Bermuda’s AXIS Capital has announced a strategic reorganization “to further strengthen the global operations of AXIS Insurance,” starting with the appointment of Dennis Reding, currently that division’s Chairman, to the new position of Chief Operating Officer of AXIS Capital, reporting to its CEO and President, John Charman.
The reorganization will establish AXIS Insurance with the following four divisions managed across all geographic locations: Specialty Lines, Professional Lines, Capital Risk Solutions and AXIS Select Markets. “The Specialty Lines division will include traditional property and casualty specialty insurance products,” the bulletin explained. “The Professional Lines division will include directors’ and officers’, errors and omissions and other professional lines products. The Capital Risk Solutions division will include political risk, terrorism and aviation products. The AXIS Select Markets Division will include specialty insurance products largely targeting smaller commercial clients.”
Charman commented: “We have a clear opportunity to enhance our position as a global leader in specialty lines insurance business. This strategic organizational repositioning of AXIS Insurance along areas of expertise regardless of geographic location furthers our ability to continue to achieve this objective in the segment, to continue to provide our international client base multi-product global solutions and to build our position in select new opportunities globally.”
In conjunction with AXIS Insurance’s strategic reorganization, John Gressier has been appointed to succeed Reding as Chairman of AXIS Insurance. He previously held the roles of Deputy Chairman of AXIS Insurance and CEO of AXIS Global Insurance. Marshall Turner has been appointed President of AXIS Insurance. He previously held the role of CEO of AXIS U.S. Insurance.
Reding will continue his oversight of AXIS Insurance. In addition, he will assist the CEO and President of AXIS Capital in achieving key business and strategic objectives of the company.
“I am pleased to announce the appointment of Dennis Reding to the new role of Chief Operating Officer of AXIS Capital,” Charman continued. “AXIS Capital is now firmly established as a leading global insurer and reinsurer and, in this new role, Dennis will assist me in coordinating our extensive global operations. Dennis has demonstrated outstanding leadership in his management of AXIS Insurance and I look forward to working closely with him to advance the competitiveness and efficiency of AXIS Capital globally.
“For both John Gressier and Marshall Turner, their promotions are justly deserved recognition for the leadership and value they have brought to our company. These promotions also recognize their increased responsibilities and the confidence I have in their ability to drive the future of the repositioned AXIS Insurance segment.”
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