Axa XL
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In his new role, Andy MacFarlane will be in charge of developing Axa’s climate strategy. -
Stephen Clark will also keep his responsibilities as North America hull and liabilities practice leader, a role he has held since 2017.
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The Inside P&C Select Index outperformed the S&P 500 (5.7% to 2.9%) in August, despite Hurricane Ida making landfall.
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The drivers that led to the consolidation in the reinsurance industry might not replicate for a while.
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The executive is transferring from Singapore, where he supported the growth of the cargo and hull book.
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The ransomware surge is likely to lead to changes in the product, a shake-up in market share and challenges for MGAs.
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Dane Mahoney, who has been with Axa XL since 2013, will lead a team of global risk analysts and develop the global underwriting strategy.
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The carrier has also promoted internally for a new leader of its US political risk, credit and bond team as it continues to staff up the division.
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Sources say the pipeline operator has at least $15mn in cyber insurance cover.
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Axa France says it will continue to reimburse policyholders for breach response costs.
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The former financial lines CUO will start at the end of the month and be based in Switzerland.
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Binding insurers include Chubb and AIG, with reinsurance from Munich Re.
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