NZIA exits continue as Axa and Allianz withdrawThe Net Zero Insurance Alliance (NZIA) has been rocked by further exits with European heavyweights Axa and Allianz both confirming their withdrawal from the industry body.
Axa targets €4.7bn P&C earnings for FY23 as cat ri exposure cut backs continueAxa’s group CFO Alban de Mailly Nesle has said the group is focused on “growing where we want to grow” as it continues to trim its natural catastrophe exposure within its reinsurance book, while commercial lines saw pricing discipline maintained during the first quarter of 2023.
Axa P&C GWP rises to €18.6bn in Q1 despite further cat reinsurance reductionsA reacceleration of pricing has helped Axa deliver P&C gross written premiums of €18.6bn ($20.2bn) for the first quarter of 2023, 2.2 percent ahead of analyst consensus expectations.
Axa targeted by climate activists with calls to restrict cover for gas projectsActivist group Reclaim Finance has called on Axa to strengthen its exclusions around fossil fuel underwriting by committing to no longer underwrite new gas fields.
Axa reveals €600mn Credit Suisse bond exposureFrench insurance group Axa has said it has limited exposure to Credit Suisse of ~€600mn ($643mn), comprising covered bonds and senior bonds.
Axa trims board headcount as Clamadieu retiresAxa has cut the number of board members from 17 to 16 after the retirement of long-time member Jean-Pierre Clamadieu.
Axa sells stake in Italian bank as international restructure continuesEuropean insurer Axa has completed a €233mn sale of its shares in Banca Monte dei Paschi di Siena S.p.A. in a book-built offering reserved to institutional investors, marking the latest disposal for the French carrier.
Axa XL Re plans further 35% cut in nat cat exposure in 2023Axa XL is planning to further reduce the natural catastrophe exposure within its reinsurance book during 2023 as it continues to take steps to limit earnings volatility.
Axa unveils €1.1bn buyback as XL improves full-year CR to 96.7%Axa’s P&C operations generated a combined ratio of 94.6 percent during 2022 as the group benefited from higher technical profitability at Axa XL and lower natural catastrophe impacts in its reinsurance segment.
Axa UK joins Flood Re property resilience schemeAxa UK is the latest insurer to sign up to the Build Back Better scheme launched by UK state-backed reinsurer Flood Re, Axa Retail UK CEO Tara Foley confirmed during a parliamentary roundtable event focused on flood prevention and resilience.
Axa renews Research Fund for 5 years as appoints Roberts to lead scientific boardAxa has renewed the mandate of its scientific philanthropy initiative for the private sector Axa Research Fund for a further five years, with Debra Roberts appointed president of the scientific board.
Axa closes €750mn debt placement to drive growthAxa has announced the placement of €750mn ($805mn) of dated subordinated notes which the carrier said would be used for general corporate purposes.
Axa XL Re promotes Abend to newly expanded role of head of property, BermudaAxa XL Re, the reinsurance arm of Axa XL, has promoted Tristan Abend to the newly expanded role of head of property, Bermuda.
Axa names Lopez as president and CEO of PhilippinesAxa Philippines has announced the appointment of Bernardo Serrano Lopez as its new president and chief executive officer.
Axa XL Re names Ingenhoven as CFO, reinsuranceAxa XL Reinsurance has appointed Claudia Ingenhoven as chief financial officer (CFO), reinsurance.
Axa XL names Baron to lead CIP business in North AmericaAxa XL Insurance has promoted Meredith Baron to underwriting manager for its controlled insurance program business, part of the firm’s North America construction unit.
Axa recognised in S&P Global corporate sustainability assessmentFrench insurance group Axa has secured the highest rating throughout the insurance sector in the 2022 edition of S&P Global’s corporate sustainability assessment.
Axa XL follows MS Re in restricting property cat to multi-class buyersAxa XL Re and MS Reinsurance are leveraging property catastrophe and only offering North American covers to cedants that also purchase other forms of reinsurance across their portfolios, in a further sign that the supply-demand imbalance is tipping increasingly in reinsurers’ favour.
Axa and Altrincham FC settle BI dispute ahead of London trialAxa Insurance has settled a long-running legal dispute with a semi-professional football club over the payment of claims related to business interruption (BI) losses suffered as a result of the pandemic lockdowns, The Insurer can reveal.
Axa cancels €250mn lower layer on NA hurricane tower as cedants forced to hike 1.1 retentionsEurope’s second largest insurer Axa is to increase the retention on its 1 January 2023 NA hurricane XoL tower to €600mn after cancelling a €250mn layer at the bottom of its placement, The Insurer can reveal.