AXIS boosts specialty underwriting capability

AXIS Capital Holdings Limited has announced a series of actions designed to advance leadership in specialty underwriting.

The first of these actions is the appointment of Vince Tizzio as chief executive officer (CEO) of specialty insurance and reinsurance. AXIS said last month that Peter Wilson, currently CEO of the insurance segment, will leave the company at the end of the year, timed to the completion of his contract, and that Tizzio had joined as senior advisor on insurance market strategy, and would become the CEO of AXIS Insurance on 1 June.

A second action is expanding the company’s small-to-mid-sized enterprise solutions capability and associated suite of specialist products transacted digitally, with Linda Ventresca named as head of digital.

A third action is completing the shift of AXIS Re to a specialist reinsurer, with a commitment to casualty, specialty, A&H, and credit lines, with Ann Haugh named CEO of AXIS Re.

AXIS will also exit its property reinsurance business, further reducing overall exposure to catastrophe risks. AXIS Re will honour all multi-year treaties and outstanding quotes but will no longer consider new property and catastrophe reinsurance business.

AXIS will also consolidate the underwriting analytics and actuarial support functions under a global chief underwriting officer (CUO), who will oversee actuarial support functions previously reporting to the business segments. This CUO organisation will partner with the company’s underwriting divisions to introduce greater innovation into products and services delivered to existing and new customer segments, AXS said.

Albert Benchimol, president and CEO of AXIS Capital, said: “We are simplifying our organisational structure and aligning our resources to advance leadership in specialty underwriting–this is part of a multi-year effort to build on the significant progress AXIS has made to generate consistent profitable results, reduce earnings volatility, and grow a stronger overall book of business, all with an eye toward better serving customers and providing increased value to our shareholders.”

With the refocus of AXIS Re, AXIS Re CEO Steve Arora will leave on 31 December, following nearly five years with the company.

"During the time Steve has been with AXIS, the Reinsurance industry faced significant challenges and, in response, the company has been working toward a new direction. Steve demonstrated impressive leadership and led the transformation of AXIS Re into a specialist reinsurer," Benchimol said. "With that reshaping now successfully completed, we understand that it is the right time for him to pursue his next venture.”

Arora added he was confident the newly announced actions would “accelerate the positive momentum” across the company.