Axa XL

Beazley is one of the key leaders in the London marine marketplace.

The carrier has been exploring launching into P&C organically or via acquisition.

The carrier is planning a limited relaunch into the UK D&O market.

Tom Potter was global casualty underwriting manager for UK & Lloyd’s at Axa XL.

The pair hail from Dale Underwriting and Axa XL, respectively.

He was appointed CUO of casualty, Americas, in July last year. 

One of the options being explored is setting up a dedicated company for the wholesale vertical.

The LPPC will offer limits of $127.5mn EAR and DSU coverage in the US and Canada.

Donna Swillman is currently a senior underwriter at Axa XL.

Aspen would give Sompo more reinsurance scale, more US premium and a Lloyd’s presence.

This publication revealed yesterday that Sompo is currently in negotiations with Aspen.

There has already been an influx of new capacity from MGAs into the power market.

The company has recently made several senior changes to its UK and Lloyd’s leadership.

AIG leads the all-risks cover and Axa XL is the hull war lead.

The claim could add pressure to the hull war market after a recent High Court ruling.

The exec said if he were a carrier CEO, now is the time he would start looking for deals.

The carrier will focus on mid-market business outside of Lloyd’s.

The carrier reported a below-budget cat experience, despite the California wildfires.

The Paragon-owned coverholder is known as a specialist in film insurance.

Results were impacted by prior year reserving and an unwind of intragroup reinsurance recoveries.

Earlier this week, we revealed that Louise Nevill was joining Axa XL as specialty CUO.

Nevill has extensive experience in underwriting at Talbot, WR Berkley and Markel.

Several underwriters left Hiscox’s property D&F team last year to join MGA Velocity.

The reserve includes hull, liabilities and legal expenses.

The portfolio tracker facility is led by Canopius.

Behind Axa XL, Convex wrote a 9.5% line on the all-risks reinsurance programme.

The move comes amid a restructure of Axa XL’s specialty leadership.

The executive has also worked for AIG and Ace.

Axa XL leads the aviation all-risks reinsurance coverage for the destroyed Jeju Air Boeing 737-800 craft.

Axa XL is understood to be the lead carrier, with Gallagher the broker on the account.

Jamie Cann, previous head of aviation and space at the Fidelis Partnership, also joined Axa XL.

Alex Nelson will work as head of power and renewable energy at the carrier.

The carrier is believed to be restructuring the leadership of its London specialty business.

Underwriters are broadly pricing on the basis of a $1.5bn Baltimore claim, but there is uncertainty.

Axa XL Re has hired former Swiss Re executive Greg Schiffer as its North America CEO, effective from 11 November.

The underwriter has worked for JLT and FM Global.

Chris Caponigro will be responsible for expanding Axa XL’s product offering and investor base.

At group level, Axa’s underlying earnings improved by 4% to EUR4.2bn.

The appointment is part of a reorganization of the Americas business.

The marine expert has worked for Axa XL and Catlin for most of his career.

Axa XL has also added Fidelis’ Jamie Cann to its aviation team.

The underwriter will head up casualty reinsurance for the US and elsewhere.

Michael Yeats will now lead the automatic reinsurance facilities division in the US.

Axa XL’s premium grew 6% as pricing improved.

He was previously head of underwriting management and deputy CUO for Axa XL’s marine segment.

Kelly was recently appointed to head up the product recall book at Axa XL.

He will also step down as ABIC chairman.

The LMG chair also discussed the need for tailored regulations.

Paul Thomas was also appointed head of sports, media and entertainment.

The P&C segment reported a 71% increase in underlying earnings.

The company provides reinsurance to insurers in LatAm and the Caribbean.

Duties will include setting strategic direction in marine, aerospace, and specialty niche lines.

The appointment follows the resignations of Shaun Russ and Ian Davidson.

The resignations will see Russ and Davidson reunited with fellow Axa XL alumnus Mark Hutton, who joined Tokio Marine HCC as head of crisis management last year.

Ashwell is widely regarded as one of the architects of the standalone terrorism market that emerged after 9/11.

The carrier is targeting the line of business as part of a wider strategic push in international insurance.

Mike Gosselin steps into the role vacated by Luis Prato, who left the carrier earlier this year to join LSM.

Canopius will write a 2.5% line on the multi-class facility, while Axa XL will write 1%.

It is understood that Hutton has resigned from his previous role as global product head of product recall at Axa XL after six years with the carrier.

Sources voiced some disappointment in the rate reduction but acknowledged the improved loss record of the contract.

Adias Gerbaud will be responsible for developing underwriting strategies, optimising product offerings and driving profitability for Axa XL in Europe, Asia and Australia.

At an event that brought together construction insurers, brokers, engineers and developers, delegates discussed an impasse over insuring sustainable development projects.

Based in New York, the executive will report to Axa XL CUO Libby Benet.

Demand for specialty commercial insurance in Australia has been increasing, driven in part by the growth of the digital economy alongside traditional industries.

Hayzelden has been charged with leading the firm's upstream energy team, covering both offshore oil and gas and offshore renewable wind risks.

It was reported last month that Axa was believed to be preparing for a sale of Axa XL Re.

Axa’s lack of success in selling its more volatile XL Re segment has led the insurer to cut back on those lines, but the current rate environment makes this a good time to revisit a sale.

It didn’t take long after the Validus-RenRe deal for the next possible reinsurance consolidation target to emerge.

The carrier will increase its involvement in renewables, and cut the carbon intensity of its motor and P&C book.

At this week's Bermuda Climate Summit, speakers heralded the Island's future as a centre of excellence for climate-related innovation and risk transfer.

A panel of sustainability leaders from Conduit Re, Axa XL, Convex and Vantage Risk discussed the need for a consistent methodology to measure underwriting emissions at the Bermuda Climate Summit.

The executive joined from Tokio Marine in 2016.

The decaying oil tanker FSO Safer is holding over a million barrels of oil and is at risk of explosion.

The carrier has announced several changes to its management committee before revealing its new strategic plan early next year.

The carrier has been recruiting for the position following Steven Farr’s move to Tokio Marine HCC.

Sean McGovern said the appointment was part of an “important strategic initiative” for the company.

The carrier reported group revenue of EUR31.8n, 2.1% higher than in the prior-year quarter.

The underwriter has worked at various Axa entities for 13 years, holding a string of increasingly senior positions.

Sean McGovern, chair of the London Market Group, outlined why it is critical for the trade body’s outreach programme to build the market’s talent pipeline and attract data science expertise.

The underwriter has over a decade of cyber experience and has worked at Axa XL since 2020.

The appointment comes after a slew of cyber reinsurance brokers left Aon to join Howden.

Hannah Hosking will join from Chubb to lead the strategy across the business, focusing on growth at the higher end of the market segment.

Adam Lait is joining as senior underwriter, marine liability & ports, UK & Lloyd’s after a near-10-year tenure at Marsh.

The syndicate booked a comprehensive loss of £103.7mn for the year as its underwriting profit fell by 90%.

The MGA has $15mn of capacity to underwrite UK public corporations and plans to expand into the US market.

The biggest increases came from North American hurricane and earthquake coverage, where retentions rose from $350mn to $600mn.

The carrier also reported a drop in reinsurance revenue, with Axa XL Re reporting revenues of EUR3.2bn, a 27% fall from the year prior.

Stephanie Coxall joined the business in 2012 and progressed to hold several key roles, most recently leading Axa XL’s global learning academy.

According to sources, Daniel O’Connell will join Fidelis MGU as head of bespoke.

Felix Winzap will join the Swiss leadership team following the resignation of Peter Schmidt.

Tristan Abend has been with the Axa XL Reinsurance team for 10 years.

Francesca Giurato will take on a leadership role for both Dual Europe and Dual Italia, with the aim of building a European hub for the fine art business.

Prior to her promotion, Laura Casby was a senior underwriter in the UK and Lloyd’s upstream energy team.

Prior to her promotion, Kareen Richardson was a vice president, senior underwriter, in Axa XL’s excess casualty team.

The cyber specialist joins a company in growth mode, with acquisitions and new offices in London and Europe.

The executive joins from Aon where she spent 19 years in cyber roles including chief operating officer, chief commercial officer and chief broking officer.

A harder retro market will have a knock-on effect for London reinsurers, a panel of executives said at today’s London Market Conference hosted by Insurance Insider.

Some expressed disappointment at the rate change, but it came off the back of a major correction last year.

The French carrier’s P&C unit has been reducing exposure to nat cat during 2022.

The conflict has prompted a potential mismatch between insurer and client transition speeds.

Steven Farr has worked at Axa XL since 2007, then the Catlin business, holding a string of increasingly senior energy underwriting positions.

Last month, Axa XL appointed Mark Twite as CEO for its Bermuda reinsurance operations.

Mike Gazzard joined Axa XL in 2019 and was most recently vice president and senior underwriter of the carrier’s E&O portfolio strategy.

Prior to his new role, Mark Twite served as global head of reinsurance finance at Axa XL.

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Nigel Hinshelwood will succeed Claire Ighodaro on 1 January 2023, subject to regulatory approval.

The carrier will “hold the line” on property exposure with its key renewal clients, the executive explained.

Bertrand Romange will retain his current position of CEO for Europe and CUO of P&C International Re alongside his new duties.

Sabrina Lahrmann will be responsible for growing Axa XL’s international property portfolio.

Axa also announced the launch of a group EUR1bn share buy-back scheme.

In his new role, Adrian Burgess will be responsible for developing and managing underwriting strategies within Axa XL’s UK construction book.

Sarah White joins from HDI Specialty, where she spent more than 12 years, most recently as a senior underwriter and product lead for SME lawyers.

The market is concerned about potential claims from the Hellenic War Risks mutual, which has ships worth around $350mn stuck in the Black Sea.

The underwriter will focus on underwriting and marketing strategy in the region.

The underwriters are tasked with implementing “ambitious growth plans” across the lines of business.

Peter Kiernan replaces Simon Penney, who is moving to an analytics role.

The executive previously led financial lines in Iberia for the carrier.

Ian Sawyer worked at XL Catlin from 2006 to 2018, when he left to take up the global head of casualty role at SiriusPoint.

The incoming cyber head will step into the role left by Laura Hunt, who joined AIG last month.

The executive replaces Nancy Bewlay, who has moved to run the reinsurance division.

The new hire joins from Axa XL, with a background at Hiscox.

The underwriter has held the role on an interim basis since September last year.

The reorganisation is one of the first major changes to the reinsurance arm since Nancy Bewlay became CEO of the division.

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.

In a string of appointments, the carrier has also promoted Enrique López Torrents to country manager Iberia.

Conditions for SPAC D&O are likely to remain turbulent, amid the heightened SEC scrutiny and uncertainty concerning claims resolution.

The 2021 result is the first time Syndicate 2003 has turned an underwriting profit in four years.

Scor’s Malcolm Newman, Axa XL’s Sean McGovern and Aon’s Richard Dudley gave evidence to the Lords committee on regulation.

The new chief joined XL Catlin in 2017 and previously worked for Swiss Re and CV Starr.

The transaction will see Catlin redomiciled in Oklahoma, moving it from Delaware, to make use of the Oklahoma Insurance Business Transfer Act.

Axa XL has worked to trim volatility, reducing nat-cat reinsurance exposure by 40% and restructuring its reinsurance retentions.

Axa XL underwriters will be available for in-person meetings across all product lines every day of the week.

In her new role, De Rosa will oversee Axa’s construction and engineering treaty and facultative portfolio and strategy for clients in both the US and international markets.

Prior to securing the top A&H job, Andrew Maynard was global product lead for wholesale life and A&H.

The Axa XL executive said a parliament inquiry into London market regulation provides a platform to raise issues around the absence of UK captives and domestic reinsurers.

Prior to joining Sompo International, Patrick Corbett was life and A&H CUO at Axa XL for three years.

A total of 12 managing agents control £1bn or more of capacity, analysis shows.

Lindsay Astor’s appointment to the new role is effective immediately.

Speaking at an Insurance Insider panel event on the future of the market, Axa XL CEO Sean McGovern said the industry should focus less on “recycling” existing talent.

Axa XL’s global sustainability director set out practical considerations for insurers in their net-zero transitions at a conference today.

Allianz Global Corporate & Specialty (AGCS) hull underwriter Matthew Wells has resigned to join Axa XL, Insurance Insider can reveal.

Axa XL has promoted Olivia Shing to head of underwriting management, UK and Lloyd’s, in a role where she will execute the regional strategy to ensure sustainable profitability.

Axa XL anticipates booking losses of EUR400mn ($462mn) before tax and net of reinsurance from Hurricane Ida, the carrier has disclosed, as it reported total revenue growth of 3% in the first three quarters of 2021.

The executive and other ESG experts at the Airmic conference stressed the importance of insuring the transition to net-zero.

Nick Pascall becomes the latest senior member of staff to leave the business after a string of recent departures.

Despite the appointment of Alain Burguiere, it is understood that Elseco’s current head of aviation, Antoine Lamy, has not left the company.

The business has seen a number of senior staff in specialty lines exit recently.

Specialty (re)insurer Chaucer has appointed Xamira Groves as its new head of insurance, where she will work closely with the group’s syndicates to expand global market share across multiple P&C lines.

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The inability to strike a deal sends both buyer and seller back to square one.

The carrier said the move is part of its plan to simply group reinsurance operations.

In his new role, Andy MacFarlane will be in charge of developing Axa’s climate strategy.

Stephen Clark will also keep his responsibilities as North America hull and liabilities practice leader, a role he has held since 2017.

As part of his promotion, Andrew Innes will also join the division’s global aerospace leadership team.

Nine (re)insurance firms in London took part in the programme for career-break women, organised by diversity and inclusion firm Inclusivity and supported by the Insurance Families Network.

Dane Mahoney, who has been with Axa XL since 2013, will lead a team of global risk analysts and develop the global underwriting strategy.

The hull market has seen multiple years of positive rating momentum following a period of prolonged soft conditions.

The executive said the carrier would continue with its underwriting approach and benefit from pricing tailwinds.

Axa almost doubled its profits at a group level, and the business expects claims of EUR400mn from recent European floods.

The carrier’s global head of hull Mike MacColl resigned from the business earlier this year to join Atrium.

Any transaction would be predicated on a major reorganisation of the acquisition target, slowing deal progress.

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.

The new hire joins from Axis’ capital risk solutions team.

Ress will lead Axa XL’s underwriting strategy for general liability, motor and environmental insurance in Europe and the APAC region.

The carrier has reshaped its hull leadership team since the departure of global head of hull Mike MacColl.

Although superficially a good match, Axa would run significant risks in pursuing a sale of its reinsurance arm to the French mutual.

If Covea agrees a sale price in this range for the operations, parent Axa could book a EUR1bn gain, Berenberg claimed.

The French mutual has been looking to expand, with recent unsuccessful attempts to acquire Scor and PartnerRe.