AXIS Capital, the Bermuda-headquartered global insurance and reinsurance group, has announced Vincent C. Tizzio will become its new President and CEO, taking over from the retiring Albert Benchimol in 2023.
Benchimol has had a re/insurance and banking career that has spanned more than four decades, with ten years spent as the President and CEO of AXIS Capital.
He will step down from his role on May 4th 2023, timed to the Company’s Annual General Meeting (AGM), and is set to retire at the end of 2023.
Vincent C. Tizzio, who joined AXIS in January of 2022 and currently serves as CEO, Specialty Insurance and Reinsurance, at AXIS, will take over from Benchimol as President and CEO of the company.
Tizzio had previously worked for seven years as President and CEO of Navigators Management Company, leading the company up tol its acquisition by The Hartford in 2019. Before that, he worked at Zurich Financial Services and AIG.
Tizzio will work closely with Benchimol through the second-half of 2023 to ensure a smooth leadership transition.
“We are indebted to Albert for his leadership, which has spanned more than a decade. Under Albert’s direction, AXIS has had a remarkable transformation, refocusing itself as a specialty leader while building a balanced and resilient portfolio and placing the Company on a pathway for lasting profitable growth,” commented Henry Smith, Chair of the AXIS Board of Directors. “Albert has also been a great culture leader, growing a workplace environment that is both performance and people-oriented, and under his guidance, AXIS has become a best place to work in the industry. Underpinning all of this is a customer-service mindset that permeates every aspect of the Company’s operations, resulting in strong and enduring bonds with brokers and customers – a testament to Albert’s legacy.”
“Serving as President and CEO of AXIS has been the most fulfilling and rewarding experience of my professional career. I’m grateful to my fellow colleagues – past and present – for their support, commitment, and dedication, and I’m incredibly proud of what we’ve accomplished together,” added Benchimol. “Even with all the progress that’s been achieved, I believe AXIS has only begun to scratch the surface of what’s possible. I have enormous confidence in Vince and his leadership, and I have comfort knowing that I am leaving the Company in very strong hands.”
Smith further esaid, “We couldn’t be more excited to announce Vince’s appointment as the future President and CEO of AXIS. During his first year with the Company, Vince has made an impressive impact, challenging AXIS to build on its progress by driving further profitable premium growth for its specialty insurance business, identifying exciting new avenues to grow the business, and helping us to become even more agile and efficient in our front-end operations. In addition, Vince is an energizing and committed people leader who will continue to help our team and company unlock their significant potential.”
“It is a privilege and an honor to succeed Albert as President and CEO of AXIS and to have an opportunity to build upon the great work that he and the team have led,” Tizzio commented on his new appointment. “My experiences in my first year at AXIS only further intensified my belief that there’s tremendous opportunity to further profitably grow the business and deliver even greater value to our employees, shareholders, and customers. Moreover, in today’s market environment where brokers and insureds are looking for specialized insurance and risk solutions, we were literally built for this moment.”
“Vince is deeply committed to our strategy of advancing AXIS as a leader in specialty,” Benchimol said. “In a short period of time, he’s made an enormous positive impact, mobilizing the team to even further elevate our ambitions, leverage our extensive market knowledge and relationships, while delivering added value to our customers and the market.”