AXIS Re unveils next step in evolution
AXIS Re has unveiled a series of strategic changes that it claims will increase client satisfaction and drive profitable growth.
The company said that in line with parent company AXIS Capital’s enterprise-wide focus on leadership in selected markets, these actions are expected to deliver both relevance and differentiation in the global reinsurance marketplace.
“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. 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,” said Steve Arora, chief executive officer of AXIS Re. “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.”
These key actions include implementing a consultative client engagement model, and expanding product and market capabilities.
Firstly AXIS Re said that it will enhance its client engagement model to enable a more proactive and consultative approach. This will be accelerated with the launch of AXIS Re Strategic Partners, a dedicated team to serve clients and brokers. The overall consultative model will enable AXIS Re to provide tailored solutions that are a direct response to client needs. The organisation will start recruiting for these newly created roles.
Secondly AXIS Re also announced the expansion of products and markets to be best positioned for long term success and deliver maximum value to clients. This will include: broadening capabilities for structured reinsurance to offer customised solutions for client needs; growing its presence in Asia to strengthen the global footprint; and dedicating a team to service highly expert-driven Specialty Re businesses.
Thirdly AXIS Re will now organise around four major divisions – North America, EMEA, Asia, and Global Markets, supported by two enabling teams, reinsurance products and reinsurance services. With the introduction of its new organisational model, AXIS Re announced the following new structure and leadership team:
- Jon Colello has been named president North America, based in New York, and the division will include the organisation’s Bermuda platform. Peter Kiernan will continue as president Bermuda.
- Jan Ekberg will continue as president EMEA, based in Zurich. AXIS Re’s Latin America business will continue to be part of the EMEA Division.
- Les Loh has been promoted to president Asia, based in Singapore. Loh had previously served as Deputy Head of Underwriting Asia.
- Rob Smart has been appointed interim president of the newly created global markets division. The global markets division will be the home of AXIS Re Strategic Partners, the newly formed Specialty Re, and international business through the Lloyd’s platform. The organisation will conduct a search for the newly created role. Smart had previously served as head of international reinsurance A&H.
- Megan Thomas, recently appointed chief underwriting officer, will lead the newly created reinsurance products team, based in New York.
- Rob Looney, CFO & COO, will lead reinsurance services, based in New York.
- Victoria Westerberg will continue as head of human resources, based in Zurich.
“As we grow, we will always maintain the character of AXIS Re as an expert-driven and agile reinsurer,” said Arora. “We will continue to invest in the audiences that matter most – our clients and our people – while growing a culture centred around performance and purpose, and creating a positive impact in all that we do.
“Together, we plan to elevate AXIS Re to the next level, and today is an exciting step in that direction.”
There will be no changes to AXIS Capital’s presentation of financial results as a result of these organisational changes.