AXIS Capital leader John Charman to retire in May

PEMBROKE, Bermuda—AXIS Capital Holdings Ltd. President and CEO John R. Charman will retire effective May 3, 2012, Bermuda-based AXIS announced Monday.

Albert Benchimol will succeed Mr. Charman as president and CEO on the same day. Mr. Benchimol currently is chief financial officer and is a member of its executive management committee.

Mr. Charman will become chairman of the company’s board of directors, succeeding Michael A. Butt, who is stepping down as chairman but will continue to serve as a member of the board.

Time is right

“Throughout my 40 years in the industry, I have always held the view that it is critical to the ongoing well-being of a company that a CEO, much like a houseguest, should not outstay his or her welcome,” Mr. Charman said in a statement announcing the changes.

“After 10 years as CEO, the time is right for AXIS Capital to put in place the next generation of leadership,” Mr. Charman said. “I have worked closely with Albert over the last year and have watched him build strong relationships across our fine company while navigating an extremely difficult market and challenging global financial conditions.”