AXA XL unveils new cyber insurance extending coverage to help businesses manage emerging Gen AI risks
To help businesses manage risks arising from developing their own Generative AI (Gen AI) models, AXA XL unveiled new coverage, available by endorsement, to its cyber insurance coverage globally, extending coverage to address specific Gen AI risks.
According to Michael Colao, AXA XL’s Global Chief Underwriting Officer, Cyber, “Looking to improve efficiency, improve customer experience, and so much more, more companies are investing in developing their own Generative AI to unlock new possibilities. They must also be mindful of the risks that come with it, such as potential misuse, compliance issues, and the need for robust safeguards to ensure responsible and secure deployment.”
AXA XL’s new endorsement addresses the following new Gen AI risks that clients may face:
Data poisoning: Manipulating or contaminating the training data, not just the client’s data, used to develop machine learning models. By introducing misleading or false information into the training data, attackers can compromise the performance and accuracy of the resulting AI systems, leaving businesses with a costly data cleanup and litigation risks.
Usage rights infringement: Negligently failing to obtain appropriate permissions to use particular items or data, such as copyrighted materials, software licenses, and intellectual property in machine learning.
Regulatory violations: Liability resulting from the European Union’s AI Act which aims to regulate the development and deployment of AI systems.
“Our clients sought help navigating this unchartered territory and, with our brokers’ input and feedback, we’re pleased to develop an innovative, market-leading insurance solution to provide clear coverage for these risks and help them leverage Gen AI without the worry of potential risks and extra costs that could hinder their efforts,” Mr. Colao added.
The new Gen AI coverage is available by endorsement to AXA XL’s CyberRiskConnect policy, available throughout the U.S and Canada, U.K. and Lloyd’s market, and Europe and Asia.
Globally, AXA XL offers a range of cyber insurance products and services to help businesses protect themselves against cyber threats. Offerings include coverage for investigating and managing cyber incidents, financial protection against liabilities, and risk management services to strengthen cybersecurity.
AXA XL names new Chief Underwriting Officer for Middle Market, Canada
AXA XL has appointed Arti Rawal as Chief Underwriting Officer – Middle Market, Canada. Ms. Rawal leads the newly established Middle Market team in Canada and reports to Matthew Waters, Head of Middle Market, Americas. She is based in Toronto.
“Arti’s strong market relations and experience in building teams, developing products and managing a profitable business will be instrumental as we look to build our business in Canada,” Mr. Waters said.
Ms. Rawal joins AXA XL from Zurich Canada, where she was vice president, Middle Market, for the Ontario Region.
With more than 20 years’ experience in the industry, Ms. Rawal has served in a variety of roles and lines of business – including construction, excess/surplus and middle market – in the U.S. and Canada with CNA Insurance and Travelers Canada.
Ms. Rawal will work closely with Alex Barker, who earlier this year was named Chief Underwriting Officer – Large Commercial, Canada.
AXA XL announces two key leadership appointments in Asia
AXA XL announced the appointment of Todd Wilhelm as the Head of Specialty, Asia, and Guillaume Parard as the Head of P&C, Asia. These appointments underscore AXA XL’s commitment to enhancing operational effectiveness and delivering impactful solutions to clients and brokers in the region.
In his new role, Mr. Wilhelm will lead the Specialty team, which encompasses Niche Specialty (Political Risk and Credit Bonds, Fine Arts & Specie, and Crisis Management), Marine, and Aerospace. His leadership will be instrumental in driving team success and implementing innovative, tailored solutions for clients and brokers. Mr. Wilhelm will assume his new role on September 1, 2024.
Mr. Parard will oversee Property, Energy, Construction (PEC), and Casualty teams in Asia. He will focus on strengthening AXA XL’s market position and ensuring robust performance across these lines of business. Mr. Parard will commence his new role on January 1, 2025, and will gradually transition to his new responsibilities from now until the start date.
Commenting on the appointments, Gilles Fromageot, Chief Executive Officer for Asia, said, “In an increasingly dynamic market, it is essential for our leadership to be agile and forward-thinking. Todd and Guillaume have consistently exhibited outstanding leadership and deep expertise. Their new roles will be crucial in steering our business toward continued success.”
Adias Gerbaud, Chief Underwriting Officer for APAC & Europe, added, “These appointments reflect our commitment to strengthening our market leadership and deepening relationships with our clients and brokers. Todd and Guillaume’s experience will be key in achieving our strategic goals in Asia.”
Mr. Wilhelm began his insurance career in 1988 with FM and held senior underwriting leadership roles at ACE Insurance Limited and QBE Insurance. He joined AXA XL in December 2017, initially focusing on Property, Energy, and Construction lines before becoming Head of Property & Casualty, Marine and Aerospace for Asia.
Mr. Parard started his insurance career in 2007 with Allianz Global Corporate & Specialty before joining AXA Group in 2014. Currently Head of Energy & Construction for APAC & Europe at AXA XL, Guillaume has a proven track record in managing large portfolios and driving strategic initiatives.
Both Mr. Wilhelm and Mr. Parard will be based in Singapore.
AXA XL names new Chief Operations Officer for Americas’ insurance business
AXA XL is welcoming Kathleen Ziegler as its new Chief Operations Officer (COO) for its Americas’ insurance business. Ms. Ziegler will report to Lucy Pilko, AXA XL’s CEO, Americas.
According to Ms. Pilko, “Kathleen has an impressive track record at top insurance companies driving operational excellence, transforming large teams and business units, and fostering innovation. With our recent restructuring to better serve our clients, Kathleen’s expertise will be particularly valuable to us. Kathleen will play a crucial role in this transformation by providing strategic leadership and operational expertise to ensure that our client-focused approach is seamlessly integrated into all aspects of our business. With her guidance, we’ll continue to look for ways to enhance our operational efficiency, drive innovation, and deliver exceptional value to our clients.”
In her new role, Ms. Ziegler will assume responsibility for overseeing and managing the day-to-day operations of AXA XL’s Americas Insurance operations, including leading its Workplace, Middle Office (Underwriting Operations), Reporting & Premium Operations and Underwriting Governance teams. She will also be responsible for leading successful transformation and technology initiatives across the region. She will fill the role held by Jerome Itty, who is leaving his assignment with AXA XL in July to take an AXA Group assignment in Europe.
Ms. Ziegler brings more than 25 years of insurance industry experience, having held senior leadership positions at American International Group (AIG), Zurich Financial Services, CopperPoint, and Blackboard Insurance. In her most recent role as Senior Vice President of Operations at CopperPoint, she was responsible for integrating and building enterprise infrastructure after recent acquisitions, demonstrating her expertise in operational functions. Prior to that, she played a key role in developing broker relationships and contributing to the build of a mid-market focused commercial insurance start-up at Blackboard Insurance.
AXA XL announces new leadership roles in Canada
AXA XL announced new underwriting and distribution leadership roles in Canada. James Lee steps into the position of Head of Client & Distribution, Canada and Alex Barker assumes the role of Chief Underwriting Officer Large Commercial, Canada.
In their new roles, Mr. Lee will report to Matt O’Malley, Chief Client & Distribution Officer, Americas and Mr. Barker to Donna Nadeau, Head of Large Commercial, Americas.
“At the heart of our strategy is the relentless pursuit of our clients’ growth. We are reshaping our organizational structure to place an even stronger emphasis on the needs of our clients, and the roles assumed by Alex and James are pivotal in driving this client-centric vision forward,” Mr. O’Malley said. “Alex and James are exceptionally well-equipped to deliver tailored solutions that go beyond conventional insurance offerings, ensuring we bring tangible value to our clients.”
In his new role, Mr Barker will oversee all large commercial underwriting activities in Canada. He brings close to two decades of underwriting and brokerage experience. Since joining the organization in 2009, Mr. Barker has led the aviation book of business and most recently served as Head of Specialty Insurance, AXA XL, Canada.
Mr. Lee, who has also been appointed Chief Agent for AXA XL Canada, will be focused on cultivating strong partnerships with clients and distribution partners across AXA XL’s product lines to enrich client experiences and deepen overall engagement. Mr. Lee joined the company in 2013 as the Director of Casualty and has since held various leadership roles including, most recently, as the Canadian Head of Professional & Cyber Lines.
“These appointments underscore our unwavering commitment to serving our clients with excellence and innovation,” Ms. Nadeau said. “We’re excited about the opportunities ahead as we continue to enhance our offerings and strengthen our presence in Canada.”
Sompo International hires Axa XL’s Huber as Head of Marine & Specialty Insurance for Continental Europe
Sompo International, a leading global provider of commercial and consumer property and casualty (re)insurance, today announced the appointment of René Huber as Head of Marine & Specialty Insurance for Continental Europe. He will be based in Zurich, Switzerland, and report to Ralph Brand, President Continental Europe Insurance.
Mr. Brand said: “The European Specialty market is forecast to grow substantially every year for the next decade. René’s reputation, extensive experience and industry knowledge will be pivotal for Sompo International as we continue to develop our presence in this exciting and constantly evolving area. He will be responsible for developing our Specialty/Marine underwriting and distribution strategy, sustainably growing the book and building a strong team across Continental Europe. I truly look forward to working with him.”
Mr. Huber has over 25 years’ experience in multinational business, with a focus on specialty and marine products. He joins from AXA XL where he was Senior Manager of their Global Programs business.
Poseidon Principles for Marine Insurance hold founding meeting and enter into force with Navium and AXA XL as latest Signatories
The Poseidon Principles for Marine Insurance are a global framework for measuring and publicly reporting the climate alignment of insurers’ hull and machinery portfolios. With the number of its Signatories reaching – and surpassing – the threshold of eight, the framework now enters into force. This means that Signatories are required to report their climate alignment scores on an annual basis. The first reporting period will take place at the end of this year.
As part of the founding meeting, members established the Poseidon Principles for Marine Insurance and elected members to the Association’s Steering Committee, the governance body that coordinates the Association on behalf of its members.
Patrizia Kern-Ferretti (Swiss Re Corporate Solutions) was elected as Chair of the Steering Committee.
“I thank fellow Poseidon Principles for Marine Insurance members for the trust placed in me to chair this pioneering initiative. Our founding meeting marks two important milestones. With Navium Marine and AXA XL among our ranks and the Association officially established, we have all that we need to effect real change and encourage the decarbonization of the maritime industry,” says Patrizia Kern-Ferretti, Head Marine at Swiss Re Corporate Solutions and Chair of the Poseidon Principles for Marine Insurance Association.
Rolf Thore Roppestad (Gard) was elected as Vice Chair of the Steering Committee.
“I am honored to have been elected Vice Chair of the Poseidon Principles for Marine Insurance. Together with my fellow Steering Committee members, we will work to ensure that the Association stays true to its vision: doing what we can to support and incentivize responsible environmental behavior throughout the maritime value chain,” adds Rolf Thore Roppestad, Chief Executive Officer, Gard and Vice Chair of the Poseidon Principles for Marine Insurance Association.
Oliver Clark (Navium Marine), Atle Fjeldstad (Norwegian Hull Club), Sylvain Gauden (SCOR), Charles Mathias (Fidelis Insurance), Ilias Tsakiris (Hellenic Hull Management), Richard Turner (Victor Insurance) were elected as members of the Steering Committee.
Hereafter the Steering Committee consists of:Patrizia Kern-Ferretti (Chair), Rolf Thore Roppestad (Vice Chair), Oliver Clark, Atle Fjeldstad, Sylvain Gauden, Charles Mathias, Ilias Tsakiris, Richard Turner.
Ben Abraham (Willis Towers Watson) was elected as Chair of the Affiliate Members Committee.
Helle Hammer (Cefor), Mauro Iguera (Cambiaso Risso Group), Alistair Rivers (Lockton), Folkert Strengholt (EF Marine) were elected as members of the Affiliate Members Committee.
More information about the members of the Steering Committee is available here.
The founding members of the Association include Swiss Re Corporate Solutions, Gard, Hellenic Hull Management, SCOR, Victor Insurance, Norwegian Hull Club, Fidelis Insurance, Navium Marine, AXA XL, Willis Towers Watson, Cefor, EF Marine, Cambiaso Risso, Lockton, and International Union of Marine Insurance (IUMI).
AXA XL appoints Andrew Diesel to casualty risk consultancy role
AXA XL Insurance announced the appointment of Andrew Diesel as Casualty Risk Consultant – Fleet in the Americas. Based in Dallas, TX, Andrew will provide technical support to AXA XL’s underwriters and clients primarily in the U.S. and Canada. Andrew will be responsible for executing value-added engagements with clients, including in partnership with our growing ecosystem tech partners, as well as working with our underwriters to better support these clients.
Commenting on the appointment, Jonathan Salter, Global Head of Risk Consulting, said: “As we continue to expand our Risk Consulting capabilities, it is incredibly important we invest in the areas that impact our clients. The challenges facing fleets of all sizes in the Americas over the last several years are well known in the industry, and as a prior fleet manager, Andrew is intimately aware of the unique risks in this space. This technical insight, coupled with his experience in client consulting services with major insurance brokers, makes Andrew an ideal partner for clients and underwriters alike.”
Richard Burggraf, Head of Portfolio Strategy, Data & Analytics, and Technology for U.S. Risk Management at AXA XL said: “Clients are proactively seeking innovative solutions to meet the challenges of their evolving operational and risk landscape. Andrew’s experience in developing risk control offerings as both a fleet specialist and broker will complement our expanding suite of risk consulting services for our clients.”
Andrew has nearly 10 years’ experience in fleet management and consulting. He previously served as a Senior Risk Control Consultant at Gallagher, where he had responsibility for implementing the National Risk Control Strategy and led the National Fleet and Transportation working group.
AXA XL appoints Matthew V. O’Malley as US Country Manager
AXA XL has appointed Matthew V. O’Malley as US Country Manager, reporting to Joe Tocco, Chief Executive Officer of AXA XL’s Americas region.
In October 2020, AXA XL launched a new operating model which included a new Zone structure in the US, intended to put AXA XL’s multi-line insurance and risk management experts closer to brokers and clients. In the new structure, Mr. O’Malley was appointed AXA XL’s East U.S. Zone Leader, joining Todd Sutherland as Central U.S. Zone Leader and Mike Soper as West U.S. Zone Leader. In addition to his Zone leadership role, Mr. O’Malley now extends his responsibilities as US Country Manager, assuming broader oversight of AXA XL’s collective business activity in the US Insurance Market.
Commenting on Mr. O’Malley’s additional role, Mr. Tocco said: “Our new regionally focus has been well received by our brokers and clients and we’re already realizing greater efficiency in the delivery of our multi-line insurance coverages. This is in large part to Matt, Todd and Mike’s effective teambuilding and strategic implementation that got our new structure up and running quickly and effectively.”
“In this country management role, Matt will make sure that we’re taking advantage of our Zonal structure as well as combined efforts across our Zones,” said Mr. Tocco. “With his collaborative leadership style, attention to data and analytics, and his underwriting management experience, Matt is well prepared to help us keep an eye on our regional activity and ‘the big picture’ as we continue to build AXA XL’s reputation in the US market.”
During his 25-year tenure in the insurance industry, Mr. O’Malley has held numerous underwriting and management positions. Most recently, he led AXA XL’s North America Environmental insurance business for eight years and later also took on the underwriting management responsibility of our E&S Casualty business. He earned his BA in Economics and MBA with a specialization in Finance from Villanova University. He currently holds the Chartered Property Casualty Underwriter (CPCU), and Registered Professional Liability Underwriter (RPLU). He also serves as a member of the Board of Advisors of the Graduate School of Education of the University of Pennsylvania.
AXA XL Names Marsh’s Barker to Lead Aviation Insurance Business in Canada
AXA XL has appointed Alex Barker to lead its aviation insurance business in Canada. Barker will report to Eric Donofrio, chief underwriting officer, Aerospace, Americas, and to Renato Rodrigues, country manager, Canada.
Barker joins AXA XL from Marsh and MacLennan where he served as senior vice president of the aviation business. He has previously worked at AXA XL, as a senior underwriter for the largest Lloyd’s syndicate, leading one of the top three global aviation portfolios.
He also was an aviation underwriter with XL Catlin, before the company’s merger with AXA.
Barker is a certified General Insurance Agent and an Associate of the Chartered Insurance Institute. He holds a master’s degree from Manchester University, England.
Commenting on the appointment, Donofrio said, “Alex brings exceptional technical knowledge and experience to our regional and local teams, we are thrilled to welcome him back to AXA XL and are confident that under his leadership our team will continue its tenure as market leaders in Canada.”
AXA XL offers a comprehensive suite of Aviation insurance options. Coverage extends from traditional and specialized companies from component manufacturers to airport operators and individual clients.