AXIS Capital Holdings Limited has announced that John Nichols has resigned as CEO of its global reinsurance business.

 

The AXIS Re CEO has agreed to remain with the company in a transitional role until March 31. Nichols said that “now is a good time for a transition” following the reinsurer’s growth in the past five years.

 

“When I joined AXIS Re, we set a plan to profitably grow the reinsurance business, improve our analytical capabilities and expand into strategic capital partnerships to match the right risk with the right capital. I am grateful for what we have accomplished in all areas of the reinsurance business,” Nichols said.

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Nichols will be replaced by interim CEO Jan Ekberg, who currently serves as president and chief underwriting officer of AXIS Re Europe. He will report to Albert Benchimol, AXIS Capital president and CEO.

 

“We would like to thank Jay for all he has done for our company,” Benchimol said, adding that the company has made “significant progress” under Nichols’ leadership.

 

Nichols said AXIS Re has become a global reinsurance leader that is “well-positioned against the backdrop of a structural shift in the reinsurance industry.” The company has also become a strategic partner to respected third party capital providers.

 

“With this solid foundation in place, Jay has decided that he would like to depart AXIS,” Nichols said. “We are deeply appreciative of Jay’s leadership and wish him the absolute best.”