AXA XL has announced a number of senior reinsurance leadership appointments and changes, as it seeks to simplify its structure around key markets and its strategy.
Part of the change announced today appears to more closely align and integrate alternative reinsurance capital operations with the firms outwards reinsurance operations, use of hedging capacity and partnership capital.
Currently the firm has four key reinsurance underwriting regions: London, led by Rob Littlemore; Bermuda, led by Jonathan Gale; North America, led by John Welch; and International, led by David Watson.
All of the above reported in to Charles Cooper, Chief Executive, Reinsurance.
As of January 2nd 2020, the following changes will be implemented.
Rob Littlemore, Chief Executive, London Reinsurance, is set to take on the leadership of a newly-created Global markets business.
This business will consist of AXA XL’s Bermuda and London Reinsurance platforms. Paul Simons, Head of Property – Global Markets, will also serve as Head of Bermuda Reinsurance from January and will report to Littlemore.
David Watson, the Chief Executive of AXA XL’s International Reinsurance business and CEO of XL Re Europe SE, has elected to retire at the end of 2019 and will depart the business as a result.
“David has been with the company for more than 26 years,” Charles Cooper commented. “During his tenure, David was instrumental in establishing our presence as a recognized leader in the international casualty market. His leadership, expertise and dedication will be sorely missed.”
After Watson retires from the AXA XL reinsurance business, John Welch, Chief Executive, North America Reinsurance, will take over leadership of AXA XL Reinsurance’s International markets business.
Welch is relocating to Dublin, Ireland for January and his successor to lead the North America Business will be announced soon, the company said.
Jonathan (Jon) Gale, Chief Executive, Bermuda Reinsurance, will take on the role of Chief Underwriting Officer, that is currently occupied by Chris Dougherty, as Dougherty will take on the new role of Chief Executive, Underwriting Capital Management AXA XL.
Gale will be tasked with delivering underwriting excellence, underwriting portfolio management, customer relationship management, developing new business opportunities and demonstrating AXA XL’s thought leadership capabilities, in his role.
While, Dougherty, as Chief Executive, Underwriting Capital Management, will now take on all responsibility for AXA XL’s outwards reinsurance placements,
He will also work with AXA XL’s Head of Alternative Capital Daniel Brookman to further optimise AXA XL’s use of traditional hedges as well as alternative and partnership capital, so insurance-linked securities (ILS) vehicles and investor relationships.
In addition, AXA XL Reinsurance Chief Operating Officer Dawn Dinkins will lead a newly centralised claims and operational function.
Commenting on the changes, Charles Cooper explained, “To help our brokers and clients even more quickly and easily access our expertise and products, we’re simplifying our organizational structure. Our North American and International businesses will continue to focus on the customers and brokers in their local markets. However, we’re combining our Bermuda and London platforms to create a Global Markets business platform that will focus on the global catastrophe, casualty and specialty business that are placed in these markets.
“We’re also centralizing claims and operational functions into one global unit to embed consistency in approach and leverage global resources. We believe that these changes will be mutually beneficial to our trading partners and to our organization.”
The closer integration of outwards reinsurance and alternative capital bodes well for ILS investors to increase their access to AXA XL risks, as decided to be strategic and appropriate by the company.