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AXA XL homes in on government de-risking opportunities
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AXA group, the chairman of which, Denis
Duverne, chairs the Insurance Development
Forum, which has closing the protection gap
as its primary aim.
He said the reinsurance arm of the
company was increasingly working with
parts of the AXA group such as AXA Climate,
which specialises in parametric solutions, to
find ways of helping governments.
“The approach must be a collaborative one
across the industry. No reinsurer or broker
can solve this or do these very complex deals
on its own,” he said.
AXA XL this week revealed changes to its
reinsurance structure. From January next
year, it is reducing its four reinsurance
underwriting regions to three: Global
Markets, which will comprise its London
and Bermuda reinsurance platforms; and the
North America and International regions,
which will continue to focus on clients and
Increasing complexity necessitates sophisticated approaches.
Expertise and fi nancial strength are the basis for covers that
protect casualty and property risks across multiple lines.
We cater to the growing demand with multiple-line covers
and structured solutions.
We create value through reinsurance.
Economic growth has ongoing
strong implications on the demand
for comprehensive protection
brokers in those areas. AXA XL’s Reinsurance
Claims and Operations functions will be
Cooper said that the primary aim of the
changes was to make it easier for clients to
access the business, and allow underwriters
more time to work directly with clients.
“It is a more customer-centric structure,”
he said. “The global risks business will deal
with the very complex stuff and our regions
will be better able to deal with clients.”
He noted that chief underwriting officer
Jon Gale will have an important role to play
directing business to the right place across
In terms of rates, Cooper said, any changes
varied by client, but overall AXA XL was
seeing increases of 2 to 3 percent in aggregate.
He said rates in the primary market were
increasing faster, suggesting that there was no
shortfall of capital, but that existing capital
was simply seeking a better return.
The reinsurance business was enjoying the
benefits of being part of the AXA Group, he
said. As well as being able to access its expertise
and global reach, it has been upgraded as result:
to ‘AA-’ from ‘A+’ by S&P Global Ratings, and
to ‘A+’ from ‘A’ by AM Best.
“Security remains very important to
cedants so this is important,” he concluded. l