Reinsurance firm Axis Re has awarded speciality reinsurer of the year by a UK-based business magazine.

The Hamilton company was given the award by Reactions at its North American awards dinner held in New York.

Axis Re CEO Jay Nichols said: “This distinction is a testament to Axis Re’s discipline, nimbleness and its daily execution on behalf of clients — all of which is made possible by the highly qualified and dedicated people that comprise Axis Re around the globe.

“It is an honour for our speciality reinsurance franchise to be recognised by Reactions.”

Albert Benchimol, the president and CEO of parent Axis Capital, added: “Axis Re is an important part of our global hybrid speciality strategy, which includes three leading diversified businesses, reinsurance, primary insurance and accident and health.”

He added that, since start-up in 2001, Axis had produced around $20 billion in gross reinsurance premiums written, with a combined ratio of 88 per cent.

Reactions Americas editor Christopher Munro said: “There were several companies in the running but our judges felt that Axis Re was the company that should be rewarded for its work in North America’s speciality reinsurance market over the last 12 months.”