Axa XL has announced it will no longer write management liability or financial institutions business in the London market.

But the move will not affect the group’s financial lines business in Australia and New Zealand.

The insurer 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 management liability and financial institutions business underwritten in the London market.

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