Senior Underwriting Risk Manager, Cyber (East Coast)
Senior Underwriting Risk Manager – Cyber
New York, NY I USA
A commercial lines (re)insurer, AXA XL is subject to a range of risks as a result of its underwriting activities. AXA XL’s Risk Management Function defines processes, rules and governance to empower the business to take on risks in a secured environment, thus enhancing value creation and protecting the capital, liquidity, earnings and reputation of the company for the long term. As a result, AXA XL’s culture embeds a disciplined and conscious approach to the acceptance of risk where risks are transparent, understood and the appropriate reward can be defined.
The Underwriting Risk department is one of the Centers of Excellence within AXA XL Risk Management. Underwriting risk is the risk that underwriting income volatility observed over a given time period is not within expected levels, i.e. premium income is less than expected and/or loss experience is worse than expected. The mission of the Underwriting Risk Management team is to act as the second line of defense on underwriting topics across the AXA XL organization, i.e. to help AXA XL identify, measure, monitor, manage and report on underwriting risks.
Cyber insurance is one of the fastest growing lines of business within Property & Casualty and – as a constantly evolving product – comes with its own unique set of risks. The Senior Underwriting Risk Manager will be responsible primarily for managing the underwriting risks associated with the Cyber but also for the wider Professional Lines portfolio of AXA XL. This means ensuring policies and standards are respected and followed, making sure that cyber and professional risks are incorporated into the broader underwriting risk framework, carrying out reviews of key cyber and professional lines’ underwriting activities and helping the business monitor the portfolio.
DISCOVER your opportunity
What will your essential responsibilities include?
- Understand and analyze AXA XL Insurance and Reinsurance portfolios exposed to Cyber and Professional Lines’ risks directly or indirectly.
- Collaborate with Underwriting teams on Cyber and Professional lines’ business reviews, leading Product and Profitability reviews and providing the Risk Management 2nd opinion.
- Perform quarterly review of Cyber and Professional Lines’ portfolio performance, including deviation from strategic plan, profit benchmarking, changes to risk profile, large losses and emerging risk issues.
- Ensure that an appropriate Cyber Risk Management Framework is in place and the Cyber Risk Appetite is properly assessed and defined. Monitor and report adherence to such Risk Appetite and assist the 1st line in plans to return to within Appetite where it has been breached.
- Identify potential future systemic and non-systemic Cyber risks and provide concrete recommendations to Underwriting.
- Support the development of Cyber stress scenarios and more broadly the modeling of Cyber risks.
- Support Underwriting teams in understanding, implementing and applying the AXA Group Underwriting framework (incl. PMP, line sizing, mature pricing models). Interact with the NA and International Cyber and Professional Lines underwriting teams to understand particular challenges, flag potential risks, and support to mitigate any gaps to reach financial targets.
- Provide the Risk Management 2nd opinion on Cyber and Professional Underwriting referrals to the AXA Group.
- Help to bring and maintain the pricing of Cyber and Professional Lines’ exposures to a state-of-the-art level.
- Contribute to the Ceded Reinsurance 2nd opinion in respect of Cyber and Professional Lines, in collaboration with Ceded Re, and Capital Modeling.
- Liaise with Cyber experts within AXA XL and across AXA Group.
You will report to the Head of Underwriting, Pricing & Reinsurance Risk Management.
SHARE your talent
We’re looking for someone who has these abilities and skills:
- An insurance professional qualification or proven advanced knowledge of insurance to be able to fulfill the above responsibilities,
- Moderate to Extensive experience as a Cyber insurance professional in pricing, underwriting, modeling or exposure management, ideally with also some experience in Professional Lines
- Extensive knowledge of commercial lines insurance products and this insurance industry, including regulatory frameworks
- Fundamental understanding of business operations, particularly in regard to navigating a large corporation or identifying key stakeholders and their needs
- A self-motivated problem solver with a excellent attention to detail and ability to work independently
- A highly organized individual with a proven track of working under time pressure
- Team player with a proven ability to partner with business partners and manage key relationships
- Excellent written and verbal communication skills to communicate with and present to senior leaders
FIND your future
AXA XL, the P&C and specialty risk division of AXA, is known for solving complex risks. For mid-sized companies, multinationals and even some inspirational individuals we don’t just provide re/insurance, we reinvent it.
How? By combining a comprehensive and efficient capital platform, data-driven insights, leading technology, and the best talent in an agile and inclusive workspace, empowered to deliver top client service across all our lines of business - property, casualty, professional, financial lines and specialty.
With an innovative and flexible approach to risk solutions, we partner with those who move the world forward.
Learn more at axaxl.com
Inclusion & Diversity
AXA XL is committed to equal employment opportunity and will consider applicants regardless of gender, sexual orientation, age, ethnicity and origins, marital status, religion, disability, or any other protected characteristic.
At AXA XL, we know that an inclusive culture and a diverse workforce enable business growth and are critical to our success. That’s why we have made a strategic commitment to attract, develop, advance and retain the most diverse workforce possible, and create an inclusive culture where everyone can bring their full selves to work and can reach their highest potential. It’s about helping one another — and our business — to move forward and succeed.
- Five Business Resource Groups focused on gender, LGBTQ+, ethnicity and origins, disability and inclusion with 20 Chapters around the globe
- Robust support for Flexible Working Arrangements
- Enhanced family friendly leave benefits
- Named to the Diversity Best Practices Index
- Signatory to the UK Women in Finance Charter
Learn more at axaxl.com/about-us/inclusion-and-diversity. AXA XL is an Equal Opportunity Employer.
Sustainability
At AXA XL, Sustainability is integral to our business strategy. In an ever-changing world, AXA XL protects what matters most for our clients and communities. We know that sustainability is at the root of a more resilient future. Our 2023-26 Sustainability strategy, called “Roots of resilience,” focuses on protecting natural ecosystems, addressing climate change, and embedding sustainable practices across our operations.
Our Pillars:
- Valuing nature: How we impact nature affects how nature impacts us. Resilient ecosystems - the foundation of a sustainable planet and society – are essential to our future. We’re committed to protecting and restoring nature – from mangrove forests to the bees in our backyard – by increasing biodiversity awareness and inspiring clients and colleagues to put nature at the heart of their plans.
- Addressing climate change: The effects of a changing climate are far reaching and significant. Unpredictable weather, increasing temperatures, and rising sea levels cause both social inequalities and environmental disruption. We're building a net zero strategy, developing insurance products and services, and mobilizing to advance thought leadership and investment in societal-led solutions.
- Integrating ESG: All companies have a role to play in building a more resilient future. Incorporating ESG considerations into our internal processes and practices builds resilience from the roots of our business. We’re training our colleagues, engaging our external partners, and evolving our sustainability governance and reporting.
- AXA Hearts in Action: We have established volunteering and charitable giving programs to help colleagues support causes that matter most to them, known as AXA XL’s “Hearts in Action” programs. These include our Matching Gifts program, Volunteering Leave, and our annual volunteering day – the Global Day of Giving.
For more information, please see Sustainability at AXA XL.
The U.S. pay range for this position is USD 118,500 – 233,000. Actual pay will be determined based upon the individual’s skills, experience, and location. We strive for market alignment and internal equity with our colleagues’ pay.
At AXA XL, we know how important physical, mental, and financial health are to our employees, which is why we are proud to offer benefits such as a competitive retirement savings plan, health and wellness programs, and many other benefits. We also believe in fostering our colleagues' development and offer a wide range of learning opportunities for colleagues to hone their professional skills and to position themselves for the next step of their careers. For more details about AXA XL’s benefits offerings, please visit US-Benefits-at-a-Glance_2023_US.pdf (myaxaxlbenefits.com).
