Axa
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Axa XL’s product recall team was depleted after two senior underwriters resigned in January.
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Combined ratios have improved as prices rise and investments return to profit.
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Alexander Baker was a senior PV, war and terrorism underwriter at Axa XL.
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All three carriers also announced increased dividends.
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In one deal, JC Flowers-backed broker Oneglobal and Insuterch Floodbase announced a partnership to develop parametric flood insurance across Asia.
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The segment benefited from strong demand and disciplined pricing.
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Climate change is still the number one area of concern, a study found.
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The top five insurers on the continent maintained their ‘clear dominance’ in terms of scale.
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He joins from Global Parametrics, where he was head of partnerships and business development.
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Former Brit CEO Matthew Wilson will take on a role of special adviser to the Lloyd's Council later this year, Insurance Insider understands.
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It was reported last month that Axa was believed to be preparing for a sale of Axa XL Re.
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The carrier reported premium growth across its Axa XL insurance and reinsurance business units.
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Tara Foley will be responsible for implementing Axa UK & Ireland's 2024-26 strategy, as well as leading the executive team.
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Axa’s lack of success in selling its more volatile XL Re segment has led the insurer to cut back on those lines, but the current rate environment makes this a good time to revisit a sale.
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It didn’t take long after the Validus-RenRe deal for the next possible reinsurance consolidation target to emerge.
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The French carrier is exploring the spin-off of the XL Re operations via a private sale or stock market listing, according to Reuters.
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The carrier has announced several changes to its management committee before revealing its new strategic plan early next year.
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After founder members Axa and Allianz dealt a potentially terminal blow to the Net-Zero Insurance Alliance by withdrawing, the NZIA is exploring limited options to continue.
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Sompo is the eighth major insurer to leave the NZIA, casting even further doubt on its future as remaining members explore options around whether to continue.
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Both Axa and Allianz said their own targets on sustainability and reducing emissions remain unchanged.
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Analysts find carriers have few investments in bank debt after Credit Suisse rescue.
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The French carrier is exposed to the troubled bank via various bonds.
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The collapse of Silicon Valley Bank is creating investor fear across the global financial services sector.
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Axa owned 100 million shares, equating to about 8% of the bank’s share capital.
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The board of directors has chosen not to replace Jean-Pierre Clamadieu, decreasing the board numbers from 17 to 16 members.
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The reinsurers will provide a parametric solution to ensure a fast payout.
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Axa plans to acquire the Spanish insurer for a cash consideration of EUR31mn.
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Philip Bradley will step down from his role on 31 December, with Marguerite Brosnan assuming her new position on 1 January 2023.
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Helena Kazi is set to launch an InsurTech MGA later this year that will provide “hyper-personalised” insurance to the gig economy.
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Axa also announced the launch of a group EUR1bn share buy-back scheme.
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The incoming chairman has spent almost a quarter of a century as a director on top companies’ boards.
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Axa SA will become the group’s internal reinsurer following a merger with Axa Global Re.
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A Q1 results update shows total revenues at Axa XL increased 4% to EUR6.2bn ($6.5bn) as top-line growth was offset by drop in revenue at Axa XL Re.
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Shareholders also approved the appointment of new chairman Antoine Gosset-Grainville.
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The carrier said the new pay deal reflected “very good financial performance” and the “successful transformation of the group” under CEO Thomas Buberl.
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The carrier said it will examine the impact of the ruling on other claims under non-damage denial-of-access wordings.
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Axa has stopped writing new insurance cover and renewals for Russian-owned assets located in Russia in response to the country’s ongoing invasion of Ukraine.
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Axa has published resolutions to be proposed by its board at the next shareholders’ meeting on 28 April, including the appointment of Gérald Harlin and Rachel Picard as directors, replacing Denis Duverne and Patricia Barbizet, whose mandates are set to expire.
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Axa has been granted permission to appeal certain aspects of the ruling of a case successfully brought against it by Wolseley owner Corbin & King over Covid-19 BI cover.
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The firm said reinsurance unit Axa XL was now operating in “business as usual mode” following an extensive re-underwriting of its portfolio.
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The figures reflect a major turnaround from 2020, when the carrier was heavily impacted by Covid-19 claims.
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Around 100 Ageas UK staff will transfer to Axa Commercial.
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The Singapore business is a composite insurer offering life, health and P&C.
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The payouts follow the contract that Mapfre signed to pay $984mn to Colombia’s utility EPM.
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Ursula Wyman joined the business on 15 November, and reports to Jon Walker, CEO of Axa Commercial.
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The UN’s Butch Bucani, speaking on Swiss Re’s COP26 panel, warned that the transition was not just about “putting a thermometer in your insurance portfolio and saying ‘it’s 1.5 degrees’”.