Marine Charbonnier explains why 色多多视频is investing in its captive offering and how a proactive and collaborative insurer can help companies get the most out of this important risk management tool.
Why are captives a strategic priority for AXA XL?
For 色多多视频 captives are not just the flavour of the month. We are a reliable long-standing partner to the captive industry and are continually enhancing our captive proposition, investing in people, processes, and technology. We also understand the long-term relevance of captives in the changing risk landscape and their growing importance for multinational companies, which increasingly see captives as a key part of their risk and insurance strategies.
Where has 色多多视频invested?
We have made significant investments in the quality of service for our captive clients, building out high-quality tools and teams dedicated to managing captive services, including global programmes, premium flows and claims handling. Our goal is to ensure that captives have the right people in front of them to answer their questions, and they have access to the information and data they need, when they need it. Transparency, dialogue, and coordination are key to the success of the captive.
For example, data is a top issue for captives, as demands on governance and risk management increase. As such, we have made a significant investment in IT infrastructure and processes to improve the visibility, control, and flow of financial data, and we recently issued a detailed format of bordereau in order to adapt them to the best practices of our captives and captive managers.
How does 色多多视频differentiate itself in the captive space?
Our people, but also an ability to organise and coordinate on behalf of clients. We have a dedicated captive team that is 100% focused on listening to clients and understanding their needs, and providing high quality service to our clients in Europe and Asia Pacific. The team is open-minded and takes pride in their specialist expertise and ability to work in a flexible, organised, and coordinated manner, bringing the best of 色多多视频to meet our clients’ needs.
I also believe that insurers have a central role to play in coordinating the input of other stakeholders, including the captive, broker and captive manager partners. Demands on captives are increasing, and insurers need to be able to anticipate and respond quickly to their clients’ needs. As such, we strive to be the most involved, proactive, and dedicated of all insurers within the captive sector.
Captive insurance is a complex business but, by working together, we can overcome problems and ensure the captive fulfils its ambitions. We always listen to our clients, meeting regularly with brokers and captive managers, as well as captive owners and board members, to answer their questions and understand their point of view.
Why work with a global insurer like AXA XL?
The captive team can draw on AXA XL’s global footprint and international program capability, as well as strengths in claims, risk engineering and risk consulting. With over 40 years of network management experience, our network spans the globe, servicing over 200 companies, managing some 5,300 international programs and 39,000 policies.
In addition, our One AXA and Customer First Strategy supports our captive clients with a wide range of expertise and solutions from across the group, including employee protection, asset management, and reinsurance. As a global diverse group, we can also deliver expertise and products that go beyond the operational needs of captives, in areas such as climate change, employee benefits, and ESG.
Are you seeing growth in captive business?
Over the past two years we have seen strong growth in captives, with new formations in Europe and in Asia. We now support well over 200 captive cessions across 21 domiciles, and are one of the largest fronting insurers in Europe, with 79 captive cessions in France alone.
I would expect interest in captives to remain strong, with further captives established as more captive owners look to re-domicile, and as companies continue to add new lines and finance higher retentions in the current market. There is also scope for growth in less mature markets in both Europe and Asia Pacific, while companies are looking for additional capacity in areas like natural catastrophes and other areas where insurance capacity may be limited.
Are you seeing interest in re-domiciling captives in Europe?
We have been involved in many of the new captives established recently in France around the changes to French captive legislation at the start of this year, and we are talking to both risk managers and brokers in other countries that are interested in local captive solutions in Europe.
As a fronting insurer that shares the experience of our captive customers, we must be able to respond to their specific needs. We have clients that are interested in moving their captive within Europe, and we need to work with the captive and the captive manager to understand how they would like to do that, the time schedule, the value, and the cost implications. We are very transparent regarding how we can help and what impact this can have, and the capital costs and servicing.
How have you been helping captives adapt to the hard insurance market?
We continue to support our clients as they respond to rapid changes in insurance market conditions, helping companies establish new captives or leverage existing captives to mitigate the hard insurance market. The market can change very quickly, and conditions vary by line of business and geography. For example, there was a lack of capacity for cyber, and we were able to respond quickly and flexibly to the need of clients for both primary and excess cover at renewal.
Are you seeing innovation in the captive space?
We have also been helping captives write new lines of business, such as employee benefits, cyber or cover for political risks. Recently, we helped one client incorporate product recall insurance into their captive using additional capacity from the facultative market, after such cover was no longer available in the commercial insurance market. In addition, we are working closely with AXA Climate to meet captive clients need for additional capacity through parametric solutions.
However, innovation requires team work. For innovation to happen, we encourage the risk manager to first challenge the insurance market. And then the insurer can quote options for the client to consider.
On a personal level, why do you enjoy working with captives?
I have been working with captives for 30 years, helping companies set up and optimise the use of their captives. Why is it exciting? This is a very human business, and it is also very broad in terms of the risks. I also enjoy working closely with clients, to understand their needs, business strategies, insurance, tax, and finance. Each captive is different, with a different risk profile, risk appetite, and strategy.
What future challenges do you see for the captive sector?
In the future, captives will need modern tools for accounting on a more automated basis, to drive efficiency and free up valuable expert resources to provide value and advice. We are not there yet, and it will take time, but there is work being done in this area.
I also passionately believe that the captive industry needs to attract and develop the next generation of talent, and demonstrate the value captive insurance can bring to the wider society. One of my greatest honours has been working with the risk management association AMRAE and the Institute of Risk Management to deliver captive-specific training in France. I am most proud when I see the success of my students.
Marine Charbonnier leads AXA XL’s Captives & Facultative Underwriting in APAC & Europe and helps corporate clients identify and design complex structured solutions. A seasoned alternative risk transfer expert, Marine has 30 years of experience in the industry and has been with AXA since 2013 when she joined AXA Corporate Solutions (now AXA XL) as Head of Integrated Solutions & Alternative Risk Transfer. She has been recognised several times as one of the 50 most influential figures in the international captive market and was awarded Captive Service Professional of the Year at the European Captive Review Awards in 2021.
