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Anne Kelly will be joining Axis Capital as its global head of ceded reinsurance.
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The German reinsurer ceded 31 percent of its EUR134.8mn of gross major losses to retro partners in the first half.
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The reinsurer's drop in P&C profit was due to an increase in man-made losses, as it grew its US and Australian book in July.
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Reinsurance chief underwriting officer Emil Issavi has been named as the new CEO of the unit.
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The UK insurer said it hoped the transaction was the start of a longer-term relationship.
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The Floridian insurer has become the latest carrier to reveal details of increased Irma claims.
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The (re)insurer said it had already bought an aggregate reinsurance cover for the combined Axa-XL entity and has decreased its cat exposure by about 40 percent relative to 2017.
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CEO Dominic Addesso said it was a mistake that early favourable loss reports had not set off “alarm bells” for the company. -
Underwriting profit for the reinsurance division fell by 3.6 percent to $134.9mn in Q2, due to increased expenses.
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The carrier also signed up 50 percent more investors during the July renewal.
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Axis ceded $163.5mn of premium to strategic partners, excluding its Harrington Re vehicle, of a total of $624.2mn in managed premiums.
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The carrier increased its loss reserves for Hurricane Matthew but did not update its Irma claims estimates.
