Axis Capital drops property re, turns full specialty with new leadership
Axis Capital will fully exit property reinsurance and commit its reinsurance operations to casualty, specialty, A&H and credit lines under revamped leadership, the company said in a strategy outline.
“We are simplifying our organizational structure and aligning our resources to advance leadership in specialty underwriting," Axis Capital CEO Albert Benchimol (pictured) said, calling it a step in ongoing efforts to stabilize earnings, reduce volatility “and grow a stronger overall book of business.”
Vince Tizzio, at Axis since January, becomes CEO Specialty Insurance and Reinsurance to oversee core divisions including wholesale, international, financial lines, accident & health, and cyber, as well as AXIS Re. New specialty products are to hit the offer, with an eye for expanding into SME.
The drive into SME markets will be digitally driven and AXIS named 19-year company veteran Linda Ventresca as head of digital to identify and guide the delivery of digital solutions to make it happen. Ventresca, most recently chief strategy officer, will continue to oversee AXIS Digital Ventures.
Ann Haugh becomes CEO of AXIS Re as the firm “completes the shift of Axis Re to a specialist reinsurer.” AXIS Re CEO Steve Arora will leave the company end-year following nearly five years with the organization.
“We have completed the refocusing of the reinsurance business to align with our overarching goal of being a leading specialist reinsurer. With these actions, we provide clarity on AXIS Re's long-term risk appetite, the sustainability and predictability of our approach, and our go-forward priorities,” said Haugh.
The short version: property reinsurance is out “further reducing overall exposure to catastrophe risks.”
“The decision to close our Property Reinsurance business was not taken lightly and was driven by the significant and increasing effects of climate change and the challenges faced by the catastrophe reinsurance market,” Benchimol said. “We are committed to doing all we can to help enable a smooth transition for our colleagues and partners who will be impacted by the change.”
In support, Axis will centralize all underwriting analytics and support functions into a single division to be headed by a global Chief Underwriting Officer for whom the search has now begun.
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