Axa XL shutters Dublin excess casualty unit and restructures in the US
Axa XL has closed its Dublin, Ireland based excess casualty underwriting centre and also realigned the management of its E&S primary and excess casualty units to report into overall product line heads, The Insurer can reveal.
The moves are part of ongoing changes being brought in by group CEO Scott Gunter as part of a restructure to a regionally focused operating model that has also included a swathe of leadership changes in 2020.
The seven strong excess casualty unit in Dublin was led by Elaine Scully, who was appointed to the position of head of excess casualty, Dublin two years ago. She was previously senior underwriter and vice president of excess casualty in Dublin.
A spokesperson for Axa XL said: “As part of Axa XL’s new, regionally focused operating model, the Axa XL leadership team’s intention is to write business in each region by regional underwriters.
“As a result, we are intending to close our Dublin excess casualty operation which has primarily addressed the excess casualty needs of North American companies.”
They added that the carrier continues to have an appetite in excess casualty and that its US and Bermuda underwriting teams are well-positioned to address its clients’ excess casualty programs.
The move also does not impact excess casualty business written by Axa XL in the UK and at Lloyd’s.
Scully reported into Axa XL’s president of excess casualty Donnacha Smyth, who leads all of the carrier’s global excess casualty teams, including North America, Dublin and Bermuda.
Other executives at the unit included Nigel Heather as casualty underwriting manager and Susan Clare as vice president. Senior underwriters were Michelle Deaton, Phillip Rout, while other team members included Enda Mahon.
Sources said the excess casualty unit primarily wrote a significant book of largely US business accessed through London market brokers as well as that placed directly by Marsh through its Dublin office.
Axa XL’s global excess casualty insurance operations write lead umbrella, excess, occurrence, claims made, occurrence reported and primary rail and excess insurance through underwriting centres in Bermuda, Dublin, London and 13 cities in North America.
Liability limits of up to $100mn are available, according to the carrier.
E&S restructure
This publication has also learned that Axa XL has realigned its E&S casualty business on the ground in the US.
Sources said that the head of E&S primary casualty Ankur Chokshi and his team now come under Chris Kopser, who leads the carrier’s global risk management insurance North America business.
Meanwhile, Kimberly Smid, head of E&S excess casualty, will now report into global excess casualty head Smyth.
An Axa XL spokesperson confirmed the changes and said that the move aligns E&S with the overall casualty product at the insurer.
The realignment of the E&S casualty units represents a change in strategy for the carrier, which had operated its broader E&S unit as a separate platform with leadership that reported directly into its US management.
It also appears to go against the recent trend that has seen carriers look to operate separate units for retail and wholesale distribution channels.
The casualty moves come after Axa XL’s recently appointed CEO Gunter made a swathe of changes to the carrier’s leadership team earlier this year, and split its insurance operations into three geographical units – Americas, Eurasia and a UK & & London Market division – each managed by their own CEO.
Then in July the company rolled out details of its Americas leadership team under regional CEO Joe Tocco, as well as a simplified operating structure.