AXA XL has appointed Jiten Halai as global chief underwriting officer (CUO) for its Structured Risk Solutions division, reinforcing its commitment to expanding alternative risk transfer solutions for corporate clients and captives amid rising demand for customised risk structures.
In his new role, Halai will lead the global underwriting strategy for the unit while working closely with regional teams to enhance AXA XL’s alternative risk capabilities across key markets.
The Structured Risk Solutions division focuses on designing non-traditional insurance and reinsurance solutions tailored to corporate buyers and captives. Its offerings include bespoke multi-line and multi-year risk transfer structures, as well as performance insurance products aimed at supporting emerging technologies.
The team collaborates with clients worldwide to address complex risk exposures and enable growth opportunities through customised risk frameworks.
This appointment comes alongside broader organisational developments, including the establishment of AXA XL’s Americas unit in early 2026. The unit consolidates alternative risk expertise across the US, Canada, and Bermuda under the leadership of Sylvain Bouteillé, who joined the company in August 2025. Its initial focus areas include captive solutions, structured risk solutions led by Austin Su, group captives led by Joseph Davina, and single-parent captive structures.
A market undergoing structural change
The leadership move reflects a broader shift in the market, as demand for alternative risk transfer continues to gain momentum. According to Verified Market Research, the global captive insurance market was valued at US$76.5 billion in 2023 and is projected to reach US$135 billion by 2030, representing a compound annual growth rate of 7.57%.
Data from AM Best shows that captives have maintained a five-year average combined ratio of 83%, offering a 17-point advantage over traditional commercial casualty insurers. This performance highlights why many corporates are increasingly retaining risk within their own structures.
Industry insights also suggest that nearly 90% of Fortune 500 companies now operate captive programmes, based on findings from a January 2026 roundtable hosted by LineSlip Solutions.
Meanwhile, Allianz Commercial has reported that alternative capital expanded more than fourfold globally between 2008 and 2020, growing from US$19 billion to over US$100 billion—significantly outpacing the growth of traditional insurance capital over the same period.
AXA XL’s own 2025 Captive Outlook described the sector as experiencing “exponential growth,” driven by heightened demand in areas such as catastrophic property, excess liability, and emerging risks including autonomous vehicles and artificial intelligence.
Halai brings over 15 years of experience in insurance and financial services. Since joining AXA XL in 2019, he has most recently led the Structured Risk Solutions business for the UK and Lloyd’s market. Prior to that, he held actuarial roles at Fidelis, Brit Insurance, ArgoGlobal, and Catlin.
