Axor Financial launched as $1bn insurance capital platform by Cohen. Hires Fox from HCMA

Axor Financial has been launched with a vision to provide the right capital into the insurance and reinsurance industry, with the new business that has been founded by former Gallatin Point exec Zhak Cohen recognising the need for alignment between capital providers and the industry participants they are funding.

Axor Financial explains itself as, “A $1 billion principal capital platform dedicated to insurance — marrying flexible, long-term capital with insurance focus and expertise.”

Founder Zhak Cohen has a wealth of experience investing in and deploying a wide-range of capital solutions to the insurance and reinsurance markets.

Cohen spent almost nine years working at sector-specialist investment firm Gallatin Point Capital LLC, during which time he became a Managing Director and Member of the Investment Committee and allocated capital across a wide-range of opportunities in the re/insurance sector.

His work has included hybrid capital platform builds in the insurance industry, transformations of company capital architecture, formations of NewCo’s and alternative capital investments. He previously worked in the alternative reinsurance capital division at XL Group.

In his time at Gallatin Point, the firm also became a catastrophe bond sponsor with the Marlon Re issuance in 2024. Cohen also spoke at one of our conferences in New York in 2025, where he explained accessing the cat bond market was a way to marry Gallatin’s risk appetite with those of other investors.

When he launched Axor Financial Cohen explained, “The premise is simple: insurance does not lack capital; it lacks the right capital—capital of the appropriate form and quality, committed for the right duration, available at meaningful scale, and backed by a deep understanding of the businesses and risks it supports.

“Axor was created to help close that gap by providing flexible, long-term capital and strategic solutions across the insurance industry.”

The goal at the new company is to provide flexible, long-term capital solutions at institutional scale to insurance and reinsurance industry participants.

This can include everything from equity, through hybrids, surplus relief solutions and structured risk capital solutions, so insurance-linked securities type financings and arrangements are likely in scope.

Importantly, Axor Financial wants to work with investors and capital providers that match the needs of the re/insurance market.

In having the right form, quality, risk appetite and duration, while being available in sufficient scale, to truly deliver solutions that match the way the re/insurance industry plans and works.

Axor Financial brings an understanding of the various market constituents that require access to financing, with the investor connections to support those needs and a goal to align both sides “so everyone is underwriting the same outcome.”

This week, Axor Financial has announced its first hire as well, with former Howden Capital Markets & Advisory (HCMA) Director Tim Fox having joined as a Principal.

Fox had worked at HCMA, the capital markets focused arm of reinsurance broker Howden Re, since June 2016, focusing on U.S. M&A, capital raising and reciprocal formation transactions.

Cohen commented on the first addition to his new venture, “Tim Fox has joined Axor Financial as a Principal — our first full-time hire — and I couldn’t be more excited.

“I’ve known and worked with Tim for nearly a decade as he rose through the ranks at Howden’s investment banking division. He’s bright, humble, hardworking and technically proficient, with the integrity and judgment you want in a colleague.

“Axor’s thesis is simple: the insurance industry doesn’t lack capital; it needs the right capital — flexible, long-duration, institutional in scale, and backed by deep, dedicated insurance expertise. That thesis is resonating, and we’re off to a stronger start than I could have hoped.

“Building on that momentum comes down to people, and I can’t think of a better first hire.”

To be clear, Axor Financial is not an ILS business, but it is the latest specialist to launch with a mandate to deploy capital to financing solutions in the industry, which will likely over-time include some participation in risk-linked structures, as well as equity, debt and other hybrid financing forms.

With institutional third-party capital increasingly focused on developing efficient ways to access the returns of the re/insurance sector and new capital deployment routes emerging, while industry participants are increasingly sophisticated in how they leverage external sources of financing, Cohen’s timing may be opportune.