Axa
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The carrier has announced several changes to its management committee before revealing its new strategic plan early next year. -
After founder members Axa and Allianz dealt a potentially terminal blow to the Net-Zero Insurance Alliance by withdrawing, the NZIA is exploring limited options to continue.
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Sompo is the eighth major insurer to leave the NZIA, casting even further doubt on its future as remaining members explore options around whether to continue.
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Both Axa and Allianz said their own targets on sustainability and reducing emissions remain unchanged.
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Analysts find carriers have few investments in bank debt after Credit Suisse rescue.
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The French carrier is exposed to the troubled bank via various bonds.
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The collapse of Silicon Valley Bank is creating investor fear across the global financial services sector.
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Axa owned 100 million shares, equating to about 8% of the bank’s share capital.
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The board of directors has chosen not to replace Jean-Pierre Clamadieu, decreasing the board numbers from 17 to 16 members.
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The reinsurers will provide a parametric solution to ensure a fast payout.
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Axa plans to acquire the Spanish insurer for a cash consideration of EUR31mn.
