AXA XL’s Reinsurance Operation Acquires New Ocean Capital Management

AXA XL’s Reinsurance operation has completed the acquisition of all third party ownership interests in its majority-owned asset management affiliate, New Ocean Capital Management Limited (“New Ocean”). New Ocean is now a wholly-owned subsidiary within AXA XL’s Alternative Capital business, under the leadership of Daniel Brookman, AXA XL’s Head of Alternative Capital. Chris McKeown, who was the founding CEO of New Ocean, will continue to serve as an advisor to AXA XL’s Alternative Capital business for a transitionary period, as well as continue to serve as a Director of certain New Ocean managed funds.

Source: AXA XL | Published on November 20, 2018

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According to Greg Hendrick, CEO of AXA XL, “Alternative capital is a core component of our strategy, as we seek to create strategic partnerships matching the risks we initiate with third party capital alongside our own. Our decision to acquire the outstanding shares of New Ocean demonstrates our strategic commitment to the alternative capital space and represents the latest step towards becoming the partner of choice for investors seeking to access (re)insurance risk globally.

Mr. Hendrick added: “We’d especially like to thank Chris whose dedication and 30 years of experience helped launch and grow New Ocean and bring it to this point where we can start our next chapter in alternative capital management.”

According to Charles Cooper, Head of AXA XL’s global reinsurance operations, “Under this consolidated structure, the Alternative Capital business will offer investors a full suite of underwriting, that will leverage AXA XL’s world-class risk origination and underwriting franchise: ILS asset management, utilizing New Ocean’s proven track record and fiduciary experience; and fronting activities/insurance management services for transacting business through AXA XL’s balance sheet, directly supported by our experienced risk and structured finance experts.”

As a key source of risk origination for our Alternative Capital activities lie within our Reinsurance operations, Dan will join our global Reinsurance Leadership Team. The new alignment will help accelerate our alternative capital activity and provide greater flexibility for our underwriters and ultimately our brokers and clients,” Mr. Cooper added.

Mr. Brookman joined AXA XL in early 2016 as Senior Vice President of Alternative Capital and was promoted to lead the team in 2017.

Founded in July 2013, New Ocean provided the opportunity for AXA XL to partner with leading private equity fund, Stone Point Capital, and later with Japanese conglomerate, Mitsui & Co., Ltd, to develop an ILS fund manager platform serving institutional investors seeking access to opportunities across the reinsurance industry. New Ocean has been successful in attracting capital from major institutional investors for products which are directly aligned with AXA XL’s global underwriting franchise. Notable success has been achieved to date within the property catastrophe, specialty and whole account lines of business.