Axa XL Reinsurance has appointed Peter Kiernan as head of US property, Bermuda reinsurance.

Mr Kiernan, who will be based on the island, replaces Simon Penney, who has relocated to London to take up a new global role as head of underwriting analytics.

The company said that Mr Kiernan will be responsible for the US property strategy and execution of business underwritten through Axa XL’s Reinsurance Bermuda operation.

He has more than 30 years of industry experience with a proven track record of underwriting and business development in the US property space, the company said.

As head of underwriting analytics, London, Mr Penney will be responsible for pricing standards, in-house views of risk and portfolio management across all areas of the reinsurance segment.

He will report to Jonathan Gale, chief underwriting officer, reinsurance, and acting CEO, Bermuda reinsurance.

Mr Gale said: “Peter has extensive reinsurance experience in managing portfolios, underwriting and client relationships.

“His appointment will continue our legacy of service and solutions and we are very pleased to have him join the Bermuda reinsurance team.

“I would like to thank Simon for his dedication and excellence over the last 15 years and we look forward to working with him in his new role.”

Mr Gale added: “Simon has over 17 years’ actuarial and underwriting experience, with an in-depth understanding of Axa XL Reinsurance.

“He brings this experience to my team, ensuring our pricing, planning, allocation of capacity, use of data and analytics and interaction with ceded is as good as it can be.”

Mr Kiernan began his career in PXRE Reinsurance Limited, Bermuda in 2002, before moving to Axis Specialty Limited in 2006 where, as executive vice-president, he managed a team of underwriters, cat modellers and underwriting assistants in support of a portfolio of worldwide exposed property treaty reinsurance including catastrophe, per risk and pro rata contracts.

In 2012 he was appointed president and CUO, Axis Re Bermuda, heading its North American property unit.

Mr Kiernan joined Allianz Risk Transfer, Bermuda in March 2020 as head of North American reinsurance before joining Axa XL Reinsurance to take up his current role.

Mr Penney joined Zurich Financial Services as a trainee actuary in 2005 before moving to XL Catlin in 2007 where he was responsible for underwriting analysis and internal capital modelling.

In 2011 he was appointed actuary, focusing on US property treaty reinsurance, including catastrophe XOL, catastrophe aggregate.

In 2018 he took on the role of head of US property treaty, XL Reinsurance.

Mr Penney began his career in Britain before moving to Bermuda in 2007.