Axa XL

The former Asia Pacific head of marine will relocate to London.

The creation of a single Bermuda reinsurance company removes a key structural impediment to a sale.

Gallagher is the broker for Indonesian state oil firm Pertamina, with AIG and Axa XL understood to participate.

The new Axa XL Reinsurance Limited consolidates the carrier’s reinsurance operations.

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 new recruit will be head of international war and terror underwriting and work alongside Quentin Prebble.

The marine hull and war underwriter will rejoin former colleague Chris Goddard, who launched the start-up last year.

In securing the Enstar ADC, Axa XL has drawn a line in the sand and signalled a fresh start to investors.

The four major developments of the week include:

The carrier is one of a number of players to have entered the D&O market as pricing continues to grow.

The team of around 30 staff will manage the run-off of Axa XL’s existing book and launch a product with Aviva.