Captives are for life, not just the hard market, says Matthew Latham from AXA XL
Two senior executives who previously worked for AXA XL have launched a new operation on Guernsey, which will focus on both land-based and maritime kidnap and ransom, fine Art, jewellery and classic car risks.
The venture has been launched by Jonathan Beck and Richard Spurrier using a new Specialty Insurance Cell called ANT Exceptional Risks.
In addition, ANT Insure, a Special Purpose ILS vehicle has been established to connect risk with alternative capital sources, primarily focussing on sports contractual bonus, prize indemnity and loss of revenue risks.
Beck was executive chairman of AXA XL Services and XL Insurance Guernsey and responsible for the establishment of the first AXA ILS vehicle in Guernsey. He worked for AXA XL from 2014, prior to which he spent time with CNA Hardy, QBE and Hiscox spanning back to 1999.
Spurrier was a Specialty Risks Underwriter for XL Insurance Guernsey, focussing on Kidnap & Ransom and Fine Art risks. Prior to this, he worked for Artex (Arthur J Gallagher) on the Captive Market team supporting Hiscox Crisis Management. In addition, he has broad experience structuring Alternative Capital Vehicles for a variety of market leading firms.
Beck said: “Now is a prime time for ANT to enter the market due to the flux we are seeing. Some markets are struggling with poor risk selection, overweight on expense, cyber or COVID losses or a combination of all four. We have taken a fresh look at the product and pricing, so together with a clean balance sheet and the exceptional support of our reinsurance and alternative capital providers we aim to take advantage of current market conditions.”
AXA XL, ANT Insure, New company, Insurance, Reinsurance, Captive, Kidnap and ransom, Fine Art, Jonathan Beck, Richard Spurrier, Guernsey