AXA UK restructures general insurance business
AXA UK has announced a number of changes to the structure of its general insurance business, including the exit of AXA Insurance chief executive Philippe Maso.
Following a strategic review, the restructuring at AXA Insurance will see the creation of two self-contained business units – commercial lines and personal lines – each led by a chief executive, reporting directly to new AXA UK group chief executive Paul Evans (tipped first by Insurance Times to replace Nicolas Moreau in July), and their own management teams.
AXA said the new business model will allow it to improve efficiency and reduce duplication.
"The proposed structure will not, therefore require a chief executive role at the head of AXA Insurance. Philippe Maso, who has been on secondment to the UK from AXA Group, is therefore stepping down as chief executive," the company said in a statement.
John O’Neil, chief executive of AXA Ireland will take responsibility for overseeing the setting up of the new business structure and will lead the commercial lines team on an interim basis while a chief executive is recruited.
Steve Hardy, currently managing director, AXA Direct will take over the new role of chief executive personal lines. He will report directly to Paul Evans and joins the AXA UK executive committee.
Evans said: “I would firstly like to thank Philippe for his vast contribution to AXA during his time in the UK and wish him well for the future. Moving to this structure will give our people who are closer to our markets a greater sense of empowerment and accountability which will result in us being better placed to respond to market challenges as well as distributor and customer needs.
"As our portfolio in the UK is now a number of specialist businesses, this change brings the insurance business in line with the rest of our UK operations.”