Steve Arora will leave the company at the end of the year and AXIS Re will exit its Property Reinsurance business
AXIS Capital has announced it is appointing Vince Tizzio as CEO Specialty Insurance and Reinsurance; an expansion of his previously announced role.
Meanwhile, AXIS Re CEO Steve Arora will leave the Company on December 31, following nearly five years with the organisation.
The company also announced that AXIS Re will exit its Property Reinsurance business, as part of an overall approach to reduce the Company’s exposure to volatile catastrophe risk. AXIS Re will honor all multi-year treaties and outstanding quotes but will no longer consider new property and catastrophe reinsurance business.
“The decision to close our Property Reinsurance business was not taken lightly and was driven by the significant and increasing effects of climate change and the challenges faced by the catastrophe reinsurance market. We are committed to doing all we can to help enable a smooth transition for our colleagues and partners who will be impacted by the change,” said Albert Benchimol, president and CEO of AXIS Capital.
Ann Haugh has been named CEO of AXIS Re, which the company says completes the shift of AXIS Re to a specialist reinsurer. She previously served in multiple leadership roles within AXIS Re, including president of Global Property and, prior to that, President of Global Markets.
New era for Axis Re
“We are simplifying our organisational structure and aligning our resources to advance leadership in specialty underwriting – this is part of a multi-year effort to build on the significant progress AXIS has made to generate consistent profitable results, reduce earnings volatility, and grow a stronger overall book of business,” said Benchimol.
“During the time Steve has been with AXIS, the Reinsurance industry faced significant challenges and, in response, the Company has been working toward a new direction. Steve demonstrated impressive leadership and led the transformation of AXIS Re into a specialist reinsurer,” continued Benchimol.
“With that reshaping now successfully completed, we understand that it is the right time for him to pursue his next venture. We have deep appreciation for everything he has done for our Company and wish him great success,” said Mr. Benchimol.
Tizzio takes the helm
Tizzio, who joined AXIS in January, has been appointed CEO Specialty Insurance and Reinsurance. The business’ core divisions include Wholesale, International, Financial Lines, Accident & Health, and Cyber, as well as AXIS Re. Tizzio will continue to report directly to Benchimol.
“Vince is a proven leader who has a deep and expansive understanding of the evolving needs of our customers, and the trends that are reshaping the Specialty space,” said Benchimol.
AXIS will introduce new products, ranging in size and complexity of risk profile, to meet the diverse needs of the global specialty market including new offerings specifically designed for small-to-mid-sized businesses.
“We have completed the refocusing of the reinsurance business to align with our overarching goal of being a leading specialist reinsurer. With these actions, we provide clarity on AXIS Re’s long-term risk appetite, the sustainability and predictability of our approach, and our go-forward priorities,” Haugh.
AXIS also announced that it is centralising all underwriting analytics and support functions into one division headed by a global Chief Underwriting Officer (CUO) who will report to Benchimol. The CUO will oversee actuarial support functions previously reporting to the business segments.