AXIS Capital Holdings Limited, the Bermudian insurance and reinsurance specialist, is seeking to modernise its reinsurance underwriting and portfolio management operations at AXIS Re, with the establishment of a new Product Center that will be led by ex-PartnerRe executive Marcus Pollack.
The move is relevant to third-party capital providers and investors that work with AXIS, a company that has in recent quarters been ceding an increasing amount of its premiums with third-party capital providers.
Those activities and the need for reinsurance firms to establish more efficient operations are likely factors in AXIS’ decision to establish its new Product Center, as it seeks to create an underwriting business fit for the future of the reinsurance market.
Marcus Pollack has been hired from competitor PartnerRe and appointed to a newly created role of Head of Product Center for AXIS Re.
The Product Center will provide a new hub for AXIS to focus on ensuring its reinsurance operations are working as efficiently as possible, which will include issues such as helping to identify opportunities to work even more closely with third-party capital providers, we assume.
Commenting on the hire and explaining a little more about the new Product Center, Megan Thomas, Chief Underwriting Officer at AXIS Re, said that the initiative will focus on modernising the reinsurance operations
“Marcus’ appointment as head of our newly created Product Center is an important step towards establishing a modern and sophisticated approach to underwriting and portfolio management,” Thomas said. “A proven leader with deep reinsurance underwriting and portfolio management expertise, Marcus is extremely well positioned to support the execution of AXIS Re’s goals and will be a valuable member of the Reinsurance Products team.”
Pollack will be based in Zurich and will lead AXIS Re’s underwriting process and portfolio management activities, reporting directly to CUO Thomas.
Prior to the move, Pollack has spent 17 years at PartnerRe, most recently as Head of Analysis and Reporting and having served on the company’s senior management team. Before that role, Pollack was Chief Operating Officer for Specialty Lines and the Head of Credit and Surety at the reinsurer.
Ensuring underwriting processes are as modern as possible, to take advantage of innovation and technology trends, while also ensuring portfolio management is efficient will be absolutely key for reinsurers that seek to maintain their competitiveness going forwards.
With cessions to third-party capital such a key part of the business now at AXIS, it’s likely this new Product Center will be able to provide insights to help the company in identifying where best, and most efficient, to put its capital partners money to work.