AXA XL Insurance has announced the promotion of Steven Farr to global head of upstream energy, effective immediately.

In his new role he will be responsible for leading the firm’s Global Upstream Energy team. Based in London he will also be tasked with developing the Upstream Energy book, expanding on and delivering underwriting strategy and product profitability.

Farr’s career started in 2002 in claims at Liberty Syndicates. In 2003 he moved to Wellington Underwriting and joined Catlin Underwriting Agencies (now AXA XL) in 2007 following the acquisition of Wellington. In 2012 he was appointed energy class underwriter at AXA XL.

Huw Jones, chief underwriting officer for Global Energy at AXA XL, commented: “Upstream Energy is an integral part of AXA XL’s business, and having the right team in place is central in supporting our clients as they navigate the wide spectrum of traditional and emerging risks faced by this sector.

“I’m delighted that Steve will be undertaking the role of Global Head of Upstream Energy.  He has considerable experience of underwriting upstream energy risks and has built up a stellar reputation in the market thanks to his close relationships and technical expertise.

“Steve’s appointment is a testament to the talent we have within the Global Energy team here at AXA XL; I have every confidence he will succeed in this new role and continue to be a strong partner to our clients and brokers across the world.”