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Top related persons:
Thomas Buberl - 1 Aimee Donnellan - 1 George Hay - 1 Oliver Taslic - 1 Reinsurers - 1 Hurricane Ian - 1 Gallagher Re - 1 David French - 1
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AXA - 2 XL - 2 Thomson - 2 XL Group - 1 Twitter - 1 AXA SA - 1 Covea - 1 AXA XL - 1

Search resuls for: "AXA XL"


3 mentions found


☆ AXA’s XL cleanup would be logical, if belated
  + stars: | 2023-07-12 | by ( ) www.reuters.com   time to read: +2 min
The boss of $66 billion AXA (AXAF.PA) bought XL Group back in 2018 to beef up its position insuring against storms and other catastrophes. AXA XL’s reinsurance arm, about 10% of group revenues, also drove pricing up 7% last year. Based on AIG’s (AIG.N) recent sale of its reinsurance arm Validus Re, which was done at 1.4 times book value, XL’s reinsurance unit might be valued at around $2.8 billion. The extra cash may help placate investors that never much liked the deal, given that the contribution to earnings from XL should now be more stable. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
Persons: Thomas Buberl, Aimee Donnellan, George Hay, Oliver Taslic Organizations: Reuters, AXA, XL Group, XL, Twitter, Thomson Locations: U.S, China
☆ Exclusive: AXA weighs offloading $2 bln reinsurance arm to cut disaster risk - sources
  + stars: | 2023-07-11 | by ( David French Pablo Mayo Cerqueiro | David French | Pablo Mayo Cerqueiro | ) www.reuters.com   time to read: +2 min
NEW YORK/LONDON, July 11 (Reuters) - One of the world's top insurers is mulling offloading its property reinsurance business in a bid to cut its exposure to natural disasters like hurricanes, according to three people familiar with the matter. Prices for U.S. property catastrophe reinsurance rose by as much as 50% at a key July 1 renewal date, broker Gallagher Re said in a recent report. AXA has been trying to reduce the exposure of its AXA XL property and casualty (P&C) division - which houses XL Re - in an effort to make earnings more predictable. This has caused the reinsurance business to shrink, with revenues dropping by nearly a third last year to $3.2 billion, according to AXA's 2022 accounts. In May, American International Group (AIG.N) agreed the sale of its reinsurance arm Validus Re for roughly $3 billion, or about 1.4 times the unit's book value.
Persons: Reinsurers, Hurricane Ian, Gallagher Re, David French, Pablo Mayo, Amy, Jo Crowley, Carolyn Cohn, Echo Wang, Silvia Aloisi, John O'Donnell, Conor Humphries Organizations: AXA SA, XL, Covea, AXA, AXA XL, American International, Fidelis Insurance Holdings, Reuters, Hamilton Insurance, Pablo Mayo Cerqueiro, Thomson Locations: Bermuda, New York, London, Paris
☆ Activists aggravate art insurers' climate headache
  + stars: | 2022-11-25 | by ( Carolyn Cohn Noor Zainab Hussain Barbara Lewis | Carolyn Cohn | Noor Zainab Hussain | ) www.reuters.com   time to read: +6 min
Many in the art and insurance world, however, say it may be only be a matter of time before art works are vandalised, especially if protests spread beyond climate activism. The art insurance market globally earns around $750 million in premiums. PRESSURE ON PREMIUMSLosses and levels of insurance availability tend to dictate insurance premiums. Commercial museums and galleries, however, buy art insurance, and its use is also more prevalent among larger museums in the United States than in Europe. While five insurers contacted by Reuters said they were not yet factoring climate attacks into premiums, some artists say they already face increased costs.
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