Axa XL
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The syndicate narrowed its underwriting loss year on year with a combined ratio of 110 percent.
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The cancellation comes amid market-wide pressure on broker facilities. -
The position at the carrier was vacant following the elevation of Peter Welton to UK head of energy.
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Chris Williams previously spent 12 years as class underwriter for bloodstock at the Fairfax-owned company.
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The carrier looks to capitalise on a pricing correction in the class.
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Coronavirus and the contingency market, the future of Axa XL, and more.
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The move is the latest in a string of deals with companies including BorgWarner, Zurich and Munich Re.
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The appointment of Scott Gunter as Axa XL CEO has surprised the market.
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The unit also cuts its property cat appetite and reduces line sizes in casualty lines.
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Cat losses and large man-made claims weigh on the division's earnings.
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The surprise move reflects a desire to bolster profitability at the specialty business, group CEO Buberl says.
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The International Group originally notified reinsurers of a $115mn loss.
