Allianz

Storm Friederike cost the unit EUR220mn.

The company will withdraw from both investing in and insuring coal risks completely by 2040.

The legacy sector has seen surging deal volumes of late, but the major inflows of capital into the space look set to choke off returns, with the live market’s depressed returns a cautionary tale for run-off acquirers.

The Axa CEO was already struggling to sell his $15.3bn takeover of XL and the publication of the target's proxy statement will add to his problems.