Axa XL
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The new unit – Ceded Re – will operate under the leadership of Guy Van Hecke. -
Chris Caponigro will be responsible for expanding Axa XL’s product offering and investor base.
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Pricing settled at 7% across the Class A and Class B notes.
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The bond provides protection for North American named storms and earthquakes.
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At this week's Bermuda Climate Summit, speakers heralded the Island's future as a centre of excellence for climate-related innovation and risk transfer.
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The Eiffel Re cat bond will provide coverage for European windstorms.
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The carrier has announced several changes to its management committee before revealing its new strategic plan early next year.
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The biggest increases came from North American hurricane and earthquake coverage, where retentions rose from $350mn to $600mn.
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Tristan Abend has been with the Axa XL Reinsurance team for 10 years.
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Prior to his new role, Mark Twite served as global head of reinsurance finance at Axa XL.
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Axa also announced the launch of a group EUR1bn share buy-back scheme.
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Peter Kiernan replaces Simon Penney, who is moving to an analytics role.
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The reorganisation is one of the first major changes to the reinsurance arm since Nancy Bewlay became CEO of the division.
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A Q1 results update shows total revenues at Axa XL increased 4% to EUR6.2bn ($6.5bn) as top-line growth was offset by drop in revenue at Axa XL Re.
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The new chief joined XL Catlin in 2017 and previously worked for Swiss Re and CV Starr.
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Axa XL’s UK and Lloyd’s CEO said speed of decision-making was key to UK market growth.
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In his new role, Andy MacFarlane will be in charge of developing Axa’s climate strategy.
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Guy Van Hecke, deputy CEO of Axa Global Re and head of group reinsurance, stepped in to lead the unit on an interim basis.
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The insurer follows Allianz in reporting a loss that implies reinsurance has been triggered.
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The French mutual has been looking to expand, with recent unsuccessful attempts to acquire Scor and PartnerRe.
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The ILS vehicle has support from four key providers and will be launched alongside a broader offering including K&R, fine art and other specialty risks.
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The new Axa XL Reinsurance Limited consolidates the carrier’s reinsurance operations.
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The Italian carrier’s general manager returns to Axa after five years.
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The insurers is to sever all ties with the German utility this year due to the size of its coal operation.
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The carrier increased US-exposed reinsurance limit by EUR250mn but almost halved its group aggregate.
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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.
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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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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.
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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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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.
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The pending retirement of reinsurance chief David Watson triggers an executive reshuffle.
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Axa XL cut back revenues on property cat reinsurance business by 7 percent in H1.
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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.
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The group has also hired Conor Gaffney and Nick Pascall in the London reinsurance business.
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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.
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Axa XL has reported a 16 percent increase in P&C insurance business to EUR2.9bn ($3.2bn) in the first quarter of 2019.
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People moves in the industry in the past month.
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The still-unnamed vehicle which has a $3bn fundraising target could commence underwriting as soon as 1 April.
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The insurer declined to comment on how much limit of the EUR1.75bn cover was placed.
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The insurer’s Q4 cat losses take yearly total to EUR1.29bn.
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The insurer plans to shed 7.5 percent of its global workforce.
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Martin Vezina had held the chief underwriting role at the Axa XL ILS platform since 2015.
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Due partly to loss creep from Irma, ILS losses have been eked out throughout the year.
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Assets under management fell by around $5bn.
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The ILS investor says 7 percent annual returns have made the asset class an attractive opportunity for the fund.
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The government also said it is exploring the possibility of issuing a cat bond in the near future.
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The insurer also clarified that it has already cut its cat risk exposure.
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Axa XL is to cut cat exposure.
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The Lloyd’s business planning process is drawing to a close after a difficult year for London syndicates.
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This comes after the (re)insurer shifted away from offering market-facing ILS vehicles.
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The former XL Catlin chief operating officer is taking on an advisory role at the start-up which is developing a trading platform for (re)insurance risk.
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The former XL Catlin executive controlled one of the biggest portfolios of ceded reinsurance in the market.
