Bermudian-based Axa XL has appointed Lucy Pilko as chief executive for the Americas region of its insurance operations, a remit that includes Bermuda.

Ms Pilko assumes the role from Joseph Tocco who has decided to retire after more than 12 years as a senior executive in the company’s insurance business, including his position as chief executive for the Americas.

The appointment is effective on October 30.

The company said Mr Tocco would remain as a special adviser through 2023.

The company said Ms Pilko would lead Axa XL’s insurance business in the Americas, comprising its US, Canada and Bermuda operations.

She has more than 20 years of insurance industry consulting experience, most recently as managing director and senior partner for Boston Consulting Group, leading its North American insurance practice across commercial lines, personal lines, brokerage, individual and group life and reinsurance.

In this role, Axa XL said, Ms Pilko developed a particular focus on operating models and digital transformation and served on BCG’s large-scale transformation and people and organisation practices.

Axa XL CEO Scott Gunter said: “Given her decades of insurance industry consulting experience, Lucy brings a unique cross-industry perspective.

“Together with the Americas leadership team and our deep bench of underwriting, risk consulting and claims expertise, Lucy’s experience will be valuable as we push forward on our strategy, building our recognition and positioning Axa XL for further growth across the Americas.”

He added: “Lucy joins a very strong and determined team, thanks to Joe Tocco. Because of his leadership, our Americas region is well positioned for future success.”