Reinsurance News
AXA
AXA XL promotes Andrew Maynard
1st February 2022
AXA XL, the property & casualty and specialty risk division of global insurer AXA, has named Andrew Maynard as its new Head of Life, Accident & Health (A&H), UK & Lloyd's, effective immediately. Maynard takes on responsibility for leading all underwriting activities for the UK & Lloyd's A&H operation, and for ... Read the full article
German court sides with insurers over lockdown payouts
27th January 2022
A court in Germany has ruled that insurers are not automatically entitled to pay compensation to restaurants and hotels forced to close during the country’s initial coronavirus lockdowns. The ruling from the federal court in Karlsruhe follows a case from a restaurant owner in Travemunde who sued AXA due to an ... Read the full article
AXA XL promotes Scott Dalton
25th January 2022
AXA XL, the property & casualty and specialty risk division of global insurer AXA, has appointed Scott Dalton as Energy Property leader in the Americas. Prior to his new appointment Dalton was Senior Underwriter, having joined the company in 2006, helping build AXA XL's energy book and creating business relationships with ... Read the full article
AXA completes €690mn sale of Belgian banking operations
31st December 2021
French insurance giant AXA has sold 100% of its Belgian banking operations to cooperative bank Crelan for a total consideration of €690 million. The deal consists of €610 million in cash and the transfer to AXA Belgium of Crelan Insurance, the insurance company of Crelan valued at €80 million. In addition, AXA ... Read the full article
Monument Re & AXA Belgium agree transfer of a run-off life portfolio
22nd December 2021
Life insurance and reinsurance holding company, Monument Re, through its subsidiary Monument Assurance Belgium (MAB), and AXA Belgium have reached an agreement for the transfer of a run-off life insurance portfolio with BEGAAP provisions of €2.6 billion. MAB is Belgian life assurance firm regulated by the National Bank of Belgium. The carrier ... Read the full article
Risk managers believe climate will make certain risks uninsurable: AXA
16th December 2021
Results from a new study by AXA show that 60% of risk managers fear that certain geographies or activities will become uninsurable in future due to the impact of climate change. AXA says that its 2021 AMRAE Climate Commitment Barometer shows the growing importance of taking into account and understanding climate ... Read the full article
AXA UK hires Ursula Wyman as COO, Commercial
23rd November 2021
AXA UK has appointed Ursula Wyman as Chief Operating Officer for its Commercial business, succeeding Tim Yorke who will be leaving the business at the end of the month. Wyman will take up responsibility for driving operational progress such as advancing the digital strategy as well as continuing to navigate operational ... Read the full article
AXA reports total revenues of €76bn, strong price increases at AXA XL
5th November 2021
Global insurer and reinsurer AXA has reported a 7% rise in revenue to €76 billion for the first nine months of 2021, supported by growth of 5% within its property and casualty (P&C) operation. Within P&C, AXA has reported revenue expansion to €38.5 billion for the first nine months of the ... Read the full article
AXA extends oil & gas exclusions to support climate transition
29th October 2021
AXA has announced several new milestones in its approach to the energy sector by strengthening its existing Oil and Gas exclusions, with a specific focus on unconventional activities and new greenfield explorations. Firstly, AXA will stop investing in and underwriting new upstream oil greenfield exploration projects unless they are carried out ... Read the full article
AXA makes new commitments to preserve biodiversity
18th October 2021
AXA has made new commitments to preserve biodiversity by implementing a plan to fight against the deterioration of forest ecosystems. Deforestation is one of the main causes of biodiversity loss and carbon emissions, presenting a double loss for the climate due to them being the largest contributing carbon capturer. To protect these ... Read the full article
Climate change top concern for UK risk experts and public: AXA
29th September 2021
Climate change is the top concern for both risk experts and the public in the UK, according to a new report from global insurer AXA. According to the report, from a possible 25 risks that could impact the world within the next decade, over 64% of UK risk experts and almost ... Read the full article
Talks over the sale of AXA XL Re to Covéa fail: report
29th September 2021
According to reports in France, mutual insurance group Covéa's attempt to acquire the reinsurance operations of AXA XL has failed, with sources suggesting that the price proposed was insufficient. As reported by French publication, L'Argus de l'assurance, Covéa's search for a reinsurance entity continues after AXA XL Re joins the list ... Read the full article
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
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