Axa XL
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The CEO said he had “no regrets” in taking the radical actions needed to stem losses at the unit. -
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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The former Zurich Ireland CUO will take on the role from July and report to UK & Lloyd’s market CUO Luis Prato.
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Axa France says it will continue to reimburse policyholders for breach response costs.
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Piers Tuggey has served as interim head since December and worked at both predecessor entities Catlin and XL Catlin.
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Parent Axa says the unit is on track to achieve a full-year earnings target of EUR1.2bn ($1.4bn).
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The former financial lines CUO will start at the end of the month and be based in Switzerland.
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Trade association research found that women make up only 27% of directors at 31 member companies surveyed.
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The MGA will cover power, mining, chemical processing industries and public and private building sectors and civil infrastructure risks.
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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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