AXA XL, the property and casualty and specialty risk unit of AXA, has named Elizabeth W. Benet to Global Chief Underwriting Officer (CUO), Cyber, a newly created position.
The appointment is expected to assist with the management of the firm’s international cyber risk portolfio. In her new role, Benet will report to Nancy Bewlay, CUO of Long Tail Risk at AXA XL.
She joins the firm from her own consulting business where she assisted insurance firms in both the development and implementation of new insurance solutions, as well as consultation on the set up of underwriting and claims systems, and feedback on reinsurance buying.
During her career in the insurance sector, she has also worked for Beazley, General Reinsurance, and Zurich.
Commenting on the appointment, Bewlay said: “Cyber threats grow more sophisticated, malicious, and hard to detect every day. To help address these threats, AXA XL has innovated to bring cyber insurance solutions to businesses of all sizes and industries, becoming a market leader in the cyber risk market.
“To continue our momentum in the cyber market, we must continuously monitor our complete book of business, market developments and business opportunities and that’s why we’re excited to welcome Libby to our global insurance leadership team. In her new role with us, Libby will help us closely monitor our cyber risk portfolio and exposure from an aggregated global product view.
“The cyber insurance market is growing exponentially. Recent reports predict the Global Cyber Insurance Market to reach $21.4 billion in the next five years.
“Libby’s experience and insight will be instrumental as we continue to grow AXA XL’s cyber business wisely and profitably and develop the cyber insurance products and services that can help our clients protect their digital assets and their own profitability. We’ll look to her to help us implement strong underwriting standards globally, manage our aggregated cyber exposure, and drive more innovation.”