Fitch changes Axis Capital view to negative

Fitch Ratings said it revised the outlook for AXIS Capital Holdings Ltd. to negative from stable.

The revision reflects recent and pro forma results that fall outside financial performance and earnings rating sensitivities and criteria guidelines, the agency said.

“AXIS posted a 2019 combined ratio of 102.6% and operating ratio of 92.2%, up from 99.9% and 90.7%, respectively, in 2018. The increase was driven by a higher expense ratio primarily attributable to the insurance segment due to acquisition costs related to the Novae purchase and a reduced benefit from favorable reserve development, partially offset by lower, albeit still elevated, catastrophe losses,” Fitch said in a press release.

` Fitch affirmed the company’s A- issuer rating.

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