AXIS Capital Holdings Limited (AXIS) has today announced that Albert A. Benchimol will be stepping down as president and CEO after 10 years in the role. In a Press release, AXIS noted that Benchimol, who has enjoyed a four-decade career in (re)insurance and banking, will step down on May 4, 2023, timed to the company’s AGM, and will quit at the end of 2023.
Benchimol will be succeeded as president and CEO by Vincent C. Tizzio, who currently serves as CEO of specialty insurance and reinsurance. He will continue with AXIS through year-end as a strategic consultant to the company, working with Tizzio in the months ahead to ensure a smooth leadership transition.
AXIS highlighted that under Benchimol’s guidance, the firm has led a multi-year transformation program, moving the company as a leader in specialty underwriting. Commenting on his tenure, Henry Smith, chair of the AXIS board of directors, said the firm is indebted to Benchimol for his leadership.
“Under Albert’s direction, AXIS has had a remarkable modification, refocusing itself as a specialty leader while building a balanced and resilient portfolio and placing the company on a pathway for lasting profitable growth,” Smith said. “Albert has also been a great culture leader, growing a workplace environment that is both performance and people-oriented, and under his advice, AXIS has become the best place to work in the industry.
“Underpinning all of this is a customer-service mindset that permeates every aspect of the company’s procedures, resulting in strong and enduring bonds with brokers and consumers – a testament to Albert’s legacy.”
In a Press release, Benchimol said that serving as president and CEO of AXIS has been “the most fulfilling and rewarding experience” of his professional career. He said he was grateful to his colleagues, both past and present, for their support, commitment, and devotion, and “incredibly proud” of what they’ve accomplished together.
“Even with all the progress that’s been achieved, I believe AXIS has only begun to scratch the surface of what’s possible,” he said. “I have enormous confidence in Vince and his leadership, and I have comfort understanding that I am leaving the company in very strong hands.”
Smith stated that AXIS was very excited to announce Tizzio’s appointment as the future president and CEO. During his first year with the company, Tizzio had made an impressive impact, he said, challenging AXIS to build on its progress and identifying new avenues to grow the business.
“In addition,” he said, “Vince is an energizing and determined people leader who will continue to help our team and company unlock their significant possibility.”
Rizzio said it was both a “privilege and an honor” to achieve Benchimol as president and CEO of AXIS and to have an opportunity to create on the great work that he and the team had done.
“My experiences in my first year at AXIS only further intensified my belief that there’s a tremendous opportunity to further profitably grow the business and deliver even greater value to our employees, shareholders, and customers,” he said. “Moreover, in today’s market environment where brokers and insureds are looking for specialized insurance and risk solutions, we were built for this moment.”
“Vince is deeply committed to our strategy of advancing AXIS as a leader in a specialty,” added Benchimol. “In a short period, he’s made an enormous positive impact, mobilizing the team to even further elevate our ambitions, and leverage our extensive market knowledge and relationships while delivering added value to our customers and the market.”