AXA XL promotes Patel to Head of AXA XL ILS Capital Management

AXA XL, the commercial property & casualty insurance and reinsurance arm of the AXA Group, promoted Niraj Patel to lead alternative capital activities as Head of AXA XL ILS Capital Management in late 2020, reporting to Peter Martin, who was also promoted to Head of Reinsurance Capital Management.

As a reminder, Dan Brookman, the former lead on alternative capital at AXA XL has just this week announced the launch of a new insurance-linked securities (ILS) fund management venture, confirming that changes have been afoot at AXA XL.

AXA XL confirmed that changes have been underway in reinsurance for a while, as the company simplified its reinsurance operations, leading to an opportunity to restructure the Alternative Capital team and bring up internal talent as well.

Peter Martin, who joined AXA XL in 2019 as Head of Ceded Analytics, subsequently joined the Reinsurance Leadership Team in 2020, taking on the role of Head of Reinsurance Capital Management.

Martin has taken the lead on connecting front-end underwriting at AXA XL, with the outwards hedging of AXA XL Reinsurance’s portfolio and has responsibility for designing and placing retrocessional protection, as well as overseeing AXA XL Reinsurance’s expanding partnership and alternative capital relationships.

Niraj Patel, who joined AXA XL in 2018, has now been promoted to Head of AXA XL ILS Capital Management, AXA XL Reinsurance’s Alternative Capital business, and reports directly to Martin.

He’s worked on third party capital portfolio management and business since joining the company and now has responsibility for deal structuring and construction, as well as executing and managing Insurance Linked Securities (ILS) portfolios for institutional investors.

As Head of AXA XL ILS Capital Management, Patel also manages the team responsible for ILS portfolio management and reporting, data analytics and risk management, investor relationship and communications, plus governance associated with institutional investment management, the company said.