Axa XL

Broader risks could entice new investors to the ILS space, Dan Brookman head of alternative capital at Axa XL said at Trading Risk’s conference in New York earlier this month.

The pending retirement of reinsurance chief David Watson triggers an executive reshuffle.

Axa XL cut back revenues on property cat reinsurance business by 7 percent in H1.

XL’s New Ocean will lead on packaging and structuring risk, while Axa IM is contributing on distribution to investors, the firm’s leadership said.

The group has also hired Conor Gaffney and Nick Pascall in the London reinsurance business.

Convex will also seek to tackle the cost of expenses plaguing most carriers across the industry by outsourcing non-underwriting functions “horizontally” with a single partner.

Axa XL has reported a 16 percent increase in P&C insurance business to EUR2.9bn ($3.2bn) in the first quarter of 2019.

People moves in the industry in the past month.

The still-unnamed vehicle which has a $3bn fundraising target could commence underwriting as soon as 1 April.

The insurer declined to comment on how much limit of the EUR1.75bn cover was placed.

The insurer’s Q4 cat losses take yearly total to EUR1.29bn.

The insurer plans to shed 7.5 percent of its global workforce.