Company profile: Axa Global Risks (UK)

Axa Global Risks (UK) had a difficult year in 1999, partly as a result of exceptionally large losses on its property portfolio as well as the depressed market. Commenting in the company’s annual report, chief executive James Morgan noted that the company’s property book incurred gross losses of £62mn from individual claims and catastrophic events, resulting in a total gross incurred charge of £97mn for the class. Net of reinsurance the underwriting loss for the class was £32mn.