Axa XL
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After years of poor performance and talent flight, Insurance Insider examines the challenges faced by Axa XL and the strengths it holds to forge a new start.
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Binding insurers include Chubb and AIG, with reinsurance from Munich Re.
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The former Asia Pacific head of marine will relocate to London.
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The creation of a single Bermuda reinsurance company removes a key structural impediment to a sale.
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Gallagher is the broker for Indonesian state oil firm Pertamina, with AIG and Axa XL understood to participate.
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The new Axa XL Reinsurance Limited consolidates the carrier’s reinsurance operations.
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Axa XL’s flagship Syndicate 2003 reported a loss of £334mn ($459mn) for the year as its combined ratio deteriorated by 23.8 points to 133.8% on Covid-19 losses and adverse development on long-tail lines.
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The Week in 90 Seconds: Biometric data and cyber; Greensill collapse; Guy Carpenter’s Priebe on pandemic risk; Texas storm; Marsh McLennan’s Glaser
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The new recruit will be head of international war and terror underwriting and work alongside Quentin Prebble.
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The marine hull and war underwriter will rejoin former colleague Chris Goddard, who launched the start-up last year.
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In securing the Enstar ADC, Axa XL has drawn a line in the sand and signalled a fresh start to investors.
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The four major developments of the week include:
