Axa XL
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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. -
He has taken on a role as senior property underwriter after a stint as portfolio manager at Axa’s ILS unit.
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A cluster of new launches demonstrate continued interest in an "independent aligned" model.
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He reports into Peter Martin, who was made head of the carrier’s reinsurance capital management business.
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The Axa CEO has “very high confidence” that Scott Gunter and his team will achieve EUR1.2bn in underlying earnings by 2021.
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The carrier will remain an active user of retrocession as it aims to deliver a 96% combined ratio or better across most of its reinsurance portfolio.
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CFO Bouas-Laurent reassures analysts that the cash injection will not harm solvency.
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Parent Axa leaves its EUR1.5bn estimate for Covid-19 losses unchanged at the nine-month mark.
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Axa estimated its total 2020 impact from Covid-19 for the group at EUR1.5bn, which it booked in the first half.
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The deal marks the MGA’s first foray into assuming underwriting risk.
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BI and cancellations are the major drivers of its loss.
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The risk of insurers having to make partial upfront payments up is likely to be highest in Continental Europe, Philip Kett adds.
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