AXA XL appoints new global CUO for cyber

Re/insurer AXA XL has appointed Michael Colao as global chief underwriting officer for cyber, responsible for managing aggregate cyber exposure across its products globally.

Based in London, Colao will report to Libby Benet, who was recently promoted to global chief underwriting officer for financial lines.

Colao most recently served as corporate chief security officer within AXA Group Operations where he oversaw information security, physical security, and operational resilience for multiple entities within AXA Group, including AXA XL. Prior to that, he served as chief security officer for AXA UK and Ireland for nearly a decade, managing cyber security for 15 AXA-owned companies globally.

Colao also represents the insurance industry in the Bank of England’s Cross-Market Operational Resilience Cyber Coordination Group and serves on the steering committee of the UK government Financial Services Cyber Coordination Centre, advising on regulation as appropriate. In 2020, he joined the Cyber Coordination Group’s Cloud Security working group and the 3rd party and Supply Chain risk working group.

Benet said: “Michael brings a wealth of knowledge from his nearly 20 years as a senior Cyber Security expert in the financial service industry, his background and technical expertise will complement the underwriting talent within our global cyber team, providing a unique perspective into cyber risk.”

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