New Ocean Capital Management

AXA XL, the specialty commercial insurance and reinsurance division of France headquartered global player AXA, has continued to simplify the structure of its reinsurance business around key markets and its core strategy.

According to analysts that met with the senior management of AXA Group recently in London, the company has continued to utilise increasing amounts of third-party reinsurance capital to support its natural catastrophe exposures.

AXA XL has announced a number of senior reinsurance leadership appointments and changes, as it seeks to simplify its structure around key markets and its strategy.

The integration of Bermuda headquartered insurance, reinsurance and alternative capital management specialist XL into the AXA group of companies is “progressing well” according to AXA’s CEO, with a strong half-year of revenues a sign of what may be to come.

New Ocean Capital Management’s former CEO Chris McKeown has stepped down from his Vice Chairman role to pursue other interests, New Ocean owner AXA XL said today.

AXA XL purchased more catastrophe protection at the January 2019 renewals and also continued to increase its use of alternative reinsurance capital, which was evidenced by in-house ILS fund manager New Ocean’s assets under management reaching $1 billion.

As global insurance and reinsurance group AXA increases its use of insurance-linked securities (ILS) capacity, the firm will aim to broaden the range of risks that it cedes to investors to include much more than just risks from the legacy XL Catlin portfolio.

Global insurance and reinurance group AXA said that it plans to further enhance and increase its insurance-linked securities (ILS) capacity as part of its mission to de-risk and control its catastrophe exposure across the group, with further reductions in exposure expected in 2019.

Insurance and reinsurance firm AXA XL has acquired all third-party ownership interests in its already majority-owned insurance-linked securities (ILS) asset management affiliate, New Ocean Capital Management Limited.

Bermuda domiciled insurance-linked securities (ILS) and reinsurance linked investment manager New Ocean Capital Management Limited (New Ocean) has delivered increased value to its stakeholders and third-party investors over the course of 2016.