AXIS Re Revamps Operations, Eyes Asia Expansion and New Products

AXIS Re, the reinsurance unit of AXIS Capital Holdings Ltd., has reorganized and expanded its product offerings in key areas and regions in a bid to stay competitive.

“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,” AXIS Re CEO Steve Arora said in prepared remarks. “This is the next step in the evolution of AXIS Re.”

AXIS Re said it will now be reorganized into four major divisions – North America, EMEA, Asia, and Global Markets, supported by its Reinsurance Products and Reinsurance Services teams. Those restructurings will be shepherded by the following leadership team:

• Jon Colello, as president North America, based in New York. The division will include the organization’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 previously served as Deputy Head of Underwriting Asia.
• Rob Smart is the new 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 organization will conduct a search for the newly created role. Smart 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.

AXIS Re said it is also expanding its products and markets as part of its long-term strategy. Changes include:

• Broadening capabilities for Structured Reinsurance to offer customized products for client needs.
• Growing its presence in Asia to strengthen the global footprint.
• Dedicating a team to service highly expert-driven Specialty Re businesses.

As well, AXIS RE is launching AXIS Re Strategic Partners, a dedicated team to serve clients and brokers. The overall consultative model will enable AXIS Re to provide tailored products directly responding to client needs. The organization will start recruiting for these newly created roles.

There will be no changes to AXIS Capital’s presentation of financial results as a result of these organizational changes.

Source: AXIS Re