AXIS Capital has announced the immediate appointments of Paul Boulos (pictured left) and Rob Ryan (pictured right) as heads of ocean marine in the US.
Reporting to North America head Michael McKenna, Boulos and Ryan will jointly oversee the development of a comprehensive range of ocean marine insurance products. The initiative aligns with AXIS’s goal of becoming a leading specialty insurer.
The duo’s roles will include collaboration with Frank Romeo, who has been the US head of cargo at AXIS since 2023.
“Paul and Rob join AXIS with extensive expertise, proven leadership, and prominent standing in the market, positioning them to drive our ocean marine venture forward,” McKenna noted.
“Led by their combined vision and strategic acumen, we are poised to elevate our presence in the ocean marine market, shape the direction of our portfolio, and deepen our existing broker relationships as we continue our journey in building out additional specialty offerings in North America.”
Boulos and Ryan bring a combined four decades of experience in ocean marine underwriting and leadership to AXIS. Boulos previously held the position of national cargo product leader at Navigators, a brand under The Hartford. Ryan, meanwhile, was vice president managing the New York marine branch at Navigators.
AXIS, operating through its subsidiaries, is a global specialty underwriter and provider of insurance and reinsurance solutions. The group’s presence spans operations in Bermuda, the US, Europe, Singapore, and Canada.
For the first quarter of 2024, AXIS’s net income available to common shareholders amounted to $388 million, an increase from last year’s $173 million.
At the time, AXIS president and chief executive Vince Tizzio said: “The results of the first quarter once again evidence that AXIS is elevating its financial performance, producing consistent returns and strong metrics.
“Reflecting the increased resiliency and consistency of our portfolio, AXIS delivered 18.2% annualized operating ROE (return on equity) and a combined ratio of 91.1%. We continued to capitalize on generally favorable market conditions, growing gross premiums written by 11% over the prior year period.
“Our specialty insurance business continues to perform very strongly, achieving a combined ratio of 86.6% and record first quarter premium production of $1.6 billion, fueled by double-digit premium growth across both our North America and London-based global markets divisions.”
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