AXA XL has officially announced the appointment of Anthony Dagostino as Global Chief Cyber Underwriting Officer for Commercial Lines, a newly created position within the company.
He will be based in New York and report directly to AXA XL’s Chief Underwriting Officer, Libby Benet.
In a statement, AXA XL said that Dagostino will lead an AXA-wide team and be responsible for creating product and service solutions for cyber risk, specifically targeting commercial clients of all sizes.
He will help define the company’s risk appetite and establish globally consistent cyber underwriting guidelines. He will also manage aggregation risk, assist in developing cyber talent within the company, and enhance prevention and recovery services for AXA clients.
Prior to joining AXA XL, Dagostino founded Converge, a boutique firm specialising in cyber insurance and risk management services. With over 20 years of experience in the cyber insurance industry, his appointment underscores AXA XL’s commitment to expanding its capabilities in the cybersecurity space, noted Benet.
“Cybersecurity continues to be a top risk management concern for clients across AXA. Cyber is a strategic growth area for the group and we’re excited to attract seasoned cyber talent like Anthony to help us maximize our global resources, adopt best practices, and tap into our collective cyber expertise across AXA’s entities to best serve commercial clients.” said Benet.
As cyber threats evolve in complexity and sophistication, businesses around the globe are seeking insurance policies to safeguard their operations and limit financial damages resulting from cyberattacks.
This presents both tremendous prospects and significant challenges for (re)insurers; at the 2023 Monte Carlo Rendezvous, the industry called for enhanced transparency, improved comprehension of risk accumulation, and more standardisation in the line of business.
The appointment of Dagostino marks a key step for AXA XL to meet the growth opportunity of cyber while gaining a better understanding of the risks.