Insurers
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The carrier is the largest writer of homeowners’ multi-peril in the state. -
Head of portfolio solutions Richard Palengat will lead the division.
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Outgoing chief Søren Scheuer will become a non-executive director.
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The company’s stock price has plummeted in the wake of the LA wildfires.
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Six wildfires are now burning in SoCal, with the Palisades fire being the largest.
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More than 4,000 acres are burning as thousands evacuate.
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The move comes amid a restructure of Axa XL’s specialty leadership.
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Axa XL is understood to be the lead carrier, with Gallagher the broker on the account.
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Aviva is targeting £125mn of annual savings within three years of the deal.
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A California ruling could set an important precedent as other courts consider similar cases.
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High deductibles, tighter underwriting and lack of flood cover meant lower claims figures.
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This puts the total cumulative cash proceeds received at $319mn.
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