Axa XL, the property/casualty unit of France’s Axa SA, on Monday announced a restructuring of its insurance underwriting operations in the Americas and confirmed it will lay off an undisclosed number of staff.
In a statement, Axa XL said it has reorganized its insurance underwriting operations in the Americas into three business segments: large commercial, mid-market and professional.
The insurer declined to say how many job cuts will follow. Axa XL is working with affected employees to help them in their transition, a spokeswoman said.
“After taking a close look at our structure, we’re making changes to our regional model to optimize how we work,” and to better align with policyholder needs, said Lucy Pilko, Americas CEO. Ms. Pilko joined Axa XL from Boston Consulting Group last year.
Donna Nadeau, previously chief underwriting officer for the Americas, was named head of large commercial, reporting to Ms. Pilko.
The large commercial insurance market segment will handle the multiline coverage needs of Axa XL’s largest policyholders in the U.S., Bermuda and Canada. It brings together casualty, property, cyber, construction and energy, and specialty coverages, including aviation and marine, in addition to wholesale coverage, including excess and surplus lines and programs business.
The U.S. mid-market segment, launched last year, is headed by Matthew Waters, who joined Axa XL from Liberty Mutual Insurance Co. This segment provides coverage to businesses with less than $1 billion in annual revenue. Environmental, inland marine, and excess and lead umbrella coverage will be added to its existing mid-size construction business in the Americas, and coverage will be expanded to mid-size businesses in Canada, Axa XL said.
The professional business segment will continue to provide directors and officers liability, merger and acquisition, crime and kidnap, ransom and extortion coverage and will continue to operate as an industry vertical. It will be managed by its existing operating committee, comprising Tony Giacco, John Burrows, Sean Hearn and Jim Koval, chief underwriting officers for professional liability.
