Axa XL

The company is moving away from market-facing collateralised reinsurance funds, head of alternative capital Dan Brookman told this publication.

Duperreault recognises the quality of the Bermudian reinsurance industry.

Darren Bailey has been hired by the legacy insurer in a business development role for the firm’s M&A team.

The (re)insurer said it had already bought an aggregate reinsurance cover for the combined Axa-XL entity and has decreased its cat exposure by about 40 percent relative to 2017.

Richard Slater and Adam Champion have been hired at Brit’s new collateralised reinsurance vehicle Sussex Capital.

The average second quarter returns for a group of ILS funds tracked by Trading Risk has increased to 1.36 percent, compared with 0.79 percent for the same quarter last year.

The acquisition is expected to close in the second half of the year.

A number of senior staff will leave XL Catlin ahead of its $15.3bn takeover by Axa.

A shift in reinsurance business mix and 2017 loss creep drove down first quarter underwriting results for XL.