Axa Corporate Solutions stands to capitalise on CGNU's recent withdrawal from global risk business after consolidating its presence in the market.

The company, officially launched on September 1, will specialise in providing a seamless global risks and reinsurance service to UK companies with a turnover of more than £100m.

ACS is formed from the merger of Axa Global Risks, Axa Re and the group's internal reinsurer Axa Cessions.

ACS UK chairman and chief executive is Adrian Ballardie, formerly chief executive of Axa Re.

Axa Corporate Solutions' executive vice-president Eric Paire believes the corporate risks market's volatility means insurers face a straight black and white choice over whether to stay in or quit the segment.

He said the formation of ACS shows Axa is committed to remaining in the market, but only on a selective basis, and he accepts that this selectivity could mean a reduced volume of business.

ACS is to adopt a global underwriting approach, adapted to local markets, and with a single worldwide portfolio and profit centre headquartered in Paris.