Reinsurance News


AXA lowers retention at January reinsurance renewals

25th February 2021

French insurer AXA opted to lower its natural catastrophe retention levels at the January 2021 reinsurance renewals, the company has revealed. For its insurance segment, the retention has been lowered to €500 million for North America key perils, including hurricane and earthquake, with reinsurance coverage to absorb costs up to $1.25 ... Read the full article

AXA’s P&C underlying earnings down in 2020 on COVID-19 claims

25th February 2021

Global insurer AXA has reported an 18% dip in net income to €3.164 billion for 2020 and a 34% dip in underlying earnings to €4.264 billion, driven in part by the impacts of the COVID-19 pandemic on the performance of its AXA XL property and casualty (P&C) business. All in all, ... Read the full article

Ensurance secures capacity deal with AXA UK

22nd February 2021

Specialty lines MGA Ensurance has secured a new capacity deal with AXA Insurance UK for its core construction and engineering products. The deal sees AXA replace Swiss Re as the MGA’s main capacity provider and provides ‘AA’ rated capacity. “This is a landmark deal for Ensurance. We have worked hard building our ... Read the full article

AXA XL names Michael Colao Cyber CUO

28th January 2021

AXA XL has announced the appointment of Michael Colao as Global Chief Underwriting Officer for Cyber. He will be based in London and reports to Libby Benet, Global CUO for Financial Lines. Colao will manage aggregate cyber exposure across AXA XL’s products globally while helping develop and implement underwriting standards globally. He most ... Read the full article

HSBC & Etiqa named as shortlisted bidders for AXA Singapore: reports

20th January 2021

British bank HSBC Holdings and Etiqa, the majority owned Malayan Banking insurance joint-venture, have been named as two of the shortlisted bidders for the Singapore operations of global insurer and reinsurer AXA, reports Bloomberg. According to reports, people familiar with the matter have said that the sale of AXA Singapore could ... Read the full article

AXA agrees €165mn sale of operations in Greece to Generali

31st December 2020

Global insurer AXA has entered into an agreement with Generali to sell its insurance operations in Greece for a consideration of €165 million. The agreement will see AXA sell its Life & Savings and Property & Casualty businesses in Greece, and is seen as a continuation of the insurance giant's simplification journey, ... Read the full article

GIG under review following AXA acquisition

8th December 2020

AM Best has placed insurance group Gulf Insurance Group (GIG) and its subsidiary Gulf Insurance and Reinsurance Company under review with developing implications of their Financial Strength Rating of A (Excellent). The rating agency’s actions follows GIG’s acquisition of AXA's insurance operations in the Gulf region for $475 million. Last week, ... Read the full article

Refined AXA XL working to seize this ‘magical moment’: AXA CEO Buberl

1st December 2020

The team at AXA XL, led by Chief Executive Officer (CEO) Scott Gunter, is looking to capitalise on rising prices in the current hardening market environment, in an effort to both enhance and increase the underwriting performance of the business, according to Thomas Buberl, CEO of AXA. Today, French insurance and ... Read the full article

AXA targets stronger underwriting performance, accelerated efficiency

1st December 2020

Global insurer AXA is targeting a stronger underwriting performance, notably at AXA XL, over the next few years as part of its strategic plan "Driving Progress 2023". Outlined this morning at the insurer's virtual Investor Day, AXA's new strategic plan and key financial targets for 2021-2023 have a focus on improved ... Read the full article

AXA agrees to sell insurance operations in the Gulf region

30th November 2020

Global insurer AXA has entered into an agreement to sell its insurance operations in the Gulf region, which includes its shareholding in AXA Gulf, AXA Cooperative Insurance Company, and AXA Green Crescent Insurance Company, to Gulf Insurance Group (GIG). Under the terms of the arrangement, AXA will sell its stake in ... Read the full article

AXA XL appoints Welton to key CUO role

5th November 2020

AXA XL has announced the appointment of Peter Welton as Chief Underwriting Officer, Marine, Energy & Aerospace, UK & Lloyd’s market. Welton will look to develop and execute the underwriting strategy for the UK marine, energy & aerospace books and optimising product offering and profitability. The new role will see him lead ... Read the full article

AXA confirms capital injection for XL business

4th November 2020

Global insurer and reinsurer AXA has confirmed that it will provide a capital injection of potentially €1 billion to its AXA XL unit to shore it up against elevated catastrophe and COVID losses this year. Chief Financial Officer Etienne Bouas-Laurent explained that increasing the capital at AXA XL would enable it ... Read the full article

AXA reports 2% dip in revenues; sees accelerating price increases at AXA XL

4th November 2020

Global insurer and reinsurer AXA has announced that total revenues declined by 2% to €79.7 billion for the nine month period ended September 30th, 2020, as stable revenues within its property and casualty (P&C) business were offset by lower volumes as a result of COVID-19, alongside a decline in personal ... Read the full article

Just paying for a claim is not enough: AXA CEO, Thomas Buberl

28th October 2020

The events of 2020, notably the ongoing COVID-19 pandemic, are set to fundamentally alter the way insurance will be viewed and as sentiment shifts, just paying claims is not enough, according to Thomas Buberl, Chief Executive Officer (CEO) of global insurer AXA. Aon's latest fireside chat with industry leaders saw the ... Read the full article

AXA wraps up €1bn sale of Central European businesses

16th October 2020

Insurance and investment giant AXA has completed the sale of its life & savings, property & casualty and pension businesses in Poland, Czech Republic and Slovakia to UNIQA Insurance Group for €1 billion. UNIQA had been pegged as one of three bidders in the running to secure AXA’s Central and Eastern ... Read the full article

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