Axa
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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’”.
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The carrier will stop underwriting and investing in new upstream oil greenfield exploration projects, unless certain conditions are met.
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The carrier has said it will strengthen insurance requirements for businesses involved in deforestation.
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The inability to strike a deal sends both buyer and seller back to square one.
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The French mutual’s attempt to enter reinsurance via an acquisition has been thwarted again, according to French publication L’Argus de l’assurance.
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Axa UK has appointed David Ovenden from Willis Towers Watson as CUO for its commercial business, a role where he will be tasked to deliver pricing and underwriting programmes and oversee a continual development of underwriting capabilities.
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Nine (re)insurance firms in London took part in the programme for career-break women, organised by diversity and inclusion firm Inclusivity and supported by the Insurance Families Network.
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The carrier has finished the sale of its 50% shareholding in Axa Gulf and 34% shareholding in Axa Cooperative Insurance Company.
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Insurers have now shelled out just over £968mn to BI policyholders in interim and final settlements.
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The company said the divestment was part of its simplification strategy.
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The Financial Conduct Authority’s latest release on UK claims data for Covid-related BI losses shows an acceleration of acceptances during June.
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The legacy unit is marketing legacy books in Germany and the UK as it unwinds its third-party book.
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The carrier has been central to the launch of a net-zero underwriting alliance in the run-up to the COP26 conference.
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The insurer said the move would drive synergies and aid expansion in growth markets.
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The total consideration for the combined transactions, including MPI Generali, is RM1.3bn ($311mn), subject to closing adjustments.
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The carrier will mobilise 3,000 general agents plus distribution partners to make offers on an “unprecedented scale”.
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The information-gathering exercise for large insurers and banks won’t dictate capital requirements.
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The central bank governor said such a move would require ‘robust data.
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Hacker group Avaddon has given the carrier 240 hours to comply with its demands.
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Parent Axa says the unit is on track to achieve a full-year earnings target of EUR1.2bn ($1.4bn).
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The lawyer replaces Edward Davis, who is retiring after 27 years at the business.
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Jef Van In replaces Delphine Maisonneuve, who has taken a role outside of Axa.
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The Italian carrier’s general manager returns to Axa after five years.
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$600mn round values Stripe at $95bn making the company one of the world’s most valuable private companies.
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The incoming chair has worked for the EU and government ministers.
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The carrier increased US-exposed reinsurance limit by EUR250mn but almost halved its group aggregate.
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Parent Axa reiterates its target of EUR1.2bn of earnings at the unit this year as it unveils an ADC deal with Enstar.
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The government removes a previous cap of 49% in its budget.
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The Principles for Responsible Investment were launched in 2006, with Hannover Re, Liberty and Everest Re among other signatories.
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All major entities will implement the scheme by the end of 2021.
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Typical cat loss events trigger XoL reinsurance recoveries. It is not certain that this will.
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Plus a mixed week for Lloyd’s, the asbestos potential of Covid-19 claims and a round-up of our most-read stories from the week.
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Newcomer Tara Foley was previously managing director at Lloyds Banking Group’s Bank of Scotland.
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The carrier claims the Paris court decision runs counter to judgments in Toulouse and Bourg-en-Bresse.
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The auction process of the EUR615mn-revenue business could start within the next few weeks, according to Bloomberg.
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Following a recent court ruling ordering the payment of BI losses for a restaurateur, Axa will now pay others with similar wordings.
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The carrier expects pandemic-related event cancellation losses in the “mid-triple-digit-million euros” and a “material impact” from the virus on 2020 earnings.
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The CEO says he’s eager to work with the French government on a solution.
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The IDF chair calls for greater public-private collaboration in emerging markets.
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The Austrian buyer will pay 12.4x estimated 2019 net profit for the operations.
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The average pay gap improved by 0.8 points year on year, with men continuing to occupy the most senior roles.
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Gross reserves related to the former Tokio Millennium Re book were £160mn in September.
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Generali and two Austrian insurers reportedly remain in the race.
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The carrier has dropped some layers from its ILW-based ILS transaction.
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Delphine Maisonneuve also CEO of Axa Next.
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The insurer will also double green investments over the next four years.
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The carrier considers offloading Polish, Czech and Slovakian businesses.
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Now that so many ILS platforms are owned by reinsurers, you might think that the debate over whether third-party investors are better served by reinsurer-affiliated ventures or independent platforms has been decisively settled.
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The carrier will continue to write more long-tail business to manage down its cat exposure.
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The unit booked rate gains of 5 percent in insurance and 2.4 percent in reinsurance during the period.
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The two firms did not secure approval from Bafin within the allotted nine months.
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Simon Hearn will initially retain his responsibilities as head of life and wholesale accident and health when he steps into the CUO role.
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The new hire will replace Convex recruit Pagram in a US casualty role.
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The exercise of the over-allotment option follows the sale of $834mn of shares in June.
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The protection, which is led by Liberty Specialty Markets, comes after the state pool's remit was extended earlier this year.
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Anne Middleton spent almost seven years at Catlin and successor entities after moving into the sector from PwC.
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Hong Kong CEO Bouas-Laurent will take on the finance role, while the carrier hires a senior McKinsey partner for a strategy position.
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The former Axa Hong Kong chief’s appointment is one of three management changes the carrier has made within its UK client and country team.
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The French insurer cuts its stake in Axa Equitable to around 40.1 percent.
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The Axa XL-led placement could still escape a claim if it is determined there was no physical trigger for the loss.
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A suit would be a major test of legislation making insurers liable for losses arising from the late payment of claims.
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Silos are the egg mornay of the corporate cook book. Deeply unfashionable, untouched by any retro-chic revival and not what you’d wheel out to make an impression.
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