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.
