Exclusive: Axa XL NA programs CUO Bressette exits and replaced by Americas chief actuary Rees

By James Thaler

Feb 20 - (The Insurer) - Axa XL’s CUO for North America programs Chris Bressette is exiting the company and will be replaced in the role by chief reserving actuary in the region Simon Rees, who is set to take over the post on 1 April and report to Americas head of wholesale Tim Whisler.

The leadership change within Axa XL’s Americas programs division was announced in a memo to staff on Thursday, seen by The Insurer, which said that Bressette is leaving the company “to pursue other opportunities”.

In the memo, Axa XL CFO Rainer Schoellhammer said that the company is “grateful” for the work Bressette did to build the firm’s programs business in the region during his 14-year career with the firm.

“His leadership has been instrumental in establishing a strong foundation that has allowed us to profitably grow our program business,” he wrote.

Bressette joined Axa XL predecessor firm XL Catlin in 2014 following an eight-year career in a programs role with AIG.

Schoellhammer said that Rees would build on the foundation established by Bressette.

“As a long-time actuary, he is well-suited for this new role. His skills in risk management and statistical analysis will be valuable in on-boarding new programs,” Schoellhammer wrote.

Rees originally joined XL Catlin in 2017 in a London-based actuarial role, having transitioned to working out of New York in 2021.

He previously held roles at Canopius, Barbican, Fenchurch Associates, Travelers, and Lloyd’s, as well as other firms.

Schoellhammer highlighted Rees’ two decades of experience with what the CFO said has entailed “working with a diverse range of businesses, from start-ups to large multinationals”, saying that Rees “has successfully led global teams to deliver impressive financial results.”

“As many businesses face unique challenges, the demand for customized insurance solutions is on the rise,” Schoelhammer continued.

“The specialty program market continues to experience double-digit growth in direct written premiums year after year,” he added.

Schoellhammer said that for that reason, Axa XL’s North America program business has “a central role” in the region’s growth strategy.

Rees’ new role comes amid what has been a flurry of hires and appointments within Axa XL’s Americas region in recent months.

The Insurer broke the news earlier this month that the company hired Peter Bakker from Aspen to lead a new combined middle market casualty and environmental product.

Late last month E&S Insurer also broke the news that the company hired Whisler, the former head of AIG-owned Western World, as head of wholesale.

Those hires came after the news that Axa XL brought aboard Liberty Mutual's Jon Tellekamp as the combined CUO for construction and energy.

Other recent notable hires at Axa XL include Robert Malone from Zurich as head of large accounts and portfolio management for cyber in the Americas and Chelsea Thorpe from Beazley as head of broker relations for Marsh in the region.

Axa XL’s Americas region has gathered momentum with the onboarding of talent in the last year, which has included recruiting Zurich North America’s Michelle Chia as CUO for cyber, design professional and select professional.

Over a year ago Axa XL also recruited CNA’s Adele Smith as head of general industries and US middle market excess casualty, as part of the insurer’s push into the middle market segment in the region.

Axa XL Americas focused on growth in ’25

Last year Axa XL revamped its operating model in its Americas region, setting up distinct large commercial, mid-market and professional units, with Donna Nadeau named head of large commercial and Matt Waters appointed to lead the mid-market business.

The move marked a significant step by Axa XL’s new Americas insurance CEO Lucy Pilko to put her stamp on the business.

In an interview at the RISKWORLD meeting in San Diego in May 2024, Pilko said that while there had been a lot of internal focus at Axa XL in recent years as it re-underwote its portfolio, the Americas region is now bullish on its growth outlook.

“We have a portfolio that we like. Now the question from a go-to-market perspective is just being much more clear and consistent with our clients and our broker distribution partners about the risks we want and our willingness to underwrite them,” she said at the time.

“From a go-to-market perspective, we have more we want to do in the property space, we have more we want to do in the casualty space, and we have a rich set of specialty products,” she added.

Axa XL has been contacted for comment.