Europe’s second largest insurer is halfway through a tricky transition. Last year, it started the process of shedding its U.S. life insurer AXA Equitable, a business line rendered unattractive by low interest rates, longer life expectancy and higher capital requirements. It threw some of the money it raised at Bermuda-based XL, a property and casualty insurer, and a reinsurer. XL promptly lost $700 million on Californian wildfires and Hurricane Michael. Axa and others have raised prices this year, strengthening an already-decent underlying business, but CEO Thomas Buberl has staked his reputation on XL keeping on top of increasingly expensive natural disasters.