The New Zealand-created wrap that landed a £35.5 million contract to supply the technology for the Standard Life platform in the UK two years ago is understood to have signed Axa as its next major client.
According to a report on UK website Citywire, the First New Zealand Capital wrap (now known as FNZ) will back the Axa UK platform which is due to hit the market shortly. If confirmed the Axa UK deal will be another major coup for FNZ, which surprised the market by winning the wrap contract for insurance and investment giant Standard Life late in 2005. Until the Standard Life deal, FNZ was a little-known Wellington-based platform provider. Citywire said Axa had poached Skandia UK’s head of marketing, Ian Thomas, to lead its platform push. “I am moving to the Axa wrap and will be working under Paul McMahon, who heads up the wrap,” Thomas said in the Citywire story. Axa UK said it would be confirming its wrap strategy very soon. FNZ was not able to comment.
The brunt of losses from the LA wildfires are expected to be borne by primary insurers and high-risk reinsurance programs, but super funds are nevertheless closely monitoring the possible impact of the fires on catastrophe bond and insurance-linked securities exposures.
Simon HoyleJanuary 17, 2025
