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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Partnerre Ltd. | NYSE:PRE | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 140.52 | 0 | 01:00:00 |
From May 2019 to May 2024
Axis Capital Holdings Ltd. said it would wind down its Australian reinsurance operations and cut its workforce by about 100 positions as it pushes to make itself more profitable.
The specialty insurer said it would take a charge of about $51 million in the third quarter, but that it also expects cost savings of about $30 million on a run-rate basis. Axis said it would continue to serve Australia through other platforms.
"The refinements announced today are about strengthening the company's focus, and moving resources to where they can provide the greatest value to brokers and clients," said Chief Executive Albert Benchimol.
After a several months of trying to tie up with PartnerRe Ltd. in a merger earlier this year, PartnerRe reached a deal to be bought by Italy's Exor SpA for $6.9 billion in August. Axis was set to receive a $315 million break fee for the termination of its deal with PartnerRe.
Write to Nathan Becker at nathan.becker@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
October 07, 2015 08:15 ET (12:15 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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