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Jian for Meyer

Managing Director and equity research analyst at Keefe, Bruyette & Woods

Meyer Shields is a Managing Director and equity research analyst at Keefe, Bruyette & Woods, specializing in property and casualty insurance. He covers major companies including The Hanover Insurance Group, Chubb Limited, and Jones Lang LaSalle in related financial services contexts, contributing to investment recommendations such as Outperform ratings and price target adjustments. Shields participates actively in earnings calls and analyst discussions, reflecting his influence in the insurance sector. His career includes longstanding roles at KBW, with professional credentials encompassing MD status and FINRA registrations typical for Wall Street analysts.

Jian for Meyer's questions to AXIS CAPITAL HOLDINGS (AXS) leadership

Question · Q4 2025

Jian for Meyer Shields with Keefe, Bruyette & Woods asked for more details on the drivers of sustained momentum in the lower middle market growth, which significantly contributed to property growth in Q4 2025, and an update on the competitive landscape. She also inquired about where loss trends are running ahead of pricing, impacting the core loss ratio.

Answer

President and CEO Vince Tizzio attributed lower middle market momentum to dedicated customer segmentation, customized solutions, strong channel partnerships, product design, and technology investments enabling enhanced productivity. He noted the segment has good margin and a long growth runway despite competition. CFO Pete Vogt indicated that pricing pressure is most acute in some property books (E&S and global property in London), while long-tail lines continue to see rate in excess of trends. Vince Tizzio added that the portfolio shift towards short-tail lines and new/expanded classes (60% short-tail) helps manage trend assumptions.

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