AXA XL appoints new global underwriting chief for cyber
AXA XL has named Elizabeth (Libby) Benet as its global chief underwriting officer for cyber, a newly created role.
Benet reports to Nancy Bewlay, chief underwriting officer for long tail risk, and is based in New York. She joins AXA XL from her own consulting business, where she assisted insurance companies in the development and implementation of new insurance products. She also helped clients set up underwriting and claims systems and assisted them in reinsurance purchasing. She has also worked at Beazley, General Reinsurance and Zurich.
Bewlay said AXA XL has become a leading player in the cyber market, stressing AXA XL will continuously monitor its complete book of business, market developments and business opportunities in order to maintain momentum. “[Benet] will help us closely monitor cyber risk portfolio and exposure from an aggregated global product view,” she said.
Bewlay noted a recent report that predicted the global cyber insurance market will reach $21.4 billion within five years, illustrating the size of the opportunity for re/insurers.
“[Benet’s] experience and insight will be instrumental as we continue to grow AXA XL’s cyber business wisely and profitably and develop the cyber insurance products and services that can help our clients protect their digital assets and their own profitability,” she added.