My understanding is Ensurance write a policy wording that makes them standout in a particular class such as Terrorism but needs an Insurer to provide capacity to allow Ensurance to write the product. Ensurance is not an insurer, they are an agent of Axa. In this instance Axa have take over from Swiss Re.
Why did this happen? Maybe Swiss Re wanted out due to loss ratios, or maybe Axa wanted in and was happy to provide a great 'clip' to Ensurance. All speculation on my behalf.
Ann: Change of Director's Interest Notice, page-14
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