Axa XL appoints 40-year London market veteran as head of marine

Axa XL has appointed Michael Reynolds as its new head of marine for UK and Lloyd’s, as well as its global chief underwriting officer for hull.

The Axa subsidiary specialises in insurance and risk products for companies from mid-size to large multinationals, as well as reinsurance for global insurance firms.

It stated that the incoming appointee will be responsible for “developing, executing and managing the underwriting strategy for the UK and Lloyd’s marine business, as well as setting and overseeing the strategy for the global hull book of business”.

Reynolds joins from Lockton, where he most recently served as the firm’s head of marine for London and was a member of the global marine executive.

His 40 years of industry experience includes time spent at Chubb, ACE, the Navigator’s Group, Cigna and Commercial Union.

Experienced leader

Louise Nevill, chief underwriting officer for specialty, UK and Lloyd’s, at Axa XL, said: “Reynolds is an experienced leader, with technical acumen and the strategic and operational skills to ensure thoughtful and profitable growth across our marine business.

“He is very well thought of in the market, we look forward to him joining and further enhancing the high-quality products and services we offer to clients and brokers.”

Neil Cole, global chief underwriting officer for marine at Axa XL, added: “The International Union of Marine Insurance Statistics’ Stats Report 2025 valued hull premiums at $9.67bn (£7.22bn) in 2024, up by 3.5% on the previous year continuing an unbroken growth trend since 2021.

“However, it isn’t without its challenging dynamics, ranging from larger vessel sizes, the transition to net-zero and exposure to high-risk zones. Reynolds’ experience positions him well to ensure our global hull products align to our clients changing needs.”