AXA XL has named Elizabeth W. Benet to the newly created position of global chief underwriting officer (CUO), Cyber, reporting to Nancy Bewlay, CUO, Long Tail Risk at AXA XL.
Benet’s appointment is expected to assist with the management of the firm’s international cyber risk portfolio.
She joins from her own consulting company where she assisted insurance businesses in the development and implementation of new insurance products and consultation on the set up of underwriting and claims systems and feedback on reinsurance purchasing.
During her career in the insurance sector, she has also worked for Beazley, General Reinsurance, and Zurich.
Bewlay said: “Cyber threats grow more sophisticated, malicious, and hard to detect every day. To help address these threats, AXA XL has innovated to bring cyber insurance solutions to businesses of all sizes and industries, becoming a market leader in the cyber risk market. To continue our momentum in the cyber market, we must continuously monitor our complete book of business, market developments and business opportunities and that’s why we’re excited to welcome Libby to our global insurance leadership team. In her new role with us, Libby will help us closely monitor cyber risk portfolio and exposure from an aggregated global product view.”
Adding: “The cyber insurance market is growing exponentially. Recent reports predict the Global Cyber Insurance Market to reach $21.4 billion in the next five years,” explained Ms. Bewlay. “Libby’s experience and insight will be instrumental as we continue to grow AXA XL’s cyber business wisely and profitably and develop the cyber insurance products and services that can help our clients protect their digital assets and their own profitability. We’ll look to her to help us implement strong underwriting standards globally, manage our aggregated cyber exposure and drive more innovation.”