Axis Re has announced a number of strategic and organisational changes as it looks to increase client satisfaction and drive profitable growth, whilst cementing future market leadership.
As part of its actions, Axis Re said that it will expand its products and markets, including broadening capabilities for structured reinsurance, growing its presence in Asia to strengthen global footprint, and dedicating a team to service specialty reinsurance businesses.
It is also announced the launch of Axis Re Strategic Partners, a dedicated team to serve clients and brokers, which it said will enable the firm to provide tailored solutions that are a direct response to client needs.
As part of the restructure, Axis Re will now organise around four major divisions – North America, EMEA, Asia, and Global Markets, supported by two enabling teams, Reinsurance Products and Reinsurance Services.
As such, the carrier announced a number of changes to its leadership team.
Jon Colello has been named president of North America, having previously served as president and CUO of Axis Re’s US operations.
Based out of New York, the division will include the carrier’s Bermuda platform. Peter Kiernan will continue in his position as president of Bermuda.
Les Loh has been promoted to president of Asia and will be based in Singapore. Loh previously served as deputy head of underwriting for the region.
The changes also include the creation of a Global Markets division, which will be home to Axis Re’s specialty and international business that operates through its Lloyd’s platform. Former head of accident and health reinsurance Rob Smart will lead the new unit as interim president whilst the carrier searches for a permanent leader.
Meanwhile, Megan Thomas, who joined Axis Re as CUO in April from AIG, will assume additional leadership of the newly created Reinsurance Products team alongside her current role.
In addition, Axis Re CFO and COO Rob Looney will take on additional responsibility for Reinsurance Services, based in New York.
Jan Ekberg will continue as EMEA president, with Axis Re’s Latin America business continuing to be a part of the EMEA division. Victoria Westerberg will remain as head of human resources. Both will continue to be based in Zurich.
Axis Re CEO Steve Arora remarked: “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,”
“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.”
"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 centred around performance and purpose and creating a positive impact in all that we do,” he concluded.