Axa XL
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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. -
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.
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The CEO said he had “no regrets” in taking the radical actions needed to stem losses at the unit.
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The ILS vehicle has support from four key providers and will be launched alongside a broader offering including K&R, fine art and other specialty risks.
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Sources say the pipeline operator has at least $15mn in cyber insurance cover.
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