Former AXA XL Executive Jonathan Beck and Underwriter Richard Spurrier are set to launch a new Specialty Insurance Cell focused on land-based and maritime Kidnap and Ransom, Fine Art, Jewellery and Classic Car risks.
The Cell, named ANT Exceptional Risks, launches alongside Special Purpose ILS vehicle ANT Insure.
Ant Insure has been established to connect risk with alternative capital sources, primarily focussing on Sports Contractual Bonus, Prize Indemnity and Loss of Revenue risks.
“Now is a prime time for ANT to enter the market due to the flux we are seeing. Some markets are struggling with poor risk selection, overweight on expense, cyber or COVID losses or a combinatioreinsurance newsn of all four,” said Beck.
“We have taken a fresh look at the product and pricing, so together with a clean balance sheet and the exceptional support of our reinsurance and alternative capital providers we aim to take advantage of current market conditions.”
Beck was Executive Chairman of AXA XL Services and XL Insurance Guernsey Limited and responsible for the establishment of the first AXA ILS vehicle in Guernsey.
He worked for AXA XL from 2014, prior to which he spent time with CNA Hardy, QBE and Hiscox spanning back to 1999.
Spurrier was a Specialty Risks Underwriter for XL Insurance Guernsey Limited, focussing on Kidnap & Ransom and Fine Art risks.
Prior to this, he worked for Artex on the Captive Market team supporting Hiscox Crisis Management.
In addition, he is reported to have a broad experience structuring Alternative Capital Vehicles for a variety of market leading firms.
The Collateral for ANT Insure Cell risks is all Alternative Capital.