The Ticker

Hires Don Bailey as global head of distribution and field operations. He reports to Peter Zaffino, chairman and CEO, and joins from Bristlecone Partners, where he was a partner. He also previously worked at Marsh, Allstate and Willis Towers Watson. 

Subsidiary MGU Xchange Benefits launches protected cell captive for medical stop loss, called Distribution Re. Covers accident and health risks, focusing on high-deductible medical stop loss. It is run by Captive Planning Associates and is domiciled in Tennessee. 

Acquires Ambridge Group from Brit for $400 million. Sale includes Ambridge Partners, Ambridge Europe Ltd. and Ambridge Europe GmbH & Co. 

Andrew Brooks has retired as CEO. Replaced by Jonathan Zaffino, who remains group president. Zaffino is also joining board of directors. 

Hires Nick Acker as head of U.S. distribution. He joins from Arch Insurance Group. 

Promotes Justin Cohen to CEO. He succeeds the company’s founding CEO, Mike Miller, as part of planned succession. 

Reduces war cover for aviation industry, which formerly accounted for 20% of AXA group’s revenue and 14% of its net income. 

Launches cyber cat bond. Covers remote-probability catastrophic and systemic events and is first time a liquid insurance-linked securities instrument has been created for cyber catastrophe risks. >> Rolls out hybrid-event cancellation policy for U.S. companies hosting conferences and sporting events that use mixture of physical and virtual elements. Covers cancellation, abandonment, interruption, postponement, relocation and curtailment. 

Promotes Jess Kirby to head of executive and professional lines, succeeding Chris Warrior, who will focus on technical underwriting for executive and professional lines segments. Tom Harris promoted to head of commercial management liability, Kirby’s old post. >> Hires Nick Major as country manager for U.K. He joins from Aviva.

Launches Itasca Re, a Bermuda-licensed reinsurer led by Kostya Zolotusky. Itasca Re offers reinsurance for Starr policies covering financiers for non-payment by commercial aircraft buyers.