The former AXA XL duo launches the Specialized Insurance Unit
Former AXA XL executive Jonathan Beck and underwriter Richard Spurrier are preparing to launch a new specialist insurance unit focused on land and sea kidnapping and ransom risks, fine art, jewelry and old cars.
The Cell, named ANT Exceptional Risks, is launched alongside the ILS special-purpose vehicle ANT Insure.
Ant Insure was created to link risk with alternative sources of capital, focusing primarily on the risks of sports contract bonuses, prize payout, and lost earnings.
“Now is the perfect time for ANT to enter the market because of the flow we are seeing. Some markets are struggling with poor risk selection, overweight spending, cyber or COVID losses, or reinsurance news combined from all four, ”Beck said.
“We’ve taken a fresh look at the product and pricing, so with a healthy balance sheet and the exceptional support from 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 setting up the first AXA ILS vehicle in Guernsey.
He worked for AXA XL from 2014, before spending time with CNA Hardy, QBE and Hiscox until 1999.
Spurrier was a risk underwriter for XL Insurance Guernsey Limited, focusing on kidnapping and ransom risks and fine art.
Before that, he worked for Artex within the Captive Market team supporting Hiscox Crisis Management.
In addition, he would have extensive experience in structuring alternative capital vehicles for a variety of market leading companies.
The guarantee for ANT Insure Cell risks is entirely alternative capital.