In January, AXA XL launched a dedicated alternative risk solutions (ARS) team in the Americas.

The Sony captive writes commercial property, marine, directors and officers, cyber risk and previously employee benefits insurance for Sony and its affiliates.

The captive provides JPMorgan Chase with global property coverages, including terrorism, cyber and banker’s blanket bond.

As captives write business around the world, particularly when on a direct basis, they have to be mindful of complex and often changing local taxes and levies in each territory that they are active.

This single parent captive was formed and capitalised in 2019 as part of State Street’s alternative risk financing strategy in the wake of significant price firming in the insurance market. 

Xitus provides discontinued insurance solutions through acquisition and loss portfolio transfers and has expanded its use of the INTX platform for capital visibility across long-tail portfolios and faster execution of LPTs and acquisitions.

As part of these updates, Mike Foley has been named vice chairman, having previously served as co-chief executive officer and president.

Ashtari will lead the expansion of the business, manage key client relationships, and oversee the team.