AXIS Capital brings on two new board members

Moves strengthen its succession planning strategy

AXIS Capital brings on two new board members

Insurance News

By Ryan Smith

AXIS Capital Holdings has announced the appointments of Michael Millegan and Dr. Axel Theis to its board of directors, effective April 01. Millegan has been appointed to the board’s audit and compensation committees, and Theis has been appointed to its audit and risk committees.

“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 organisations,” said Henry Smith, chairman of AXIS Capital. “Their insights will be invaluable in guiding and challenging the company to further accelerate its progress and drive profitable growth.”

The appointments are part of a multi-year succession planning strategy to ensure a balance between long-tenured directors and newer directors. With the addition of Millegan and Theis, the AXIS board of directors will consist of 11 members, 10 of whom are independent. The company has added four new directors to the board over the past 18 months.

“The reinsurance industry is going through a period of digital transformation that is impacting all aspects of how carriers do business,” Millegan said. “I look forward to working with AXIS leadership to help the company further leverage data and technology to advance its business priorities.”

“AXIS is a company with great potential and significant positive momentum in its core underwriting performance,” Theis said. “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.”

Millegan has held numerous executive leadership and management positions at Verizon, where he led large-scale and large-scope business units. He served as president of Verizon Global Wholesale, and was responsible for $11 billion in sales revenue, 13,000 employees, and $1 billion in capital spending, as well as leading the Verizon Digital Media Services Group. Millegan is the founder and CEO of Millegan Advisory Group 3 and is a public board director for both the Portland General Electric Company and CoreSight Realty Corporation.

Theis has led 12 different companies during a career in reinsurance that has spanned more than 30 years. Most recently, he served as a member of the board of management for Allianz. He has also served as CEO of Allianz Global Corporate & Specialty SE and Allianz Global Risks Rückversicherungs. Theis currently serves on the board of ProCurand GmbH & Co KG and chairs the ProCurand Foundation. He also sits on the boards of two start-ups. Theis holds a doctorate in law from the Eberhard Karl University in Germany.

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