Axis Capital has announced that it will wind down its retail insurance operations in Australia.

The Bermuda-based company says the decision to close Axis Specialty Australia follows an operational review identifying markets where its positioning will “not allow it to generate appropriate and sustainable returns”.

“Accordingly, the company will wind down its retail insurance operations in Australia and continue to serve the Australian market through its international wholesale insurance and global reinsurance platforms.”

Axis says it anticipates a workforce reduction of approximately 100 positions, although the Australian operation only has about 45 staff.

It’s understood the retail operation will be put into run-off, with Axis maintaining contact with large Australian clients from its London office.

Axis Specialty Australia CEO David Smith could not be contacted by insuranceNEWS.com.au for comment.

More details in our regular bulletin on Monday.