CEO Hendrick leaves Axa XL
Greg Hendrick, chief executive officer of Axa XL, has left the company and is pursuing opportunities outside the group.
He is being replaced by Scott Gunter, who was previously president of Chubb’s North America commercial insurance division.
Mr Hendrick has been with the Bermudian-based re/insurer for 25 years. He said: “I am proud of the work done together with our colleagues in creating the new Axa XL division. As I move on, I am convinced that the expertise, ability to innovate and customer focus which are at the heart of our DNA will be key assets in ensuring the continued success of this great platform.”
Thomas Buberl, CEO of Axa, said: “I would like to warmly thank Greg for his leadership in managing the integration of XL over the past two years and building the new Axa XL division, which is today a solid and well-positioned franchise.
“Greg’s contribution has been instrumental in creating business synergies and ensuring a smooth transition for our clients and brokers.
“With the effective consolidation of Axa Art, Axa Corporate Solutions and XL’s activities under one roof, he has laid the foundation for Axa XL’s future success as part of the number one global commercial lines insurance platform. I wish him all the best in his future endeavours.”
During his time with the company, Mr Hendrick was appointed chief executive of XL Group’s insurance operations at the start of 2012. When XL merged with Catlin Group in 2015, he became CEO of reinsurance.
The following year, he became XL Catlin’s president of property and casualty. Then, in September 2018, following Axa’s acquisition of XL Catlin, he became CEO of Axa XL.
The news of Mr Hendrick’s departure came as Axa reported its full year earnings for 2019.
Among the business divisions, it said total revenue at Axa XL increased 10 per cent to €18.7 billion ($20.2 billion). Its underlying earnings were €507 million, partly offset, among other things, by €300 million of natural catastrophe charges in excess of the normalised level. Axa XL’s combined ratio for the year was 101.5 per cent.
Regarding Mr Gunter’s appointment as the new CEO of Axa XL, Mr Buberl said: “I am very happy that Scott is joining Axa. Scott brings over 30 years of experience, a strong track record in commercial insurance and underwriting and a profound knowledge of the North American market. Prior to his last role as president of Chubb’s North America commercial insurance division, Scott held several global positions within Chubb, including chief underwriting officer.
“I am convinced that his deep experience and leadership skills coupled with the highly professional and engaged teams of Axa XL, will be a winning combination to drive the next phase of Axa XL’s development.”
Mr Gunter will also join Axa’s management committee.
In a statement, Axa XL said the changes will be effective immediately, subject to any required regulatory approval.
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