Axis Capital Holdings Ltd. announced Tuesday that it would stop writing property reinsurance business and Axis Re CEO Steve Arora will leave the company, among a series of other management changes.
The Bermuda-based insurer and reinsurer had already significantly reduced its property catastrophe reinsurance business at recent renewals. According to a recent investor presentation, reinsurance accounts for 37% of Axis’ gross written premium, and property and catastrophe business make up about a quarter of the reinsurance business.
Mr. Arora, who joined Axis in 2017, will leave the company on Dec. 31. London-based Ann Haugh, who was named president of Axis’ global property division last year, will take over as CEO of the reinsurance unit, Axis said in a statement.
“During the time Steve has been with Axis, the reinsurance industry faced significant challenges and, in response, the company has been working toward a new direction,” Axis Capital President and CEO Albert Benchimol said in the statement.
The reinsurance division will concentrate on casualty, specialty, accident and health, and credit lines of business, the statement said.
In addition, Vincent C. Tizzio, who joined Axis from Hartford Financial Services Group Inc. in January and recently became CEO of Axis Insurance, was named to the additional role of CEO of specialty insurance and reinsurance.
Axis also named New York-based Linda Ventresca head of digital. Previously, she was chief strategy officer.
The restructuring is part of a multiyear effort to generate consistent profitable results, reduce volatility and grow a stronger book of business, Mr. Benchimol said.
The company also announced that it would appoint a global chief underwriting officer and has started a search for a candidate.