Bermudian-based re/insurer Axa XL has announced a new leadership team and proposed changes to the operating model of its insurance business following a strategic review.

The company said key proposed changes include the creation of a single global insurance underwriting function and the establishment of three geographical business units across the Americas, Eurasia, and the United Kingdom and Lloyd’s market.

Axa XL said the underwriting function will be led by a global chief underwriting officer, who will be working to design the structure of the proposed new model. The CUO would be responsible for underwriting governance, pricing, P&L and the management of the global heads of business lines in order to define and drive product strategy, the company said.

The three geographical business units will be led by chief executive officers, who would be responsible for the balance sheets of their geographic regions and managing talent.

Scott Gunter, Axa XL CEO, confirmed the leadership team that will build out the envisaged operating model: Nancy Bewlay, chief underwriting officer; Joseph Tocco, chief executive officer, Americas; Scott Gunter, interim chief executive officer, Eurasia; Sean McGovern, interim chief executive officer, UK & Lloyd’s; Charles Cooper, chief executive officer, reinsurance; Brent Hoffman, chief claims officer; Karen le Duc, chief human resources officer; Matthieu Caillat, chief operating officer; Noel Richardson, chief risk officer; Rainer Schoellhammer, chief finance officer; and Sean McGovern, general counsel.

Mr Gunter said: “Axa XL is the result of acquisitions and mergers and with our increased scale, now is the time to optimise our structure by striking the right balance between local and global decision making so we remain agile and flexible.”

He added: “I have spent my first 60 days as CEO considering our priorities and our structure and assembling the right team to drive Axa XL forward.

“We want to continue to serve our clients and brokers to the very best of our ability while being a simpler organisation to navigate. The regional structure would mean decisions can be made faster in country, while the global functions would mean our clients and brokers continue to benefit from our global expertise and experience.

“This leadership team is an international, highly experienced team of individuals: around half the team have a background at legacy XL Catlin, while the other half bring diverse and valuable experience from across the Axa Group.

“This is a positive step forward for Axa XL and I strongly believe that this new leadership team will ensure we are the insurance partner of choice across business lines and around the world.”

Ms Bewlay formerly held the role of global chief underwriting officer for long tail property and casualty risks. She joined XL Catlin in 2017 as the global chief underwriting officer for casualty.

Mr Tocco previously held the role of head of North America property & casualty, which included professional insurance lines for Axa XL. In this role, he was responsible for driving the development and effective delivery of innovative insurance and risk management solutions for the company’s brokers and clients based in the US, Canada and Bermuda, the company said. Previously, he was chief executive of the Americas region for XL Catlin.

Mr Cooper is chief executive of Axa XL’s global reinsurance operations, a role he has held since 2018. Prior, he was chief executive of Bermuda reinsurance for XL Catlin.

Axa XL said that in line with usual practice, the proposed changes affecting European entities will be subject to consultation with employee representative bodies.