Daily Digest, Axa XL set for Lloyds reinsurance exit, Ascot to enter workers comp with AmFed deal, Tango launches professional lines division

Axa XL set for Lloyds reinsurance exit in switch to company paperAxa XL will cease writing reinsurance from its Lloyd’s syndicate next year as part of moves to streamline its $5bn reinsurance operations, Insurance Day has learned.  From the start of next year, the company plans to write all new and renewal contracts via dedicated reinsurance legal entities. This includes writing Bermuda renewal reinsurance contracts on Axa XL Re paper, rather than on XL Bermuda paper, and renewing Lloyd’s reinsurance contracts on XL Re Europe SE paper rather than via Lloyd’s syndicate 2003. Around $400m of reinsurance premium is written by syndicate 2003. In total, Axa XL wrote $5bn of reinsurance premium in 2020.