PEMBROKE, Bermuda & ZURICH--(BUSINESS WIRE)--AXIS Re, the reinsurance segment of AXIS Capital Holdings Limited ("AXIS Capital") (NYSE:AXS), today announced a series of actions to increase client satisfaction and drive profitable growth. In line with 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. Key actions include implementing a consultative client engagement model, and expanding product and market capabilities.
“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, CEO 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.”
Added Mr. Arora, “As we grow, we will always maintain the character of AXIS Re as an expert-driven and agile reinsurer. We will continue to invest in the audiences that matter most – our clients and our people – while growing a culture centered around performance and purpose, and creating a positive impact in all that we do.”
Introducing AXIS Re Strategic Partners
AXIS Re 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 organization will start recruiting for these newly created roles.
Expansion of Products and Markets to Complement the Core Offering
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 customized solutions for client needs
- Growing its presence in Asia to strengthen the global footprint
- Dedicating a team to service highly expert-driven Specialty Re businesses
Organizational Model Designed To Deliver on Objectives
AXIS Re will now organize 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 organizational 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 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. Mr. 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 organization will conduct a search for the newly created role. Mr. 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.
“Together, we plan to elevate AXIS Re to the next level, and today is an exciting step in that direction,” said Mr. Arora.
There will be no changes to AXIS Capital’s presentation of financial results as a result of these organizational changes.
About AXIS Capital
AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with total shareholders' equity at March 31, 2018, of $5.3 billion and locations in Bermuda, the United States, Europe, Singapore, Middle East, Canada, and Latin America. Its operating subsidiaries have been assigned a rating of "A+" ("Strong") by Standard & Poor's and "A+" ("Superior") by A.M. Best. For more information about AXIS Capital, visit our website at www.axiscapital.com.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the U.S. federal securities laws, including statements related to the changes to AXIS Re’s client engagement model, AXIS Re’s expansion of products and markets and the changes to AXIS Re’s organizational model announced herein. In some cases, these statements can be identified by the use of forward-looking words such as “may”, “should”, “could”, “would”, “will”, “anticipate”, “expect”, “potential”, “intend” and similar expressions. These statements involve risks, uncertainties and assumptions. Actual events or results may differ materially from AXIS’s expectations. Important factors that could cause actual events or results to be materially different from AXIS’s expectations include, with respect to the changes to AXIS Re’s client engagement model, AXIS Re’s expansion of products and markets and the changes to AXIS Re’s organizational model, the failure to realize the expected benefits resulting from these changes, as well as any unintended consequences of these changes, such as distraction of our management and employees, business disruption, inability to attract or retain key personnel, and reduced employee productivity. Other important factors that could cause actual events or results to be materially different from AXIS’s expectations include (1) the cyclical nature of the re(insurance) business leading to periods with excess underwriting capacity and unfavorable premium rates, (2) the occurrence and magnitude of natural and man-made disasters, (3) losses from war, terrorism and political unrest or other unanticipated losses, (4) actual claims exceeding our loss reserves, (5) general economic, capital and credit market conditions, (6) the failure of any of the loss limitation methods we employ, (7) the effects of emerging claims, coverage and regulatory issues, including uncertainty related to coverage definitions, limits, terms and conditions, (8) our inability to purchase reinsurance or collect amounts due to us, (9) the breach by third parties in our program business of their obligations to us, (10) difficulties with technology and/or data security, (11) the failure of our policyholders and intermediaries to pay premiums, (12) the failure of our cedants to adequately evaluate risks, (13) inability to obtain additional capital on favorable terms, or at all, (14) the loss of one or more key executives, (15) a decline in our ratings with rating agencies, (16) the loss of business provided to us by our major brokers and credit risk due to our reliance on brokers, (17) changes in accounting policies or practices, (18) the use of industry catastrophe models and changes to these models, (19) changes in governmental regulations and potential government intervention in our industry, (20) failure to comply with certain laws and regulations relating to sanctions and foreign corrupt practices, (21) increased competition, (22) changes in the political environment of certain countries in which we operate or underwrite business including the United Kingdom’s expected withdrawal from the European Union, (23) fluctuations in interest rates, credit spreads, equity prices and/or currency values, (24) the failure to successfully integrate acquired businesses or realize the expected synergies resulting from such acquisitions and (25) the other factors set forth in AXIS’s most recent report on Form 10-K and other documents filed with the Securities and Exchange Commission. AXIS undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.