Group finance director Philippe Maso y Guell Rivet becomes chief executive

AXA chief Peter Hubbard has resigned, Insurance Times can reveal.

In a statement the insurer said that Hubbard had left the Insurer to pursue other interests.

He will be replaced by group finance director of AXA UK, Philippe Maso y Guell Rivet with immediate effect.

He responsibilities will include oversight of the personal and commercial lines business, online insurer Swiftcover, as well as having overall accountability for the independent broking distribution business, Venture Preference.

Hubbard was appointed chief executive of AXA Insurance in November 2001. The company said he had led the growth on the company to become the fourth largest general insurance player in the UK market.

Commenting on Hubbard’s departure, AXA UK group chief executive Nicolas Moreau said: “Peter has been a great asset to AXA steering the insurance business through a period of organic and acquisition fuelled growth. He has been closely involved in developing our distribution capability through the growth of our Venture Preference independent broker business, as well as our direct business through Swiftcover.

“In particular, his focus on developing our position in the commercial insurance sector for SMEs has been successful as AXA is now the second largest provider in the market. After seven years at the helm Peter now wishes to move on. He has been a valued member of my senior executive team and I wish him well for the future.”

In a related move, Ian Robinson, currently group business risk director and executive member of the AXA UK board, has now taken responsibility for the finance function becoming group finance and risk director. He joined AXA in 2007 from HSBC’s insurance group where he was chief operating officer having had global responsibility for finance, operations and risk.

Rivet has been group finance director of AXA UK for the last five years where he has been responsible for finance, strategy, financial risk and asset management. The company said he had been instrumental in “focusing the strategy on core business… to concentrate on expanding through acquisition into direct distribution.”