AXA XL completes an alternative capital reinsurance transaction with Texas MGA Bluefire

AXA XL | July 07, 2020

AXA XL completes an alternative capital reinsurance transaction with Texas MGA Bluefire
Bluefire Insurance, a Texas-based managing general agency, and Bermuda-based AXA XL Reinsurance, have announced the completion of an alternative capital reinsurance transaction in which Bluefire will assume risk from its personal auto portfolio through a collateralized reinsurance agreement with AXA XL.
AXA XL and Bluefire have been partnering since 2014. The partnership was strengthened last year when Buefire consolidated its carrier assortment and moved its reinsurance buying to a portfolio basis. The latest transaction represents Bluefire’s first risk-taking position on its business, and the first personal auto alternative capital transaction that AXA XL has completed in Bermuda.

Spotlight

As a way to indemnify ourselves against potential loss, there is no better alternative to insurance. The insurance industry has been overly focused on improving underwriting standards and reducing administration costs for long. Claims management has gotten the short shrift until a steep rise in loss ratio and its adverse impact on profit margins started to change that. Claims management involves various steps from the First Notice of Loss (FNOL), assignment of a claims adjustor, investigation, and claim settlement up to claim payment. It is typically a cumbersome web of processes needing considerable manual intervention. With rising demand from the ecosystem for stringent regulatory compliance and high customer expectations, insurance has tried to automate the manual processes in response. This has cut costs, reduced fraud, and improved customer experience, but the benefits have only been incremental.

Spotlight

As a way to indemnify ourselves against potential loss, there is no better alternative to insurance. The insurance industry has been overly focused on improving underwriting standards and reducing administration costs for long. Claims management has gotten the short shrift until a steep rise in loss ratio and its adverse impact on profit margins started to change that. Claims management involves various steps from the First Notice of Loss (FNOL), assignment of a claims adjustor, investigation, and claim settlement up to claim payment. It is typically a cumbersome web of processes needing considerable manual intervention. With rising demand from the ecosystem for stringent regulatory compliance and high customer expectations, insurance has tried to automate the manual processes in response. This has cut costs, reduced fraud, and improved customer experience, but the benefits have only been incremental.

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