Axa

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.

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.

Both Axa and Allianz said their own targets on sustainability and reducing emissions remain unchanged.

Analysts find carriers have few investments in bank debt after Credit Suisse rescue.

The French carrier is exposed to the troubled bank via various bonds.

The collapse of Silicon Valley Bank is creating investor fear across the global financial services sector. 

Axa owned 100 million shares, equating to about 8% of the bank’s share capital.

The board of directors has chosen not to replace Jean-Pierre Clamadieu, decreasing the board numbers from 17 to 16 members.

The new chief has worked for Axa for 24 years.

The reinsurers will provide a parametric solution to ensure a fast payout.

Axa plans to acquire the Spanish insurer for a cash consideration of EUR31mn.

Philip Bradley will step down from his role on 31 December, with Marguerite Brosnan assuming her new position on 1 January 2023.