AXIS Re unveils strategic overhaul, market expansion plans
AXIS Re, the reinsurance segment of Bermuda-based AXIS Capital Holdings, has revealed a series of strategic changes intended to increase client satisfaction and drive profitable growth.
These actions, which are in line with AXIS Capital’s focus on leadership in selected markets, include implementing a consultative client engagement model, and expanding product and market capabilities in structured reinsurance, and increasing its presence in Asia.
“AXIS Re has been a remarkable story over the last 17 years and has established a profile from a start-up company to a global player with a reputation for strong underwriting, expertise and claims service. Today, the industry is rapidly changing – new forces are reshaping the market, new risks are emerging, protection gaps are growing and there is a need for fresh solutions that solve client needs,” said Steve Arora, chief executive officer of AXIS Re.
“As the market transforms, we believe in the long term potential of our business, and it is our ambition to achieve a leadership position which will allow us to deliver significant value to our clients, our brokers, and our communities. This is the next step in the evolution of AXIS Re.”
The reinsurer said it is launching AXIS Re Strategic Partners, a dedicated team to serve clients and brokers, to improve its client engagement model.
AXIS Re has also announced the expansion of products and markets to be best positioned for long term success and deliver maximum value to clients. This will include: broadening capabilities for structured reinsurance to offer customised solutions for client needs; growing its presence in Asia to strengthen the global footprint; and dedicating a team to service Specialty Re businesses.
Finally, the company will organise around four major divisions – North America, EMEA, Asia, and Global Markets, supported by two enabling teams, reinsurance products and reinsurance services. With the introduction of its new organisational model, AXIS Re has also made new additions and changes to its leadership team.
Jon Colello has been named president North America, based in New York, and the division will include the organisation’s Bermuda platform. Peter Kiernan will continue as president Bermuda.
Jan Ekberg will continue as president EMEA, based in Zurich. AXIS Re’s Latin America business will continue to be part of the EMEA Division.
Les Loh has been promoted to president Asia, based in Singapore. Loh had previously served as deputy head of Underwriting Asia.
Rob Smart has been appointed interim president of the newly created global markets division. The global markets division will be the home of AXIS Re Strategic Partners, the newly formed Specialty Re, and international business through the Lloyd’s platform. The organisation will conduct a search for the newly created role. Smart had previously served as head of international reinsurance A&H.
Megan Thomas, recently appointed chief underwriting officer, will lead the newly created reinsurance products team, based in New York.
Rob Looney, CFO & COO, will lead reinsurance services, based in New York.
Commenting on the announcement, Arora said: “As we grow, we will always maintain the character of AXIS Re as an expert-driven and agile reinsurer. We will continue to invest in the audiences that matter most – our clients and our people – while growing a culture centred around performance and purpose, and creating a positive impact in all that we do.
“Together, we plan to elevate AXIS Re to the next level, and today is an exciting step in that direction.”
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