Axis Capital Holdings Ltd. said Thursday that it will reorganize and expand operations of Axis Re, its reinsurance business, and has made a series of executive appointments to start the process.

Business Insurance understands that while no layoffs are planned, Richard Milner, president and chief underwriting officer of Axis Re, APAC and London; Peter Martin, chief pricing actuary, Axis Re; and Stefan Habereder, head of portfolio analytics and strategic services, Axis Re, will be leaving.

The new Axis Re will be organized around four major divisions — North America; Europe, Middle East and Africa; Asia; and Global Markets — which will be supported by reinsurance products and reinsurance services “enabling” teams, Axis Capital said in a statement.

The revamp for Axis Re will include broadening capabilities for structured reinsurance and the specialty reinsurance business as well as an expanded Asian footprint, the statement said.

The company will also add Axis Re Strategic Partners, a “dedicated team to serve clients and brokers,” Axis said in its statement, adding it will begin recruiting for the newly-created, consultative positions.

The new structure will get a new leadership team, as Jon Colello was named president of North America, to be based in New York. The division will include the company’s Bermuda platform, where Peter Kiernan will continue as president of Bermuda, the statement said.

Les Loh, who was deputy head of underwriting for Asia, has been promoted to president of Asia and will be based in Singapore.

Rob Smart, who was head of international reinsurance accident and health, has been appointed interim president of the newly created Global Markets division, which will house Axis Re Strategic Partners, the newly formed Specialty Re, and international business through the Lloyd’s platform, the statement said.

Business Insurance understands that Messrs. Loh and Smart are in positions that are newly created.

This division will conduct a search for a permanent head, the statement said.

Jan Ekberg will continue as president of EMEA based in Zurich, and Axis Re’s Latin America business will remain a part of the EMEA Division, the statement said.

Megan Thomas, recently named chief underwriting officer, will lead the newly created reinsurance products team in New York, while Rob Looney, chief financial officer and chief operating officer, will lead reinsurance services in New York

Victoria Westerberg will continue as head of human resources in Zurich.

“Today, the industry is rapidly changing — new forces are reshaping the market, new risks are emerging, protection gaps are growing and there is a need for fresh solutions that solve client needs,” Steve Arora, CEO of Axis Re, said in the statement. “This is the next step in the evolution of Axis Re.”