Axa XL
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The money will be split between 4,400 people, including survivors and the families of those who lost their lives.
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Axis Capital and Argo Group shares jumped nearly 5%, while shares in Arch, Travelers and Alleghany were all up more than 3%.
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The carrier has also appointed Bob Peretti as chief distribution officer and Jim DiVirgilio as claims officer for the region.
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Underwriters in the cyber insurance market are anticipating a major payout following a ransomware attack on US technology and consulting company Cognizant. -
The deal marks the MGA’s first foray into assuming underwriting risk.
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Concerns over crew liability claims have led carriers to change wordings and tighten underwriting criteria.
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Its shares were up 11% after the news, implying markets had feared worse.
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The carrier will have to compensate a Parisian restaurateur for two months’ lost earnings.
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The surprise move reflects a desire to bolster profitability at the specialty business, group CEO Buberl says.
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The International Group originally notified reinsurers of a $115mn loss.
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Carriers led by Axa XL are accused of “not acting in good faith” and acting “miserly”.
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The combined vehicle will write P&C cover for amusement parks, arcades and carnivals.
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