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Axa XL, a unit of Axa SA, said Friday its Bermuda and London reinsurance platforms will be combined to create a global markets business focused on catastrophe, casualty and specialty lines led by Rob Littlemore, chief executive of its London reinsurance business.
The changes take effect Jan. 2, 2020, subject to regulatory approvals, the company said in a statement.
As part of the restructuring, John Welch, chief executive, North America, reinsurance will lead Axa XL reinsurance’s international markets business, replacing David Watson, current chief executive, international reinsurance and CEO of XL Re Europe, who will retire at the end of 2019, the company said.
Mr. Welch will relocate to Dublin to take on his new role and a successor to lead the North America business will be announced soon, Axa XL said.
Under the reshuffle, Bermuda-based Paul Simons, head of property-global markets, will also serve as head of Bermuda reinsurance and will report to London-based Mr. Littlemore, Axa XL said.
Jonathan Gale, chief executive, Bermuda reinsurance, will assume the role of chief underwriting officer, currently held by Chris Dougherty, who has been appointed chief executive, underwriting capital management, Axa XL said in the statement.
Mr. Gale will be based in Bermuda, while Mr. Dougherty will be based in Stamford, Connecticut, a spokeswoman said.
As part of the move, Axa XL is also centralizing its claims and operational functions into one global unit to leverage resources, the firm said.
Dawn Dinkins, reinsurance chief operating officer since 2016, will lead the centralized claims and operational functions, from Axa XL’s Stamford, Connecticut, office, a spokeswoman said.
“Our North American and international businesses will continue to focus on the customers and brokers in their local markets. However, we're combining our Bermuda and London platforms to create a global markets business platform that will focus on the global catastrophe, casualty and specialty business that are placed in these markets,” Charles Cooper, chief executive of reinsurance, said in the statement.
Mr. Littlemore, Mr. Welch, Mr. Gale, Mr. Dougherty and Ms. Dinkins will report to Mr. Cooper, a spokeswoman confirmed.
Bermuda-based insurer and reinsurer Axa XL is using artificial intelligence to evaluate property risks and reduce time spent in risk assessment, improve underwriting and provide quick quotes, The Royal Gazette reported. AXA XL Risk Consulting has partnered with Italian software company Expert System S.p.A. to automate its risk review procedure.