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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailAXA CEO: We need to work more on prevention when it comes to natural catastrophesThomas Buberl, group CEO of AXA, discusses climate risks and says "we need to link insurance to prevention."
Persons: Thomas Buberl Organizations: AXA
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
WASHINGTON, July 10 (Reuters) - The World Bank on Monday named 15 chief executive officers including financiers and asset managers to a group launched by the lender's president, Ajay Banga, aiming to marshal more private capital to combat climate change and boost investment in developing countries. Banga announced the initiative at a global finance summit in Paris last month alongside Mark Carney, the U.N. special envoy on climate action, and Shriti Vadera, chair of Prudential Plc (PRU.L). The World Bank and the CEOs will work "to develop, test, implement and ultimately scale financing structures that can most effectively mobilize private capital," Carney said in a statement. He said in a statement that the Private Investment Lab CEOs were a "crucial piece of the puzzle" to devise ways to pull more private sector investment into the intertwined challenges of poverty, climate and fragility. Reporting by David Lawder; Editing by Will Dunham and David GregorioOur Standards: The Thomson Reuters Trust Principles.
Persons: Ajay Banga, Joe Biden, King Charles . Banga, Mark Carney, Shriti Vadera, Carney, Thomas Buberl, Larry Fink, BlackRock, Noel Quinn, Hendrik du Toit, Jessica Tan, Sim Tshabalala, Bill Winters, Dilhan, Mark Gallogly, Banga, David Lawder, Will Dunham, David Gregorio Our Organizations: Bank, Investment, U.S, Prudential Plc, World Bank, AXA, HSBC, Shemara, Mitsubishi UFJ Financial, Ping An, Royal Philips, Standard Bank, Standard Chartered, Sustainable Energy, Tata Sons, Temasek, Cairns, Mastercard, Private Investment, Thomson Locations: Britain, Paris, Macquarie, Banga
AXA’s fling with Monte Paschi ends on high note
  + stars: | 2023-02-28 | by ( ) www.reuters.com   time to read: +2 min
With its 200-million-euro investment in Banca Monte dei Paschi di Siena (BMPS.MI), the French insurer was one of the largest backers of a crucial 2.5-billion-euro capital increase that the hard-beaten lender secured in November. For AXA, supporting the cash call was instrumental to protect its existing insurance distribution partnership with Monte Paschi. The French insurer said on Tuesday it had sold 100 million shares, nearly 8% of Monte Paschi’s total, at 2.33 euros each, pocketing 233 million euros. That’s a 17% gain from the 200 million euros it invested in the cash call. Monte Paschi’s recent strong share-price performance has in any case more to do with the improved economic outlook in Europe and rising interest rates than with any merit of its own.
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