Axis Insurance, the specialty insurance business segment of Bermuda-based Axis Capital Holdings Limited, has promoted Usman Malik to the position of chief pricing actuary.

In this role, the company said Mr Malik will lead pricing strategy across the global Insurance segment, centered around enabling a consistent and global approach for portfolio construction.

He will work in partnership with group underwriting and Insurance segment business leaders to establish pricing that supports the underwriting process and aligns with the company’s risk and profitability thresholds.

Mr Malik is based in the company’s London office.

With his promotion, the company said Mr Malik joins the Axis Insurance leadership team and reports directly to Axis Insurance CEO Pete Wilson.

He previously served as deputy chief pricing actuary, following several years as the segment’s head of property pricing.

As part of a planned transition, the company said Mr Malik succeeds Brian Kemp who, earlier this year, was appointed as global chief data officer for the Insurance segment. Mr Malik will work closely with Mr Kemp to drive ongoing improvement in risk selection, pricing models, and portfolio monitoring.

Mr Wilson said: “Usman is an exceptional leader and his promotion recognises the impact he’s made in enhancing our approach to pricing and catastrophe modelling. This includes the significant progress that’s been driven by his leadership in reshaping the strategic direction of our property division.

“Usman’s promotion speaks to the priority that we place at Axis in fostering a culture that’s conducive to creating growth opportunities for our talent.”

During his more than nine years at Axis, the company said Mr Malik has held a series of leadership roles with increasing levels of responsibility, within the pricing and risk management functions.

Prior to joining Axis, he served for two years as chief actuary of Kuwait Reinsurance where he built the company’s actuarial function. Previously, Mr Malik spent four years as a consulting actuary with Towers Watson.

He holds an engineering degree from the University of Oxford, a master’s degree in actuarial science from Imperial College London, and is a fellow of the Institute of Actuaries.

Axis Capital, through its operating subsidiaries, is a global provider of specialty lines insurance and treaty reinsurance with shareholders' equity of $5.4 billion at June 30, and locations in Bermuda, the United States, Europe, Singapore and Canada.