A division of insurance giant Axa has promoted its general counsel to a CEO role, in a rare move for the U.K.'s in-house legal market.

Sean McGovern, who has been general counsel at AXA XL since September 2018, has been named its CEO for U.K. and Lloyd's market, a role he had been filling on an interim basis. AXA XL is a speciality risk division of AXA and has annual revenues of more than $10 billion.

Prior to joining AXA, McGovern held a range of senior legal roles at Lloyd's of London, joining from Clifford Chance. In 2014, he was named Lloyd's first-ever chief risk officer, the statement added.

The move is unusual in the U.K. market, where not many general counsel have moved to senior leadership roles compared with in the U.S.

In 2018, AXA acquired insurance rival XL Group for £11.1bn, with Skadden Arps Slate Meagher & Flom, Cravath Swaine & Moore and Debevoise & Plimpton advising on the transaction. AXA said McGovern played a "key role" in the formation of AXA XL.

Scott Gunter, AXA XL's overall CEO, said: "Sean's appointment is a key step as we assemble the right team to drive AXA XL forward.

"Our new regional CEOs and structure will make us a simpler organisation to navigate, meaning that decisions can be made faster in country and we can continue to serve our clients to the very best of our ability."

In a LinkedIn post sharing the news, McGovern said: "Really excited to be taking on this new role – as we move to a more regionally focused business and as a major player in the Lloyd's/London market, the opportunity for AXA XL is significant." 

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