The specialty division of the French (re)insurer saw rising claims last year
AXA XL has appointed a new chief executive as the the specialty risk division was hit by “an adverse claims experience” last year, parent company AXA said as it released its annual results today.
Group chief executive Thomas Buberl said the business was ”recording strong price increases and taking further steps to reduce volatility”.
At the same time AXA also announced that Chubb’s Scott Gunter was replacing Greg Hendrick as AXA XL chief executive.
AXA XL reported an all-year combined ratio of 101.5%. In response, the unit is reducing exposure to property catastrophe business, line-sizing in casualty, and adding reinsurance covers.
The measures are expected to have a €200m (£167m) impact on earnings in 2020, it said, while AXA XL underlying earnings should be €1.2bn.
Gunter has held several senior positions at the US company, including senior vice president of Chubb Group and president of Chubb’s North America commercial insurance division.
Hendrick meanwhile had decided ”to pursue other opportunities outside the group”, it added.
Gunter will report to Buberl, as well as sitting on AXA’s management committee.
Commenting on the changes, Buberl said: Greg’s [Hendrick] contribution has been instrumental in creating business synergies and ensuring a smooth transition for our clients and brokers.
”With the effective consolidation of AXA Art, AXA Corporate Solutions and XL’s activities under one roof, he has laid the foundation for AXA XL’s future success as part of the #1 global commercial lines insurance platform. I wish him all the best in his future endeavours.”
Buberl also welcomed Gunter’s appointment.
”Scott brings over 30 years of experience, a strong track record in commercial insurance and underwriting and a profound knowledge of the North American market,” he said.
”I am convinced that his deep experience and leadership skills coupled with the highly professional and engaged teams of AXA XL, will be a winning combination to drive the next phase of AXA XL’s development.”
While Gunter pledged to accelerate AXA XL’s development.
”Together, we will leverage our unique position in the market and our recognized expertise to make AXA XL the best global commercial lines insurance partner for its clients.”
Gunter began his career in insurance in 1986, where he held a series of underwriting and management roles.
AXA XL was formed when AXA bought XL Catlin in September 2018.
Subscribers read more