Axa XL
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The carrier has said it will appeal the court’s decision as it remains convinced the policy doesn’t cover such a claim.
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The carrier expects event cancellation losses from Covid-19 in the “mid-triple-digit-million euros”.
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Charles Cooper remains chief executive of Axa XL’s global reinsurance operations while Nancy Bewlay has been appointed the new CUO.
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The Axa CEO said the initiative could be owned 50:50 by governments and private insurers.
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The unit also cuts its property cat appetite and reduces line sizes in casualty lines. -
Greg Hendrick has been replaced by Chubb’s Scott Gunter.
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Axa XL has reorganised its reinsurance division with the promotion of four executives.
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Issuance has picked up in the third quarter of the year with a number of large sponsors including Everest Re and Axa XL entering the market in the fourth quarter.
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The Axa XL cat bond was so oversubscribed that some investors had their allocations reduced by 60-70 percent, Trading Risk can report.
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The (re)insurer had previously removed two tranches from the multi-peril transaction
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The (re)insurer pulled two layers of cover from the deal as it affirmed pricing targets on three others.
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The Galileo cat bond is the first to be launched by Axa XL since Axa bought XL Group in 2018.
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