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Axis Capital Holdings Limited said Tuesday that CEO John “Jay” Nichols is resigning from the top spot at Axis Re effective March 31.
The Pembroke, Bermuda-based insurer and reinsurer said that Jan Ekberg, currently Axis Re Europe’s president and chief underwriting officer, will succeed Mr. Nichols as interim CEO and report directly to Axis Capital President and CEO Albert Benchimol.
“When Jay joined Axis, we introduced a plan to strengthen our reinsurance business and broaden our risk-funding sources through high-quality partnerships,” Mr. Benchimol said in a statement. “Over the past five years we have made significant progress … With this solid foundation in place, Jay has decided that he would like to leave to take on new challenges.”
Axis did not provide additional details regarding Mr. Nichols’ future plans. Mr. Nichols said in the statement that “while there is still more work to be done, now is a good time for a transition and I leave with the confidence that Axis Re is well-positioned to succeed and in very capable hands.”
Mr. Ekberg joined Axis Re Europe in 2004 shortly after its formation. Before joining Axis, Mr. Ekberg served in various underwriting and management positions at Nordisk Re in Copenhagen, Denmark, Employers Re and GE Frankona in Munich.
Axis Capital Holdings Ltd.'s first-quarter net income tumbled 70.8% due largely to weak investment returns, but the Pembroke, Bermuda-based insurer said Wednesday that its pursuit of more attractive business is showing positive signs overall.