Reinsurance News


AXA and Bharti complete sale of Indian non-life operations

10th September 2021

AXA and Bharti have completed the combination of their non-life insurance operations in India into ICICI Lombard General Insurance Company Limited. The firms first announced back in August 2020 their intention to combine Bharti AXA General Insurance Company Limited into ICICI Lombard, which is one of the leading general insurance ... Read the full article

AXA offloads insurance operations in Gulf region for $264mn

7th September 2021

Global insurer AXA has completed the sale of its 50% shareholding in AXA Gulf and its 34% shareholding in AXA Cooperative Insurance Company (in Saudi Arabia) to Gulf Insurance Group, for a cash consideration of $264 million. The sale of AXA’s 28% shareholding in AXA Green Crescent Insurance Company (in UAE), ... Read the full article

AXA Singapore to be acquired by HSBC for $575 million

16th August 2021

Global insurer AXA has entered into an agreement with HSBC Insurance (Asia-Pacific) Holdings Ltd over the sale of AXA Insurance Pte Ltd (AXA Singapore) for a total cash consideration of USD 575 million (€487mn). It was reported back in January that British bank HSBC Holdings was among the shortlisted bidders ... Read the full article

AXA proposes Buberl’s mandate renewal

2nd August 2021

Global insurer AXA has announced it has proposed the renewal of Thomas Buberl's mandate as a member of AXA’s Board of Directors and Group Chief Executive Officer. The renewal of his mandate, which will last for a period of four years, will be proposed to AXA’s shareholders at their next Annual ... Read the full article

AXA’s underlying earnings rise as AXA XL improves underwriting result

2nd August 2021

Global insurer AXA has reported a 101% increase in underlying earnings to €3.6 billion and a rise in net income to €4 billion for the first half of 2021, driven by an improved performance in its Property & Casualty (P&C) unit as a result of a strong underwriting result at ... Read the full article

AXA UK launches machine learning-driven property claims tool

20th July 2021

AXA UK has introduced a new machine learning tool designed to help streamline and accelerate complex property claims. BETSIE (Buildings Enhanced Triage Steering Intelligence Engine) captures data points and simplifies claims triaging process by increasing the speed and accuracy of claims resolution. The tool was built inhouse by AXA and uses data, ... Read the full article

KKR’s Global Atlantic seals $4.8bn whole life reinsurance deal with AXA

13th July 2021

Global Atlantic Financial Group, the majority-owned subsidiary of investment giant KKR, has announced the completion of a $4.8 billion whole life reinsurance deal with China-focused units of AXA Group. It's the first block reinsurance transaction sourced from outside of the United States by Global Atlantic, as the company continues to expand ... Read the full article

AXA progresses on green investments but sees “long way ahead”

1st July 2021

Global insurer AXA has reported that the green share of its investment portfolio has continued to increase, but CEO Thomas Buberl says there is still "a long way ahead" for the industry to align itself with international climate goals. As part of its climate strategy, AXA is planning to invest €25 ... Read the full article

Analysts believe a sale of XL Re could be positive for AXA

28th June 2021

Following news this morning that French, non-life mutual insurer Covéa is exploring a move for the reinsurance business of AXA XL, analysts feel a sale could be positive for AXA and increase its valuation by up to 6%. After failing to acquire SCOR in 2018, and then seeing its agreement to ... Read the full article

Prince Charles launches industry-led climate change task force at Lloyd’s

24th June 2021

HRH The Prince of Wales has launched his Sustainable Markets Initiative (SMI) insurance task force today during a visit to Lloyd’s of London. Chaired by Lloyd’s, the task force is composed of executives from many of the world’s largest re/insurers and aims to provide an influential platform for the sector to ... Read the full article

AXA reaches agreement with Generali over sale of Malaysian insurance operations

22nd June 2021

Global insurer AXA has reached an agreement with carrier Generali to sell its insurance operations in Malaysia, which includes its 49.99% holding in AXA Affin General Insurance (AAGI) and 49% holding in AXA Affin Life Insurance (AALI), for total cash proceeds of €140 million. Generali has agreed to purchase the majority ... Read the full article

Proposed AXA settlement would reduce BI uncertainty: Moody’s

11th June 2021

AXA France's proposed €300 million settlement offer to thousands of restaurant clients who hold non-damage business interruption (BI) policies would reduce the uncertainty related to the ultimate financial burden of COVID-19 BI claims, says Moody's analyst Benjamin Serra. Yesterday, global insurance company AXA announced a proposal to settle with 15,000 ... Read the full article

AXA in €300mn settlement offer to 15,000 restaurant clients over COVID claims

10th June 2021

AXA France has today announced a settlement offer of €300 million, gross of tax and before reinsurance, to 15,000 restaurant owners who hold non-damage business interruption (BI) policies. The settlement applies to the 15,000 restaurant owners who hold AXA France's "standard policy" with extended cover for BI losses linked to administrative ... Read the full article

AXA XL appoints Andrew Diesel to casualty risk consultancy role

4th June 2021

AXA XL, the property & casualty and specialty risk division of AXA, has added Andrew Diesel as casualty risk consultant, fleet in the Americas. Diesel will provide technical support to AXA XL's underwriters and clients primarily in the US and Canada. He’ll also take responsibility for executing engagements with clients, including in ... Read the full article

Generali completes takeover of AXA’s Greek business

1st June 2021

Generali has completed its acquisition of AXA's Life & Savings and Property & Casualty businesses in Greece, for a total cash consideration of €167 million. Announced back in December 2020, the deal also sees Generali enter into a 20-year exclusive distribution agreement with Alpha Bank. The partnership with Alpha Bank, which ... Read the full article

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