Axa XL
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The CEO said future uncertainty and the “enormity” of corporate debt posed a significant challenge for the insurance sector.
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The changes are part of the carrier’s move to a more regional operating model.
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The carrier unveils a carbon management strategy to tackle climate change.
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As rating soars and income dries up, clients are forced to cut limits and take on higher deductibles. -
D&O is a major focus of the remediation work, with new business halted and a number of accounts expected to be non-renewed.
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Analyst Philip Kett said that the move could lift the company’s valuation.
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Jonathan Salter replaces Corinne Vitrac, who will become head of group P&C risk management.
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Future trading arrangements and the need to make London more competitive will top the new business environment sponsor’s agenda.
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Sources said the legacy arm of Axa had lost some investor support for the second of its funds used to back legacy acquisitions.
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April McLaughlin will manage and expand its multi-line reinsurance offering within the region.
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The potential disposal coincides with sale processes in locations including Singapore, Belgium and Central and Eastern Europe.
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Liability losses on the Willis Re-brokered policy will take the claims tally above the expected total $50mn hull loss.
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