Posted on Oct 08, 2010 by Sergio Ulloa
AXA UK, part of the France-based AXA Group, has recently announced the restructuring of their non-life operations into two self-contained business units, namely commercial lines and personal lines, with each of them having their own CEO and management teams. The heads of these two new units will report to AXA UK group chief executive Paul Evans, who has also been recently named as a replacement to outgoing Philippe Maso.
AXA has explained the rationale of this new business model as one that is required to improve efficiency and reduce duplication of efforts, whilst giving each unit fresh opportunities to expand. This move effectively makes redundant the position of CEO for AXA Insurance, hence the exit of Mr. Maso.
At the helm of the newly formed commercial lines business unit will be John O'Neil, who has been the chief executive of AXA Ireland since 2000, although his appointment to establish a new business structure into this unit will be in an interim manner, until a new permanent head is appointed.
Likewise, the personal lines unit will be led by Steve Hardy, currently the managing director of AXA Direct. Mr. Hardy is also the founding director of Internet-based motor insurance provider Swiftcover.
In other related news, back in June 2010 there had been news that AXA UK Life may be acquired by Resolution
. Such acquisition has been completed, resulting in downgraded ratings from Moody's from A1 to A2, with a stable outlook.
With all these recent moves, AXA Group begins a new chapter in its insurance business presence in the UK.
Insurance Company mentioned:
AXA Group is a worldwide leader in Financial Services. Head-quartered in Paris, the AXA Group companies are engaged in life insurance, health insurance and asset management services among others. AXA's operations are diverse geographically, with major operations in Europe, North America and the Asia/Pacific area.