Axa
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The reinsurers will provide a parametric solution to ensure a fast payout. -
Axa plans to acquire the Spanish insurer for a cash consideration of EUR31mn.
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Philip Bradley will step down from his role on 31 December, with Marguerite Brosnan assuming her new position on 1 January 2023.
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Helena Kazi is set to launch an InsurTech MGA later this year that will provide “hyper-personalised” insurance to the gig economy.
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Axa also announced the launch of a group EUR1bn share buy-back scheme.
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The incoming chairman has spent almost a quarter of a century as a director on top companies’ boards.
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Axa SA will become the group’s internal reinsurer following a merger with Axa Global Re.
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A Q1 results update shows total revenues at Axa XL increased 4% to EUR6.2bn ($6.5bn) as top-line growth was offset by drop in revenue at Axa XL Re.
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Shareholders also approved the appointment of new chairman Antoine Gosset-Grainville.
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The carrier said the new pay deal reflected “very good financial performance” and the “successful transformation of the group” under CEO Thomas Buberl.
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The carrier said it will examine the impact of the ruling on other claims under non-damage denial-of-access wordings.
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Axa has stopped writing new insurance cover and renewals for Russian-owned assets located in Russia in response to the country’s ongoing invasion of Ukraine.
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