Founding CEO of AXA XL's New Ocean McKeown leaves company
Chris McKeown, the former CEO of AXA XL's Bermuda-based asset manager New Ocean Capital Management, has stepped down from his role as vice chairman and left the company to pursue other interests.
Mckeown has over 30 years of re/insurance and alternative capital management experience, and was involved in the founding of the then XL-majority owned New Ocean in 2013 as its CEO.
New Ocean was founded in partnership with private equity fund Stone Point Capital, and later with Japanese conglomerate Mitsui & Co, to develop an ILS fund manager platform serving institutional investors seeking access to opportunities across the reinsurance industry.
McKeown is described as being instrumental in building out the platform, attracting strategic investment, and engaging third party investors.
In November 2018, AXA XL completed its acquisition of all third party ownership interests in New Ocean. From then on, Mckeown acted as advisor to AXA XL's alternative capital business and continued to serve as a director of certain funds managed by New Ocean.
"As we expand AXA XL's presence in the alternative capital space, we will continue to leverage our internal resources to create additional catastrophe and non-catastrophe portfolios for third party investors in co-participation with the underwriting franchises of AXA XL as well as AXA Group. We wish to thank Chris and his team for their efforts to date."
AXA XL grew its assets under managed to over $1 billion from $465 million as of December 2017 to over $1billion as of
Charles Cooper, AXA XL's Chief Executive, Reinsurance, added: "We are excited about New Ocean's future as an aligned asset manager, and thank Chris for his efforts in the initial phase of New Ocean's development."
