Axa Liabilities Managers has hired Novae’s former head of commutations and reinsurance claims Steve Hennessey, re-Insurance.com can reveal.
Axa confirmed that Hennessey had joined earlier this week to lead its European claims operation and to manage its reinsurance.
“With his unparalleled experience in insurance and reinsurance in the London market, Steve will make a strong contribution and drive our operations in Continental Europe and the UK as well as develop opportunities at Lloyd’s,” Axa Liabilities Managers said in a statement.
The legacy acquirer’s claims bosses in the UK and Switzerland will both report to Hennessey. In turn, the newly appointed executive will report to Axa Liabilities Managers’ head of operations and US CEO Tom Taylor.
Hennessey is well known in run-off circles having served on the board of the Insurance and Reinsurance Legacy Association (IRLA) for three years.
At Novae - which was acquired by Axis in a $611.4mn deal last year - Hennessey was responsible for running off the group’s legacy book and using Lloyd’s reinsurance to close mechanism to transfer the liabilities into the carrier’s Syndicate 2007, according to his LinkedIn profile.
More recently, it is understood that he was instrumental in managing the sale of Novae’s $1.1bn legacy book to Enstar in a deal that completed last week.
The transaction saw the Bermudian legacy-and-live carrier reinsure Novae’s book using its StarStone Lloyd’s syndicate, which was formerly known as Torus.
He was at Novae for 14 years, according to his LinkedIn profile.
“We are pleased that Steve Hennessey has joined AXA LM as our head of claims europe and head of reinsurance,” the Axa statement continued.