AXA XL hires Chris Caponigro as Head of Reinsurance Capital Management

AXA XL, the global specialty insurance and reinsurance unit of the AXA Group, has announced the hiring of experienced reinsurance and ILS executive Chris Caponigro as its new Head of Reinsurance Capital Management.

The addition of Caponigro is seen as a move to further strengthen its third-party capital offering by AXA XL and he will be tasked with expanding the firm’s product range and investor base, through the continued development of its infrastructure and strategy.

Third-party and alternative capital is a key strategic lever for the company and AXA XL has been active in the space for more than a decade, having its own dedicated alternative reinsurance capital and insurance-linked securities manager, AXA XL ILS Capital Management.

Caponigro is well-known in the ILS and alternative capital arena of reinsurance, having worked at a number of dedicated ILS capital management arms during his more than 20 year career.

Most recently, Caponigro was the Global Head of AXIS ILS at Bermuda-based insurer and reinsurer, AXIS Capital Holdings Limited.

At AXIS, he held group level responsibility overseeing the third-party capital focused team that designs, implements, and administers private capital investor relationships.

Prior to that, he worked at Everest Re, where he served as the Head of Business Development at the firm’s Mt. Logan Re collateralized reinsurance sidecar-like structure and capital management unit.

Before that, Caponigro served as Head of North American Catastrophe Lines at Platinum Underwriters Bermuda prior to which he held senior reinsurance underwriting and corporate roles with increasing levels of authority at Platinum and St. Paul Re.

Caponigro will be based in the United States for AXA XL and will report to Guy Van Hecke, Head of Ceded Re at the company.

Guy Van Hecke commented on the news, “Third-party capital continues to demonstrate a strong appetite for insurance-linked securities (ILS). This demand aligns with our own strategy of accessing alternative sources of ceding capacity as part of our growth plans.

“We have an existing and established team in this space, and our expertise and offering will be further strengthened by Chris’ appointment. Chris brings a wealth of industry experience, and his technical risk capabilities and financial structuring skillset will be key in achieving our strategic goals.”