AXA XL plucks former AXIS veteran from Allianz Risk for top US property role

AXA XL Reinsurance has tapped a former Axis Capital veteran as head of US property business, Bermuda reinsurance, replacing Simon Penney who is relocating to London to take up a new global role.

Peter Kiernan (pictured) will be based in Bermuda. He will be responsible for the US property strategy and execution of business underwritten through AXA XL’s Reinsurance Bermuda operation. He has over 30 years of industry experience with a track record of underwriting and business development in the US property space.

Kiernan began his career in PXRE Reinsurance, Bermuda in 2002, before moving to Axis Specialty in 2006 where, as executive vice president, he managed a team of underwriters, cat modelers and underwriting assistants in support of a portfolio of worldwide exposed property treaty reinsurance including catastrophe, per risk, and pro rata contracts. In 2012, he was appointed president & CUO, Axis Re Bermuda, heading up its North American Property Unit. After almost 14 years at Axis, Kiernan joined Allianz Risk Transfer, Bermuda in March 2020 as head of North American Reinsurance before joining AXA XL Reinsurance to take up his current role.

Penney will take up the role of head of underwriting analytics, London, where he will be responsible for pricing standards, in-house views of risk, and portfolio management across all areas of the reinsurance segment. Penney will report to Jonathan Gale, chief underwriting officer, reinsurance and acting CEO Bermuda reinsurance.

He started his career at Zurich Financial Services in 2005, before joining XL Catlin as an actuary in 2007 where he was responsible for underwriting analysis and internal capital modelling. In 2011, he was appointed actuary, focusing on US property treaty reinsurance, including catastrophe XOL, catastrophe aggregate. In 2018, he took on the rôle of head of US property treaty, XL Reinsurance. Penney began his career in the UK before moving to Bermuda in 2007.

Gale said: “Peter has extensive Reinsurance experience in managing portfolios, underwriting, and client relationships. His appointment will continue our legacy of service and solutions and we are very pleased to have him join the Bermuda reinsurance team. I would like to thank Simon for his dedication and excellence over the last 15 years and we look forward to working with him in his new role.”

He added: “Simon has over 17 years actuarial and underwriting experience, with an in-depth understanding of AXA XL Reinsurance. He brings this experience to my team, ensuring our pricing, planning, allocation of capacity, use of data and analytics and interaction with Ceded is as good as it can be.”