AXA XL's Reinsurance operation announced that it has acquired all third-party ownership interests in its majority-owned asset management affiliate, New Ocean Capital Management Limited.

Founded in July 2013, New Ocean provided the opportunity for AXA XL to partner with leading private equity fund, Stone Point Capital, and later with Japanese conglomerate, Mitsui & Co., Ltd, to develop an ILS fund manager platform serving institutional investors seeking access to opportunities across the reinsurance industry.

Having now acquired full ownership of the firm, AXA XL says that New Ocean will become a wholly-owned subsidiary within its Alternative Capital business, under the leadership of Daniel BROOKMAN, AXA XL's Head of Alternative Capital. Daniel BROOKMAN joined AXA XL in early 2016 as Senior Vice President of Alternative Capital and was promoted to lead the team in 2017.

Chris McKeown, who was the founding CEO of New Ocean, will continue to serve as an advisor to AXA XL's Alternative Capital business for a transitionary period, as well as continue to serve as a Director of certain New Ocean managed funds.