Axis discloses $50mn Ogden rate impact

Axis Capital anticipates a hit of $50mn on its reserves as a result
of the change in the UK discount rate for bodily injury claims, it
announced today.
On 27 February, the UK government cut the so-called Ogden rate
to minus 0.75 percent from 2.50 percent, effective from 20
March.
The firm said the charge related primarily to UK motor
non-proportional business in its reinsurance segment.
UK motor non-proportional reinsurance business represents less
than 1 percent of the group's net...