Axa XL has announced it will no longer write management liability or financial institutions business in the London market due to persistent profitability concerns, but the decision does not affect Australia.

The insurer also says it will continue to write cyber, professional indemnity and mergers and acquisitions business in London.

“Following a strategic review and, in light of our ongoing concerns around the level of claims, pricing and profitability, we intend to cease underwriting management liability and financial institutions business in the London market,” a company spokesman said.

“This only applies to ML and FI business underwritten in the London market.

“Our financial lines business in the Americas, APAC and Europe remain unaffected by this.”

As insuranceNEWS.com.au previously reported, Axa XL had already announced a partial retreat from some London financial lines in August.

At that time a local spokeswoman said there was no truth in rumours that it would also pull back in Australia.

“Axa XL remains committed to the Australian financial lines market, and continues to accept new submissions,” she said.

“Axa XL will continue to provide best in class financial lines solutions to its Australian clients and broker partners.”

That statement “still stands” despite the latest announcement from London, the spokeswoman told insuranceNEWS.com.au.