Re/insurers

Axa XL’s global sustainability director set out practical considerations for insurers in their net-zero transitions at a conference today.

More than £100mn ($134mn) of UK Covid-19 BI claims were settled in full by insurers during the month to 5 November, according to the latest monthly data from the Financial Conduct Authority (FCA).

The business is targeting a return on equity of 10% in its industrial lines business.

Axa XL has promoted Olivia Shing to head of underwriting management, UK and Lloyd’s, in a role where she will execute the regional strategy to ensure sustainable profitability.

The carrier is expanding its US presence, having doubled GWP at Canopius USA in 2020.

Claims of EUR44mn for Hurricane Ida and EUR81mn for Storm Bernd have pushed the unit over its large-loss budget.

The start-up carrier launched in FI over the summer with ex-Pembroke and Hamilton underwriters.

Aviva increased gross written premium (GWP) in UK commercial insurance by 16% to £1.9bn ($2.5bn) during the first nine months of the year, as continued rate momentum helped fuel its top-line growth.

Senior contingency underwriter Luke Killeya has parted ways with Convex after having joined the carrier a year ago to help its launch into the contingency market, Insurance Insider understands.

Zurich’s gross written premium (GWP) in its property and casualty segment rose 11% to just over $31bn during the first nine months of the year, driven particularly by North American growth.

The remediation work at Allianz Global Corporate & Specialty (AGCS) has been “accomplished”, and the business unit is now targeting profitable growth, according to Allianz CFO Giulio Terzariol.

The International Group (IG) has offered premium rises of 52% on the lower part of its general excess of loss (GXL) reinsurance contract following a spell of substantial claims since the contract switched to a two-year deal, Insurance Insider can reveal.