Axis forms digital ventures unit

Axis Capital Holdings Ltd. on Monday said it has formed Axis Digital Ventures to partner with companies developing data and analytics applications relevant to insurance and reinsurance and deploy those technologies throughout Axis.

Zach Powell was named to head the new unit and will report to group chief underwriting officer Eric Gesick, who heads the company’s global underwriting and analytics office, of which Axis Digital Ventures will now be a part, Pembroke, Bermuda-based Axis said in a statement.

Mr. Powell was previously a director of corporate development at Axis involved in sourcing, evaluating and executing acquisitions and strategic investments, the statement said.

“With the launch of Axis Digital Ventures, we are accelerating our efforts to leverage digital technologies and InsurTech more broadly to drive innovation, increase efficiency, enhance profitability and identify new products and solutions that will deliver more value to our clients and partners in distribution,” Albert Benchimol, president and CEO of Axis Capital, said in the statement.

“Zach will be a great ambassador for our new AXIS Digital Ventures unit,” Mr. Gesick said in the statement. “He knows the Axis organization, knows our business, and brings a strong understanding of the InsurTech landscape.”