Axa XL
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The carrier’s global head of hull Mike MacColl resigned from the business earlier this year to join Atrium.
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Any transaction would be predicated on a major reorganisation of the acquisition target, slowing deal progress.
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The executive spoke exclusively to Insurance Insider about his role leading the London Market Group’s five-point plan to lobby for UK regulatory reforms.
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The new hire joins from Axis’ capital risk solutions team.
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Ress will lead Axa XL’s underwriting strategy for general liability, motor and environmental insurance in Europe and the APAC region.
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The carrier has reshaped its hull leadership team since the departure of global head of hull Mike MacColl.
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Although superficially a good match, Axa would run significant risks in pursuing a sale of its reinsurance arm to the French mutual.
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If Covea agrees a sale price in this range for the operations, parent Axa could book a EUR1bn gain, Berenberg claimed.
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The French mutual has been looking to expand, with recent unsuccessful attempts to acquire Scor and PartnerRe.
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The carrier has also promoted internally for a new leader of its US political risk, credit and bond team as it continues to staff up the division.
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The former underwriter will take up the newly created role on 9 August.
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The research body said that both businesses had reported poor underwriting results.
