AXIS Capital Holdings is reorganizing its operations in a bid to focus more on technology and innovation, with an eye on long-term profitable growth.
Executives hope to put the new changes in place during the 2018 second quarter.
The Bermuda-based insurer and reinsurer is mixing things up in the wake of its acquisition of Novae Group plc last October, a $611.5 million transaction that creates a $2 billion insurer in London and a top 10 insurer/reinsurer at Lloyd’s.
“These actions to strengthen our operating model set AXIS on a powerful path forward as we accelerate our strategy to be a leader in specialty insurance and reinsurance while increasing our efficiency and enhancing our profitability,” AXIS President and CEO Albert Benchimol said in prepared remarks.
He said the changes will help AXIS become more customer-centric and position it to take advantage of an evolving market.
Here are the revamps AXIS plans to make:
- The launch of its Global Underwriting and Analytics Unit. Plans call for this unit to partner with AXIS’ underwriting claims and actuarial teams within the business segments to help give clients and distribution partners more insights, resources and tools. Leveraging enhanced data and analytics capabilities to help inform decision-making is also part of the equation, as well as using InsurTech. There will also be a Data and Analytics Center of Excellence within this unit. To help fuel this new division, Eric Gesik, AXIS’ current chief risk and actuarial officer, has been named group chief underwriting officer. He’s been part of AXIS’ management team since he joined in 2012 and will still report to Benchimol. Two people will take on his previous responsibilities: Daniel Draper, the new chief actuary, and Carol Collins, promoted to chief risk officer. Both will report to Chief Financial Officer Peter Vogt. As well, Meghan Anzelc has been promoted to chief analytics officer and will report to Gesick.
- Realignment of AXIS’ Accident & Health business into the carrier’s core Insurance and Reinsurance segments. The idea here is to help AXIS continue to meet client needs and give them synergies combined with its P/C insurance and reinsurance businesses. The expectation is that AXIS’ P/C team, in part, will be able to leverage the geographic expansion and client relationships developed by its A&H teams. Also, the goal is to enable a seamless delivery of more traditional P/C insurance and reinsurance products to AXIS’ international clients. To accomplish this, current AXIS A&H CEO Chris DiSipio will serve as an adviser for the transition and then leave the company in April 2018.
- AXIS also plans to introduce an integrated functional model for both its IT and Finance departments, with the idea of becoming more agile and efficient in offering services to various business units and their customers. Vogt will lead the finance department.
- AXIS will combine Ceded Re and its Third Party Capital business into a single strategic risk-funding department. By doing this, AXIS said it will be able to maximize its ability to handle risk-funding activities and bring greater capacity to clients and distribution partners. Ceded Re will report to Ben Rubin, head of AXIS Ventures, who in turn reports to Benchimol.
Source: AXIS Capital Holdings