Bermudian-based Axa XL has appointed Chris Caponigro as the head of Reinsurance Capital Management.

In his new role, the company said Mr Caponigro will further expand the product offering and investor base by continuing to develop the team’s infrastructure and strategy.

Axa XL said it has been active in the alternative capital market for over a decade via its alternative reinsurance capital and insurance-linked securities manager.

Guy Van Hecke, head of Ceded Re, said: “Third-party capital continues to demonstrate a strong appetite for insurance-linked securities. This demand aligns with our own strategy of accessing alternative sources of ceding capacity as part of our growth plans.

“We have an existing and established team in this space, and our expertise and offering will be further strengthened by Chris’ appointment. Chris brings a wealth of industry experience, and his technical risk capabilities and financial structuring skill set will be key in achieving our strategic goals.”

Mr Caponigro was most recently global head of ILS at Axis Capital where he held group level responsibility overseeing the team that designs, implements, and administers private capital investor relationships.

He will be based in the United States and will report to Mr Van Hecke.