Read Danny Walkinshaw’s take on Philippe Maso’s next moves and Zurich’s motor pledge

Two big returns to the market have been mooted today. The first could see a new role for Philippe Maso. I understand that the former AXA Insurance chief executive is considering a number of options before deciding where to land.

It’s been six months since Maso’s 15 year stint at AXA came to a sudden ending. However it has now emerged that AXA and Maso only agreed to the terms of his departure last month. A statement buried on the AXA Group website confirms this, and also makes clear his intention to remain in the UK market.

Since Maso was relieved of his duty last year, the market has been speculating about his next move. He’s been spotted around the City on several occasions, say market sources. His next move will be interesting. Maso is a wise owl, he speaks three different languages and his views on insurance, financial issues and the global economy are widely regarded. He is a former finance director and a return to investment, such as a venture capital firm, is tipped as a real possibility. But leaving AXA would not have sat well with Maso, after pledging to turn around the ailing business. So a return to an insurer and a chance to rebuild his reputation is also likely to be on the cards.

Zurich back in motor

The second is the return of Zurich to the UK personal lines motor market. This decision could be the first of many moves the insurer makes as it tries to rebuild bridges with the broker market. More than a year ago, Zurich led the way in raising motor premiums, pledging to hike rates 20%. As intended, this shaped up their book and it shaved around £200m of premium off in its personal lines business. But at the same time the decision upset brokers. After a hefty battering, Zurich’s new approach to personal lines motor will not be rushed.

The market will be watching closely, as any attempt to quickly regain premium could see it suffer further losses. If Zurich’s newly formed executive team (interviewed in Insurance Times this week) can get this right, it will provide a timely boost.

Danny Walkinshaw, digital news editor.

Email: danny.walkinshaw@insurancetimes.co.uk

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