AXA XL has appointed Jiten Halai (pictured above) as global chief underwriting officer for its Structured Risk Solutions business, a move aimed at strengthening the carrier's alternative risk transfer offering for corporate clients and captives at a time when demand for bespoke structures is accelerating.

In the role, Halai will set the global underwriting direction for the unit and coordinate with regional teams to broaden AXA XL's alternative risk capabilities across markets.

The Structured Risk Solutions team develops non-traditional insurance and reinsurance arrangements for corporate buyers and captives. Its portfolio includes bespoke multi-line and multi-year risk transfer structures, along with performance insurance designed for emerging technologies.

The team works with clients internationally on complex exposures and helps them pursue new opportunities through tailored risk frameworks.

Yannick Daucourt, global chief underwriting officer for specialty niche at AXA XL, said the segment represents a growth priority as buyers look for more customised and forward-looking risk approaches. He pointed to the carrier's build-out of its Alternative Risk Solutions team in the Americas as evidence of that focus.

That Americas unit, established earlier in 2026, centralises alternative risk expertise across the US, Canada and Bermuda under Sylvain Bouteillé, who joined AXA XL in August 2025. It initially focuses on captive solutions, structured risk solutions led by Austin Su, group captives led by Joseph Davina, and single cell parent captives.

"Jiten brings a unique combination of underwriting expertise, actuarial depth, and strategic vision," Daucourt said, adding that Halai's leadership will be central to advancing the unit's proposition as clients transfer increasingly complex risks.

A market in structural shift

The appointment lands as corporate appetite for alternative risk transfer strengthens. Verified Market Research valued the global captive insurance market at US$76.5 billion in 2023 and projects it will reach US$135 billion by 2030, a compound annual growth rate of 7.57%.

Research from AM Best indicates captives maintain a five-year average combined ratio of 83%, a 17-point advantage over commercial casualty peers, underscoring why corporates continue migrating risk in-house.

Roughly 90% of Fortune 500 companies now operate captive programs, per a January 2026 industry roundtable hosted by LineSlip Solutions.

Allianz Commercial has separately highlighted that alternative capital grew more than fourfold globally between 2008 and 2020, from US$19 billion to over US$100 billion – far outpacing traditional insurance capital expansion over the same period (historical data).

AXA XL's own 2025 Captive Outlook described the captive market as experiencing "exponential growth," driven by catastrophic property, excess liability, and emerging risks including autonomous vehicles and artificial intelligence.

Halai has more than 15 years of experience across insurance and financial services. He joined AXA XL in 2019 and most recently headed Structured Risk Solutions for the UK and Lloyd's market. Before AXA XL, he held actuarial roles at Fidelis, Brit Insurance, ArgoGlobal and Catlin.