AXA XL Taps AIG Veteran to Helm Americas Construction Property Unit

NEW YORK, NY – February 24, 2026 – In a strategic move signaling a deepened focus on one of the insurance industry's most complex sectors, AXA XL has appointed Greg Carnazza as its new Head of Construction Property for the Americas. The appointment, effective today, sees the industry veteran move from a senior role at competitor AIG to lead AXA XL's efforts in a market fraught with evolving risks and unprecedented challenges.

Based in Atlanta, Carnazza will report directly to Jon Tellekamp, AXA XL's Chief Underwriting Officer for Construction. His arrival comes at a critical juncture for the construction industry, which is grappling with a confluence of pressures including supply chain volatility, skilled labor shortages, and the escalating impacts of climate change.

A Strategic Hire in a High-Stakes Market

The appointment is more than a routine leadership change; it is a calculated maneuver to bolster expertise in a high-stakes environment. AXA XL, a division of the global insurance giant AXA, is positioning itself to better navigate the intricate risk landscape of modern construction projects, which are growing in both scale and complexity.

In a statement accompanying the announcement, Jon Tellekamp underscored the necessity of deep expertise. "Construction projects today demand a thorough grasp of potential risks and the resilience to adapt to unexpected challenges," he said. "As projects grow more complex, partnering with a knowledgeable expert who understands the nuances of construction risk is crucial." Tellekamp identified Carnazza's "experience, dedicated to construction and commercial property, and strategic underwriting approach" as key assets that make him the "ideal leader" to support clients through these demanding times.

Carnazza brings over a decade of specialized experience in property and construction risk management. He joins AXA XL from AIG, where he most recently served as Head of Underwriting for U.S. Builders Risk, a role that placed him at the forefront of insuring large-scale construction projects against a myriad of potential disruptions. His career has been defined by a keen ability to assess and mitigate complex construction exposures, a skill set that is now in higher demand than ever.

Navigating a Landscape of Evolving Risks

Carnazza steps into his new role as the construction sector faces a perfect storm of challenges that are fundamentally reshaping its risk profile. Insurers and contractors alike are contending with a new reality where historical data is becoming a less reliable predictor of future losses.

One of the most persistent headwinds is the disruption to global supply chains. Lingering effects from geopolitical events and logistical bottlenecks have created chronic shortages and price volatility for essential building materials. This uncertainty makes it difficult for contractors to adhere to budgets and timelines, directly impacting the adequacy of their insurance coverage and increasing the potential for costly project delays.

Simultaneously, a severe shortage of skilled labor continues to plague the industry. An aging workforce is retiring faster than new talent can be recruited and trained, forcing firms to rely on less experienced workers. This dynamic has been linked to a rise in construction defects and workplace safety incidents, driving up general liability and workers' compensation claims.

Adding another layer of complexity is the increasing frequency of extreme weather events. Climate change is no longer an abstract threat but a tangible operational risk, causing billions of dollars in damage, material losses, and project delays annually. This has forced insurers to re-evaluate their catastrophe models and, in some high-risk regions, has led to soaring premiums and reduced coverage availability.

Furthermore, the rapid adoption of technology—from Building Information Modeling (BIM) and drones to IoT sensors and AI-driven project management—introduces both efficiencies and new vulnerabilities. While these tools can improve safety and planning, they also open the door to significant cybersecurity threats that could cripple a major project.

The Competitive Chessboard: Shifting Talent and Strategy

Carnazza's move from AIG to AXA XL is a notable development on the competitive chessboard of North American construction insurance. The recruitment of a senior leader from a direct rival underscores the intense competition for specialized talent in this niche market. While AIG remains a formidable player in the Builders Risk space, the departure of a seasoned head of underwriting represents a significant gain for AXA XL's strategic capabilities.

The broader market is a dynamic arena where major carriers are constantly refining their strategies to gain an edge. Competitors like Zurich, Travelers, and Chubb are also actively adapting to the challenging environment. Zurich, for instance, has focused on rolling out integrated casualty solutions and new products like Fronted Master Builders Risk for massive, multi-billion dollar projects. Others, like The Hartford, are heavily investing in technology partnerships to deploy on-site monitoring tools that mitigate risk and, in their view, make projects more insurable from the outset.

In this context, securing a leader with Carnazza's specific background in U.S. Builders Risk is a clear signal of AXA XL's ambition. It suggests a focus on capturing a larger share of the most complex and high-value construction projects across the Americas.

Carnazza's Mandate and the Path Forward

In his new capacity, Carnazza is tasked with a broad and critical mandate: to oversee the development and execution of AXA XL's construction property strategies across the Americas. This involves not only enhancing underwriting capabilities to better price risk in a volatile market but also strengthening client relationships and pioneering innovative risk transfer solutions.

His work will be central to the broader offerings of AXA XL's North America Construction insurance business, which provides a comprehensive suite of products including primary and excess casualty, professional liability, subcontractor default, and pollution insurance. The division also provides dedicated claims expertise and risk engineering services, which are vital for helping clients with loss prevention and safety.

By bringing Greg Carnazza on board, AXA XL is not merely filling a leadership position. The company is making a definitive statement about its commitment to mastering the complexities of the modern construction landscape. The move reinforces the industry-wide understanding that in an era of unprecedented uncertainty, deep, specialized expertise is the most valuable asset an insurer can possess. His leadership will be instrumental in determining how effectively the firm can partner with clients to build resilience and move the world forward, one project at a time.