Bermuda-based insurer and reinsurer, AXIS Capital Holdings Limited, has bolstered its insurance-linked securities (ILS) team with the additions of Patrick Witteveen and Kyle Freeman as Head of ILS Business Development and Head of ILS Structuring, Property, respectively.
AXIS Capital rebranded its ILS and third-party reinsurance capital arm to AXIS ILS back in July, which coincided with the appointment of Chris Caponigro as Global Head of the unit.
The company has now bolstered this part of the business with the appointments of Witteveen from Securis Investment Partners and Freeman from AXA XL.
In his new role, Witteveen takes on responsibility for leading the global business development for AXIS ILS, including sourcing new investors and managing existing relationships.
He joins the Bermuda headquartered company with more than two decades of experience in business development, raising third-party capital assets and institutional sales, most recently as Head of Investor Relations & Business Development at Securis.
Witteveen will continue to be based in Zurich, with his appointment effective February 1st, 2022.
Freeman assumes responsibility for managing existing investor relationships and capital invested in property catastrophe sidecars, catastrophe bonds, joint ventures, and other ILS structures.
He brings ILS experience to his new role, most recently serving as Head of North America Programs Pricing at AXA XL. Freeman will be based out of Boston, and his appointment is effective immediately.
Caponigro, Global Head of AXIS ILS, commented: “We’re delighted to expand the AXIS ILS team and welcome Patrick and Kyle.
“With the addition of Patrick and Kyle, we are further enhancing our internal capabilities to service clients and investors and our presence in geographies that have a strong interest in ILS. We are confident in our positioning as we develop the next phase of the evolution of AXIS ILS.”
AXIS Capital’s ILS activities are becoming increasingly important for the firm. In Q3, the firm ceded more premiums and risk to investors backing its range of ILS structures, earning more fee income in the process.