasts in how senior leaders assess AI’s risks, benefits, and implications for cyber readiness, with AXIS Capital consistently framing the findings through a risk management and insurance lens.

According to AXIS Capital, the research shows that AI is widely recognized for its ability to enhance data analytics, innovation, and operational efficiency, while at the same time introducing a fundamentally different set of exposures.

“AI is clearly a transformative force for data analytics, innovation, and operational efficiency, and it is also undeniable that AI is quickly propelling us toward an entirely new risk landscape,” commented Vince Tizzio, AXIS President and CEO. “The findings in this report underscore our new environment, where a technology that promises untold productivity gains is also creating unprecedented risk.” AXIS Capital emphasises throughout the report that this dual dynamic sits at the core of modern cyber risk.

The analysis from AXIS Capital points out that while AI strengthens cyber defense tools and supports industry-wide improvements, it also empowers cybercriminals and introduces new vulnerabilities linked to how AI is developed, deployed, and potentially misused. Threats enabled by AI, including shadow AI, model manipulation, deep fakes and social engineering, data leakage, and advanced ransomware, are described by AXIS Capital as faster moving, more adaptive, and increasingly difficult to identify and contain.

When AXIS Capital asked respondents to rank emerging threats, AI-driven attacks were most frequently cited across both countries, with 29.6% of US respondents and 20.8% of UK respondents identifying them as the leading concern.

AXIS Capital also found a pronounced generational divide, as only 23.1% of executives aged 55 and over believed AI would enhance their organization’s cyber defenses, compared with 77.4% of leaders aged 35–44. Despite these concerns, AXIS Capital’s research shows that nearly 82% of participants intend to raise cybersecurity spending over the next 12 months, even as 75.2% said they are likely to cut cybersecurity headcount due to productivity gains from AI-enabled security tools.

AXIS Capital highlights notable regional contrasts between US confidence and UK caution. While attitudes toward AI were broadly positive on both sides of the Atlantic, preparedness levels diverged sharply, with 85% of US leaders saying they feel ready for AI-related threats compared with 44% of UK leaders. AXIS Capital reported that 88.4% of US CEOs were confident AI would strengthen their company’s protections, versus 55% of UK CEOs, and that 82% of US CEOs personally trust AI tools to support cybersecurity decisions, compared with 47% in the UK.

Return on investment perceptions followed a similar pattern in AXIS Capital’s findings. In the United States, 93.5% of CEOs and 87.5% of CISOs said AI delivers ROI in cybersecurity, while in the UK that view was shared by 69.1% of CEOs and 74% of CISOs. AXIS Capital also noted differences in risk transfer strategies, with 94% of US respondents reporting they carry cyber insurance, compared with 68.4% of UK respondents, reinforcing AXIS Capital’s focus on insurance as a key component of cyber resilience.

Differences between executive roles were also central to AXIS Capital’s conclusions. CEOs generally described AI as a lever for productivity and competitive positioning, whereas CISOs were more inclined to associate AI with heightened exposure. AXIS Capital found that CISOs were less optimistic than CEOs, by 29.7% to 19.5%, that AI would strengthen their organisation’s cyber defenses. Confidence in AI-supported decision-making followed a similar pattern, with 67.1% of CEOs expressing assurance compared with 58.6% of CISOs.

Preparedness perceptions further separated the two groups in AXIS Capital’s survey. A total of 60.2% of CEOs believed their organization was better prepared than peers to respond to AI-related threats, while 50.6% of CISOs shared that view. AXIS Capital also observed that CISOs ranked shadow AI, defined as unauthorised use, as the top risk at 27.2%, reflecting concerns about unmonitored tools. CEOs, in contrast, identified data leakage as their primary AI-related threat at 28.7%, compared with 17.2% among CISOs.

Levels of concern varied slightly by role and geography, according to AXIS Capital. In the US, 31.2% of CEOs and 27.7% of CISOs named AI-driven attacks as their greatest worry, while in the UK the figures stood at 22% for CEOs and 19.7% for CISOs. Trust in AI decision-making tools among UK CEOs was mixed, with 49.6% saying they trust such tools and 37.4% saying they do not, a split AXIS Capital highlights as indicative of broader uncertainty.

Reflecting on the findings, AXIS Capital underscored the strategic tension between optimism and caution at the top of organizations. “Our survey findings indicate the impact of AI in transforming corporate defense strategies while exposing differing views between CEO’s strategic optimism and CISO’s security prudence,” added Lori Bailey, Head of Global Cyber and Technology at AXIS. “While it is now commonplace for CEOs to champion AI as a catalyst for innovation and efficiency, CISOs tend to see it as a new frontier of exposure and control.”

AXIS Capital reported that the results are based on a 23-question online survey completed by 500 CEOs and CISOs across the US and UK. In the US, participants included 138 CEOs and 112 CISOs, while the UK sample comprised 123 CEOs and 127 CISOs. All respondents represented organisations with at least 250 employees, and the research was conducted by an independent firm between October 22 and October 29, 2025, with AXIS Capital overseeing the study design and interpretation.

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In this role Mirzaian will be tasked with accelerating the expansion of the company’s Media portfolio in the United States.

She will work closely with Joe Wornham, Global Media Product Leader, to execute the strategic direction of the US Media portfolio and oversee program performance.

Mirzaian will also support day-to-day underwriting decisions, strengthen broker relationships, and develop and guide a matrixed team of underwriters.

“Her deep product knowledge, market insight, and strong broker partnerships will be instrumental as we continue to innovate and deliver tailored solutions for our customers,” an Axis spokesperson commented.

Mirzaian is joining Axis from CNA Insurance, where she spent close to four years, most recently as Underwriting Consulting Director Film & Entertainment Media E&O.

She joined the company in 2023 as Underwriting consultant Film & Entertainment E&O|Cyber & Tech.

Through her career she has also held roles at Lockton, The Hartford, Hiscox USA, Fireman’s Fund and Crusader Insurance Company.

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He will be based in London and reports to Sara Farrup, Head of Global Markets, and joins her leadership team.

In his new role, Edwards will oversee the development and leadership of Global Markets’ portfolios of coverholder and managing general agent business.

Most recently, he was the Head of the Delegated Authority Practice at Liberty Specialty Markets, having served at the firm for seven years in all.

Before this, Edwards held senior underwriting and management positions at Allianz Corporate & Specialty where he spent almost a decade, and positions at AIG and Heath Lambert.

Farrup commented, “Lewis brings stellar market experience and knowledge of the specialty delegated space as well as a deep understanding of how to succeed in a competitive trading environment.

“Developing our delegated portfolio through binding authorities with carefully selected and trusted broker, coverholder, and MGA partnerships, complementary to our open market underwriting strategy, will be key to achieving long-term growth.

“I’m so pleased Lewis will be part of our leadership team as we continue to advance towards our goal of being the lead specialty carrier and delivering solutions that our distribution partners and customers need.”

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For the third quarter of 2025, AXIS generated underwriting income of $188 million, up 39% year-on-year, as the insurance underwriting result increased by 55.2% to $153.3 million, and the reinsurance result decreased by 3.7% to $35 million.

For the nine-month period, underwriting income rose by 22% year-on-year to $541 million, driven by 30% growth in the insurance result to $439.5 million, and a 2.9% decrease in the reinsurance underwriting result to $101.5 million.

Net of reinsurance, pre-tax catastrophe and weather-related losses amounted to $44 million, with the large majority, or $43 million attributable to the insurance segment, and just $1 million to the reinsurance segment. $20 million of the total is attributable to the Middle East conflict, explains AXIS.

For the nine-month period, AXIS has reported pre-tax catastrophe and weather-related losses, net of reinsurance, of $129 million, split $126.7 million insurance and $2.7 million reinsurance, of which $32 million relates to the January California wildfires and the conflict in the Middle East.

During both periods, AXIS’ underwriting also benefited from net favourable prior year reserve development, which totalled $19 million in Q3’25 and $57 million in 9M’25.

Across the business, the combined ratio strengthened by 3.7 percentage points to 89.4%, and for 9M’25 improved by 2.1 percentage points to 89.5%. The insurance segment combined ratio improved by 4.5 percentage points to 85.9% for Q3 and by 2.4 percentage points to 86% for 9M’25. The reinsurance combined ratio rose by 0.8 percentage points to 92.2% for Q3 but was flat for the nine month period at 92.1%.

In terms of growth, the Bermudian re/insurer’s gross premiums written (GWP) rose 10% to $2.1 billion in Q3’25, with 11% growth in insurance to $1.7 billion, driven by all lines of business with the exception of cyber, and growth of 6% in reinsurance to $432.3 million, driven by new business in agriculture, and credit and surety lines, and premium adjustments in liability lines.

Group-wide GWP for 9M’25 increased 6% to $7.4 billion, with 7% growth in the insurance arm to $5.3 billion, again driven by growth in all lines but cyber, while 9M’25 reinsurance GWP increased by 2% to $2.2 billion, driven by new business and premium adjustments.

Net premiums written (NPW) for the third quarter rose 9% to $1.4 billion, with an 11% increase in the insurance segment to $1.1 billion, reflecting the increase in gross premiums written in the quarter, and 3% increase in the reinsurance segment to $268 million.

For the nine month period, NPW rose 5% year-on-year to $4.7 billion, with a 7% increase in the insurance segment to $3.4 billion, reflecting the rise in GWP, partially offset by a 2% decrease in reinsurance NPW to $1.3 billion, driven by increased cession rates in AXIS’ strategic capital partners consistent with recent periods.

On the asset side of the balance sheet, AXIS’ net investment income fell to $185 million in Q3’25 from $205 million a year earlier, and for the nine month period increased to $578 million from $563 million.

All in all, AXIS has reported net income of $294 million for the third quarter of 2025, an increase of 70% on the prior year. For 9M’25 net income totalled $679 million, which is down on 9M’24 by 9%.

Operating income increased by 11% to $255 million for Q3’25, and rose by 11% to $775 million for 9M’25.

Vince Tizzio, President and CEO of AXIS Capital, said: “AXIS produced another strong quarter highlighted by a 14% year-over-year increase in diluted book value per common share, and annualized operating return on equity of 18%. These results are direct outcomes of the enhancements we have made to our product portfolio, operating model, and a highly engaged team focused on disciplined execution.

“Our insurance business again delivered an excellent quarter with record third quarter gross premiums written of $1.7 billion, representing 11% growth, record third quarter new business premiums of $570 million, and an 85.9% combined ratio. In parallel, AXIS Re continued its track record of solid performance with a 92.2% combined ratio and a 6% increase in gross premiums written.

“Our “How We Work” program is driving ongoing operational improvements throughout the business, powered by investments in data, technology, and AI. Our team remains resolute in building on the progress we’ve achieved, as we pursue our ambition to become the industry’s leading specialty underwriter.”

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Based in St. Paul, Minnesota, Rasmussen will report to James “Jay” Hamilton, Global Head of Accident & Health, Insurance and Reinsurance.

In this role, he will lead the AXIS US Healthcare Reinsurance team, define strategic underwriting direction, and strengthen existing partnerships while developing new ones to support the company’s business objectives.

Rasmussen brings more than 30 years of industry experience, including over a decade at Voya Financial, where he most recently served as Senior Vice President, Workplace Solutions Underwriting & Pricing, leading the underwriting team for Voya’s Health business and pricing for its Health and Wealth business.

Earlier in his career, Rasmussen held underwriting, operations, and marketing roles at Allianz and ING.

Hamilton said, “Beyond his technical expertise, Erik is a proven people leader known for mentoring talent, fostering cross-functional collaboration, and building high-performing teams. I’m genuinely excited about the insight he brings to AXIS, and I’m confident he’ll make a meaningful impact as we continue to advance our specialty underwriting leadership.”

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Based in AXIS’ London office, Hosking will join the Global Markets leadership team and report to Edward Ashby, Chief Commercial Officer.

In her new role, she will work closely with Sara Farrup, Head of Global Markets, and key members of the Global Markets underwriting units to align strategy and engagement, further strengthening AXIS’ strategic distribution partnerships.

Hosking brings 25 years of insurance industry experience, joining AXIS from AXA XL, where she served as Head of Mid-Market UK & Lloyd’s

Prior to that, she was Head of Distribution UK&I – Independent Brokers at Chubb, and held senior roles at Hiscox and Aon earlier in her career.

Ashby commented, “Hannah has a critical role within AXIS as we advance our go-to-market approach, elevating broker relationships across the Global Markets division, enhancing the AXIS value proposition, and aligning on distribution strategy alongside the wider Global Distribution team.”

Farrup added, “Hannah’s market knowledge and broker connections will be invaluable to AXIS Global Markets as we continue to drive leadership in specialty underwriting and work ever closer with our key broker and distribution partners across the London and global markets in which we operate.”

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As part of a planned leadership transition, Vogt will act as a strategic advisor to AXIS Capital through the end of 2026 to support a smooth transition.

Kirk, who presently serves as CFO of Enstar Group, will join AXIS in Q4 2025, initially serving in an advisory capacity before assuming the role of CFO in March 2026.

With three decades of experience in insurance, finance, and accounting, Kirk will report directly to AXIS President and CEO Vince Tizzio, serve on the Executive Committee, and be based in New York.

Before joining Enstar in 2020, Kirk held executive leadership roles at Sirius International Insurance Group, including Group Treasurer and President and Managing Director of Sirius Investment Advisors.

He began his career at Arthur Andersen, where he served as an Assurance and Business Advisory Manager.

Kirk commented on his new role, “I’m honored to join AXIS at such a dynamic time in its evolution. The Company’s sharp focus on specialty underwriting and disciplined growth is impressive, and I’m excited to contribute to its continued success.

“I’m deeply committed to building strong teams, fostering accountability, and aligning financial strategy with business goals. I look forward to partnering with Vince and the leadership team to build on AXIS’ momentum and deliver lasting value. It’s a privilege to follow Pete and contribute to the next chapter of the Company’s journey.”

Tizzio said, “Our performance over the past two years underscores the substantial progress we have made in transforming AXIS into a specialty underwriting leader.

“We are grateful to Pete for his valued leadership over the past 15 years and for all that he has done for our company. His contributions have been instrumental in advancing our multi-year transformation program, which has positioned AXIS on a path toward consistent, long-term profitability.”

“In Matt, we are bringing onboard a highly accomplished global finance leader with the experience necessary to help propel our success further. He has a track record of helping drive top- and bottom-line growth, demonstrating strong capital management, and leading finance modernization initiatives that increase productivity and efficiency on a global scale.

“Matt will strongly complement our team and the work we are doing to further elevate AXIS and deliver even more value to our teammates, customers, and shareholders.”

Vogt added, “I’m incredibly proud of the achievements we’ve made in recent years to reposition AXIS and put the Company on an exciting leadership trajectory.

“With key phases of the transformation work now complete or in progress, and having been at AXIS for 15 years, this is a natural time for a transition and I feel confident knowing that I’ll be leaving the Company in highly capable hands with Matt as our future CFO.”

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