Axis Capital is sticking with its reinsurance business even as some rivals head for the exit.

At an investor conference this week, Vincent Tizzio, chief executive of the Bermudian-founded company, said reinsurance remains a key part of Axis’s strategy, making up about 15 to 20 per cent of the company’s overall revenue.

“This business is a complement to our insurance business,” Mr Tizzio said. “We’ve laid out a very clear product strategy with an emphasis on speciality lines.”

He stressed that Axis expects the reinsurance arm to be consistently profitable, aiming for a combined ratio in the “low 90s” — meaning the company brings in more in premiums than it pays out in claims and expenses. He added that Axis’s second-quarter results showed a level of consistency in reinsurance underwriting “not seen since 2016 “.

Some other speciality insurers have chosen to scale back or sell reinsurance operations, but Mr Tizzio said Axis sees value in maintaining its presence, particularly in areas where it adds capabilities the company does not have on the insurance side, such as agriculture and mortgage cover.

Peter Vogt, Axis’s chief financial officer, agreed. “It definitely is there to complement our insurance business,” he said, noting that the reinsurance book gives the company access to attractive niche markets.

Mr Tizzio also pointed to Axis’s cautious approach to certain high-risk areas. “We have a very selective perspective on the financial lines business and a highly cautious underwriting appetite on liability,” he said.

The stance comes after Axis deliberately pulled back from property catastrophe reinsurance in recent years, a move the company said was designed to reduce earnings volatility.