AXIS Capital Holdings Limited (“AXIS Capital” or the “Company”) (NYSE: AXS) today announced the details of management transitions in AXIS Re, which will become effective over the balance of the year.
At the end of this year, Karl Mayr, currently CEO and President of AXIS Re Europe, reporting to Jay Nichols, CEO of AXIS Re, will retire as CEO of AXIS Re Europe and assume the new role of Vice Chairman of AXIS Re. In anticipation of that change, Stephan Knipper will succeed Karl in the role of President of AXIS Re Europe, effective May 1, 2012. As President, Stephan will assume responsibility for the operating activities of AXIS Re Europe. Upon Karl’s retirement as CEO at the end of the year, Stephan will assume the additional role of CEO of AXIS Re Europe.
Commenting on these changes, President and CEO John Charman said, “These changes are designed to ensure a smooth management transition within AXIS Re Europe and recognize outstanding performance.
“Since its inception in 2003, AXIS Re Europe has developed into a leading reinsurer in Continental Europe under Karl’s leadership and with Stephan’s strong support. We are delighted that Karl will continue his development work for AXIS Re in his new role as Vice Chairman. We would also like to congratulate Stephan on his promotion in recognition of his excellent performance in various management roles within our reinsurance operations. We are pleased to have both Karl and Stephan in roles that are so important to the continued development of our global reinsurance franchise at AXIS.”About AXIS Capital AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders’ equity at December 31, 2011 of $5.4 billion and locations in Bermuda, the United States, Europe, Singapore, Canada and Australia. Its operating subsidiaries have been assigned a rating of “A+” (“Strong”) by Standard & Poor’s and “A” (“Excellent”) by A.M. Best. AXIS Capital and AXIS Specialty Finance LLC have been assigned senior unsecured debt ratings of A- (stable) by Standard & Poor’s and Baa1 (stable) by Moody’s Investors Service. For more information about AXIS Capital, visit our website at www.axiscapital.com.
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