AXIS Capital Announces Initiatives to Support Profitable Growth and Enhance Shareholder Value
◊ Company Aligns Resources to Focus on Attractive Opportunities, Support Profitable Growth, and More Efficiently Service Clients and Brokers Globally ◊
◊ Retail Insurance Operations in
◊ Company to Record a Reorganization Charge of Approximately
PEMBROKE,
“In 2014, we announced several important initiatives designed to enhance our profitability and drive the future growth of
As a result of these initiatives, the Company anticipates a workforce reduction of approximately 100 positions, primarily in its corporate and select insurance operations. These reductions are consistent with the Company’s previously announced effort to reduce its expense level and position itself to more effectively deliver greater value for its customers, brokers, and shareholders. These actions will result in a pre-tax reorganization charge of approximately
On
Cautionary Note Regarding Forward-Looking Statements
This release contains forward-looking statements within the meaning of the U.S. federal securities laws. Forward-looking statements contained in this release include our expectations regarding growth and shareholder value initiatives including organizational changes and capital management strategies. These statements involve risks, uncertainties and assumptions. Actual events or results may differ materially from our expectations. Important factors that could cause actual events or results to be materially different from our expectations include (1) the occurrence and magnitude of natural and man-made disasters, (2) actual claims exceeding our loss reserves, (3) general economic, capital, and credit market conditions, (4) the failure of any of the loss limitation methods we employ, (5) the effects of emerging claims, coverage and regulatory issues, including uncertainty related to coverage definitions, limits, terms and conditions, (6) the failure of our cedants to adequately evaluate risks, (7) inability to obtain additional capital on favorable terms, or at all, (8) the loss of one or more key executives, (9) a decline in our ratings with rating agencies, (10) the loss of business provided to us by our major brokers, (11) changes in accounting policies or practices, (12) the use of industry catastrophe models and changes to these models, (13) changes in governmental regulations, (14) increased competition, (15) changes in the political environment of certain countries in which we operate or underwrite business, (16) fluctuations in interest rates, credit spreads, equity prices and/or currency values, and (17) the other factors set forth in our most recent report on Form 10-K, Form 10-Q and other documents on file with the
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