PEMBROKE, Bermuda - AXIS Capital Holdings Limited (NYSE:AXS) announced the appointment of Sara Mitchell as the future Head of Global Markets, succeeding Mark Gregory who will retire in March 2025. Mitchell, previously with Chubb (NYSE:CB), will become a Strategic Advisor to the current Head on November 25, and will officially take over the role on January 1, 2025.
Mitchell's appointment is part of a planned leadership transition. She brings extensive experience from her tenure at Chubb, where she managed operations across 25 countries as Divisional President of Continental Europe and MENA. Her past roles at RSA and Allianz (ETR:ALVG) Insurance further solidify her expertise in the property and casualty (P&C) insurance sector.
Outgoing Head of Global Markets, Mark Gregory, has been with AXIS since 2010 and contributed significantly to the company's growth, including the launch of AXIS Energy Transition Syndicate 2050 and the integration of Novae. Gregory also led AXIS to become a top ten player at Lloyd's by capacity.
AXIS President and CEO Vince Tizzio praised Gregory's role in establishing AXIS as a global specialty leader and expressed confidence in Mitchell's abilities to steer the company into a new chapter. Tizzio highlighted Mitchell's proven leadership and her alignment with the company's values.
AXIS Capital, a global specialty underwriter, reported shareholders’ equity of $5.7 billion as of June 30, 2024. The company has a strong financial strength rating from Standard & Poor’s and A.M. Best. The information regarding the leadership changes is based on a press release statement from AXIS Capital.
In other recent news, AXIS Capital Holdings Limited reported robust Q2 2024 results, with a record $2.4 billion in revenue and a 31.5% increase in operating earnings per share from the previous year. The company also returned $76 million to shareholders through dividends and share repurchases. In addition to the strong financial performance, AXIS Capital has expanded its operations with a new Life Sciences division, headed by Pranav Shroff, focusing on specialty coverages tailored to the life sciences industry.
Furthermore, AXIS Capital has updated its Executive Severance Plan, aiming to attract and retain key personnel by standardizing severance benefits. This strategic move is part of the company's continuous efforts to enhance its operational efficiency and growth.
Analysts at Keefe, Bruyette & Woods have raised their price target on AXIS Capital's stock to $88 from $86, maintaining an Outperform rating. This revision is based on the company's strong performance in the second quarter. The analysts have also increased earnings per share estimates for 2024 and 2025 to $10.85 and $11.00, respectively, and introduced a 2026 EPS estimate of $11.40, signaling their confidence in AXIS Capital's future financial health. These are the recent developments for AXIS Capital.
InvestingPro Insights
As AXIS Capital Holdings Limited (NYSE:AXS) prepares for a leadership transition with Sara Mitchell set to become Head of Global Markets, the company's financial health and market performance provide context for the change. According to InvestingPro data, AXIS Capital boasts a robust market capitalization of $6.7 billion, underscoring its significant presence in the insurance industry. The company is trading at an attractive P/E ratio of 10.84, which is adjusted to 9.92 over the last twelve months as of Q2 2024, suggesting that investors may be finding value in the company's earnings potential relative to its share price.
InvestingPro Tips indicate that AXIS has been demonstrating financial discipline and rewarding shareholders, with management aggressively buying back shares and maintaining a consistent dividend payment streak for 22 consecutive years. This consistent return to shareholders aligns with the company's strong performance, including a revenue growth of 7.16% over the last twelve months as of Q2 2024. Moreover, the company's gross profit margin stands at 22.85%, reflecting its capacity to manage costs effectively.
AXIS Capital's commitment to shareholder value is further emphasized by the fact that it has raised its dividend for 21 consecutive years, a testament to its financial stability and prudent capital management. For investors seeking more detailed insights, there are additional InvestingPro Tips available that can provide a deeper dive into the company's financials and market performance. These insights can be found at: InvestingPro.
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