AXA XL

AXA XL is the P&C and specialty risk division of global insurance and reinsurance company AXA. It is co-headquartered in Hamilton, Bermuda, and Stamford, Connecticut, United States, and has more than 100 offices on 6 continents.

AXA XL was formed after the acquisition of XL Group Ltd, in 2018, and the merger of AXA Art, AXA Corporate Solutions and AXA Matrix. XL Group (initially known as EXEL ltd when first formed in 1986) was made up of a number of companies, notably Winterthur International (acquired from Credit Suisse in 2001 for $600m) and Catlin Group (acquired by XL Group in 2015 for $4.1bn in cash and stock). XL Group had its own VC fund, XL innovate, which focused on Fintech products and startups. XL Innovate continues to invest post-acquisition.

For mid-sized to multinational clients, AXA XL Insurance offers more than 30 lines-of-business including Property, Casualty, Cyber, Construction, Professional Liability, Financial Lines, Accident & Health and Environmental. Within AXA XL Insurance, XL Art & Lifestyle is one of the world’s leading insurance providers for artworks, collectables, high value goods and properties for private clients. AXA XL Risk Consulting offers comprehensive risk management solutions by bringing together AXA’s MATRIX Risk Consultants and XL Catlin GAPS/Property Risk Engineering. Their risk consultants provide risk management solutions covering all major risks including: construction, fire, liability, machinery breakdown, marine-transport, supply chain and natural hazards.

AXA XL has its own innovation division, Accelerate, led by Vincent Branch, who previously held senior roles at both Vitality and Zurich. Accelerate finds and develops new business models and implements them through products and propositions, helping to drive commercial opportunities for the group.

In October 2018 AXA XL announced it was partnering with Slice Labs to launch an on-demand, cyber insurance for small to medium businesses via Slice's Insurance platform.

In March 2019, AXA XL announced it is collaborating with Assurely to create a new insurance product for issuers and investors – particularly those engaged in crowdfunding portals. The new CrowdProtector product safeguards new online capital formation strategies, including equity crowdfunding and security token offerings (STOs).

CrowdProtector offers issuers protection against investor complaints and lawsuits, while serving as assurance to investors that they may get their principal investment back in the event the issuer misappropriates funds, or misrepresents information in their offering documents.

Later in 2019, AXA XL announced it was to partner with Accenture to offer global cyber security expertise to AXA XL's staff and clients. Initially available for financial services, healthcare, manufacturing and retail industries, it will also grow to cover property and casualty services in early 2020.

In October 2019 AXA XL partnered with Uber to roll out Vehicle Interruption Cover for Uber drivers based in Britain. The on-demand policy will provide a lump-sum of £450 if an Uber driver's car is involved in an accident and has to be taken off the road for more than 24 hours.

Finally, in December 2019, AXA XL partnered with Slice Labs and Microsoft to provide eligible Microsoft 365 users with an end-to-end cyber insurance policy.

AXA XL launched an autonomous vehicle policy in March 2020. The policy, available for up to $10m in addition to local mandatory motor insurance, covers third-party liability, damage to property insured and vehicle theft.

In November 2020 it was revealed that AXA XL was to receive €1bn from parent AXA to bolster its capital position after being hit by Covid claims and costs from natural disasters.

That same month, AXA XL entered into a multi-year partnership with Xtract, a data aggregation and analytics platform for claims, to digitise commercial auto claims management processes in the US.