AXIS adds ex-AGCS CEO and Verizon president to board

Bermuda-based AXIS Capital Holdings has appointed former Verizon president Michael Millegan and AGCS chief executive Axel Theis to its board of directors as the company looks to further accelerate its progress and drive profitable growth.

The pair will take their seats on the board on April 1, 2021, with Millegan serving on the audit and compensation committees and Theis serving on the audit and risk committees.

The appointments are part of a multi-year succession planning strategy to ensure there is balance between longer-tenured directors and perspectives of newer directors, AXIS said. With the two new directors in place, the board will consist of eleven members, ten of whom are independent. AXIS Capital has added four new directors to its board in the last 18 months.

Millegan has held a number of senior positions at Verizon, including president of Verizon Global Wholesale Group, where he was responsible for $11 billion in sales revenue, 13,000 employees, and $1 billion in capital spending. He is currently the founder and chief executive officer of Millegan Advisory Group 3 and a public board director for the Portland General Electric Company and CoreSight Realty Corporation.

Theis has led 12 different companies during his career in re/insurance that has spanned more than 30 years. He was most recently a member of the board at Allianz, having previously spent eight years as chief executive of Allianz Global Corporate & Specialty, and several years as chief executive of Allianz Global Risks Rückversicherungs. He serves on the board of ProCurand, and chairs the ProCurand Foundation. He also sits on the board of two start-ups.

Henry Smith, chairman of AXIS Capital highlighted Millegan’s expertise in digital technology and platforms, cyber security, supply chain management, and sales and marketing, as well as Theis’ experience in the global P&C space.

“Michael and Axel are respected and accomplished global business leaders who each bring tremendous wisdom and perspective, gleaned from their years of experience working at the highest levels of world class organizations,” said Smith. “Their insights will be invaluable in guiding and challenging the Company to further accelerate its progress and drive profitable growth.”

Millegan commented: “The (re)insurance industry is going through a period of digital transformation that is impacting all aspects of how carriers do business. I look forward to working with AXIS leadership to help the Company further leverage data and technology to advance its business priorities.”

Theis added: “AXIS is a company with great potential and significant positive momentum in its core underwriting performance. I look forward to working with the Board and AXIS management team to build upon the significant work that has been done, and help take the business to the next level.”

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