Axa XL
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The carrier’s former energy, property and construction claims lead exits for consultancy position.
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The management liability market underwent huge hardening last year as major carriers withdrew.
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The deal, pitched at a multiple of 12.2x 2019 earnings, follows disposal agreements for Axa in the Gulf, central and eastern Europe and India. -
Major consolidation laid the ground for current new launches, the Conduit chairman suggested.
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David Gallagher has left his role, after more than 26 years with the business.
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The appointment confirms the carrier’s prospective involvement in the rapidly hardening market.
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The executive replaces Urs Uhlmann, who left the company in October.
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There will be significant movements in the ranks of the top 10 syndicates in 2021, with Brit moving into second place and Axa XL tumbling to 7th.
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The new Syndicate 1796 is the conduit for the initiative and is backed by 14 global (re)insurers.
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The local Organising Committee expects to receive around 50bn yen ($481mn) for the initial delay.
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The underwriter’s resignation marks the latest in a string of senior departures at the carrier.
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The US carrier has offloaded a tranche of liability business written out of London.
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