AXIS extends CEO Benchimol's contract to 2023

Bermuda-based re/insurer AXIS Capital Holdings has extended the contract of president and CEO Albert Benchimol until Dec. 31, 2023.

Benchimol assumed the CEO role in May 2012 and has served as a director since January 2012. He joined the company as executive vice president and chief financial officer in January 2011. Prior to that, he was the chief financial officer of PartnerRe.

Apart from the five-year extension, the company has also revised the provisions related to the payment of severance to Benchimol in the event of his termination without “cause” or his resignation for “good reason” to include a lump sum cash payment equal to the grant date fair value of his most recent long-term equity award, according to a Dec. 6 United States Securities and Exchange Commission (SEC) filing.

Meanwhile, AXIS has announced the departure of Cheryl-Ann Lister from the board of directors of the company effective Dec. 31, 2018.

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