AXA XL hires former consultant to fill new cyber underwriting position

AXA XL has created a new position within the company, global chief underwriting officer for cyber, and hired Elizabeth (Libby) Benet to fill it.

Benet, who is based in New York, was previously managing her own consulting business, helping insurance companies develop new insurance products, set up underwriting and claims systems and purchase reinsurance.

Before working at her own consultancy she spent time at Beazley, General Reinsurance and Zurich.

Benet reports to Nancy Bewlay, chief underwriting officer for long tail risk, who cited reports that the global cyber insurance market will reach $21.4 billion within five years. “[Benet’s] experience and insight will be instrumental as we continue to grow AXA XL’s cyber business wisely and profitably and develop the cyber insurance products and services that can help our clients protect their digital assets and their own profitability,” she added.

Benet will help AXA XL “closely monitor cyber risk portfolio and exposure from an aggregated global product view,” Bewlay added.