Given the pressure Lloyd’s is putting on chronically loss-making marine syndicates, can a re-pricing of fine art risks be far?
How is the Axa-XL merger progressing and what might its effect be on the fine art insurance market?
The merger is processing well and the Axa Group is now Number one worldwide for commercial and specialty risks. Axa XL Art & Lifestyle is the key player in this section and we hope to shape the industry going forward not only on products but also on service, in line with the strategy of Axa Group from payer to partner. Axa remains the master brand, whereas XL Art & Lifestyle will be the overriding identifier. It was important to maintain a reference to the XL brand. The closing of the deal happened mid of September 2018. Since then and until the formal merger of the legal entities at a later stage, the teams are focused on continuing to deliver business as usual, whilst collaborating for the integration. A high level of coordination on their portfolios exists and we are running the classical challenge of such integration, e.g. developing a joint IT platform. Axa XL Art & Lifestyle is proud to have in house art experts with a background of art and insurance. This enhances client relationship and results in a high retention rate. Axa XL Art & Lifestyle has combined the strengths of two complementary legacy portfolios in terms of geographies and products. A high focus is given to private clients, one of our core client segments, together with professional clients.