Ascot Group has appointed Mark Benz as executive vice-president, head of Ascot US Alternative Risk Solutions.

In this newly created role, the company said, Mr Benz will build and lead a portfolio focused on captive solutions and fronting opportunities and identify target capabilities for future growth in alternative risk transfer solutions.

The Alternative Risk Solutions group will consist of new alternative risk capabilities as they are developed, as well as the company’s existing Captives and Trade Credit business units.

Mr Benz, who joins from Axa, said: “Non-traditional risk management solutions will continue to grow in popularity as companies look for flexible ways to address their risk challenges.

“I look forward to developing solutions at Ascot that both position the company to capitalise on this significant market opportunity and support the evolving needs of our clients.”

Mr Benz will be based in the New York City area, reporting to Matt Kramer, chief executive of Ascot US.