AXA Global Risks Announces Development In Its Alternative Risk Business

AXA Global Risks has announced formation of Financial Risk Strategies (FIRST), a unit that will help the firm develop innovative financial risk solutions. FIRST will create and implement financial risk strategies for large corporate clients and financial institutions on a global basis.

"Our clients expect us to provide advanced and innovative solutions that address traditional risk as well as financial and business risk," said C.F. Walckenaer, chief executive officer of the AXA Global Risks Group. "We have established this division, made up of a group of extremely talented people, to meet this challenge and reinforce our leadership position."

The AXA FIRST team will contribute to the development of the joint venture with Paribas—Alternative Risk Finance in Europe and will capitalize on the expertise, technical abilities and client base of AXA on a worldwide basis. The group will operate in Paris and New York, and expects to expand into Asia in the near future.

Marc Romano, the head of AXA Global Risks' Financial Risk Division will be the Paris Managing Director of FIRST. Edward M. Bowers and Philip J. Palm have been appointed Managing Directors in New York.

Bowers was previously managing director at Marsh & McLennan Securities Corp., the investment banking arm of Marsh & McLennan Companies. Philip J. Palm was previously senior vice president of AIG Risk Finance Division where he was responsible for underwriting activities in the Western Region of the United States.