AXIS Capital Holdings Limited has made a number of critical steps to
strengthen its leadership and refocus on its speciality underwriting
business, including exiting a key business line.
Vince Tizzio has been named CEO of the company’s specialty
insurance and reinsurance division. Wholesale, international,
financial lines, accident & health, and cyber, as well as the AXIS Re
unit, are among the company’s major segments. Tizzio began his
tenure at AXIS in January as a senior adviser of insurance market
strategy. He will continue to report to AXIS president and CEO Albert
Benchimol in his new role as CEO of specialty insurance and
reinsurance.
Linda Ventresca has been named head of digital at AXIS. She will
report to Tizzio and be responsible for identifying and guiding the
delivery of various digitised solutions across the underwriting
enterprise, according to a press statement. Her team will collaborate
with underwriting divisions to improve customer service, satisfy the
changing needs of distribution partners, and “open new avenues for
profitable growth.”
Ventresca will also lead AXIS Digital Ventures, the company’s
partnership and venture arm, as she did previously. In her 19-year
tenure with AXIS, she most recently served as chief strategy officer
and has held various senior leadership positions.
“We’re simplifying our organisational structure and aligning our
resources to advance specialty underwriting leadership – this is part
of a multi-year effort to build on the significant progress AXIS has
made to generate consistent profitable results, reduce earnings
volatility, and grow a stronger overall book of business, all with the
goal of better serving customers and providing increased value to
our shareholders,” said Benchimol.
AXIS has also selected Ann Haugh as the new CEO of AXIS Re,
reporting to Tizzio, to complete its transition into a specialist
reinsurer focused on casualty, specialty, A&H, and credit lines. Haugh
was most recently the president of global property and had
previously worked for AXIS as the president of global markets.
Steve Arora, the outgoing CEO of AXIS Re, will leave the company on
December 31, 2022, following five years of service.
As a result of this event, AXIS Re has announced that it will depart
the property reinsurance market to decrease its disaster risk
exposure. AXIS Re will honour all multi-year treaties and outstanding
quotes while exiting property reinsurance, but will no longer
consider new property and catastrophe reinsurance contracts,
according to the company.
“The decision to close our property reinsurance business was not
made lightly, and it was prompted by the enormous and growing
effects of climate change, as well as the issues that the catastrophic
reinsurance market faces,” Benchimol added. “We are dedicated to
doing everything we can to ensure a smooth transition for everyone
involved.”
