Reinsurance giant AXIS Re announces major overhaul

Reinsurance giant AXIS Re announces major overhaul | Insurance Business America

Reinsurance giant AXIS Re announces major overhaul

AXIS Re, the reinsurance segment of AXIS Capital Holdings, has announced a series of actions to increase client satisfaction and drive profitable growth, including the implementation of a consultative client-engagement model and the expansion of product and market capabilities. The company is also 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,” said Steve Arora, AXIS Re CEO. “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. 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 company will enhance its client-engagement model with the launch of AXIS Re Strategic Partners, a dedicated team to serve clients and brokers. It is also expanding products and markets. This will include broadening capabilities for structured reinsurance, growing the AXIS Re presence in Asia, and dedicating a team to service the newly formed Specialty Re businesses.

The company is also redesigning its organizational model. AXIS Re will now be organized around four major divisions – North America, EMEA, Asia, and Global Markets – supported by two teams, Reinsurance Products and Reinsurance Services. With the launch of the new model, AXIS Re has announced the following new structure to the leadership team:

  • John Colello has been named president, North America. He will be based in New York. The North America division will include the organization’s Bermuda platform. Peter Kiernan will continue as president, Bermuda.
  • Jan Ekberg will continue as president of the EMEA division, based in Zurich. AXIS Re’s Latin America business will continue to be part of the EMEA division.
  • Les Loh has been named president of the company’s Asia division, based in Singapore. Loh previously served as deputy head of underwriting for the Asia division.
  • Rob Smart has been appointed interim president of the newly created Global Markets division. Global Markets will be the home of AXIS Re Strategic Partners, Specialty Re, and international business through the Lloyd’s platform.
  • Megan Thomas, recently appointed as chief underwriting officer, will head up the newly created Reinsurance Products team, based in New York.
  • Rob Looney, AXIS Re CFO and COO, will lead Reinsurance Services, also based in New York.
  • Victoria Westerberg will continue to serve as head of human resources, based in Zurich.

“Together, we plan to elevate AXIS Re to the next level, and today is an exciting step in that direction,” Arora said.