Industry veteran Vincent Tizzio is to become the CEO of Axis Insurance on June 1.

He will succeed Peter Wilson, who leaves the company at the end of the year upon the completion of his contract.

Following the transition to Mr Tizzio taking up the top job, Mr Wilson will continue with the company through December 31 on a consultative basis.

The announcement, made by Bermudian-based Axis Capital Holdings Limited, said Mr Tizzio has joined the company in the role of senior adviser — insurance market strategy.

He is reporting to Albert Benchimol, president and CEO of Axis, and is part of the company’s executive committee.

In the role, the company said, Mr Tizzio will serve as a strategic counsellor to Mr Benchimol.

He will not have direct reports or profit and loss responsibility for the insurance segment until he transitions to the role of CEO, Axis Insurance, on June 1.

The company said Mr Tizzio is a respected industry leader with a proven track record of success at both large global and mid-sized carriers.

He most recently served as executive vice-president and head of global specialty at The Hartford and, before that, as president and CEO of US-based Navigators Management Company.

Mr Benchimol said: “Vince is a highly accomplished leader with deep and varied expertise in specialty insurance.

“He has a proven track record of driving profitable business results and delivering value to his core stakeholders — and he is a people leader who builds strong organisational cultures.

“He will be a great asset to our company and to our customers.”

Mr Tizzio said: “Axis Insurance has a deeply respected brand and one that is known for expertise, integrity and client service. I couldn’t be more excited to be part of the organisation.

“In recent years, Axis has made great progress in strengthening its insurance business and I look forward to helping the segment further tap into its significant potential.”

In his role at The Hartford, Axis said, Mr Tizzio led a multibillion-dollar business focused on delivering a broad array of specialty products through wholesale and retail channels.

Previously, he had served for seven years as president and CEO of Navigators Management Company, leading the organisation until its acquisition by The Hartford in 2019.

Before this, Mr Tizzio worked at Zurich Financial Services and AIG, serving in progressive senior leadership roles within both companies.

Mr Wilson said: “I couldn’t be more proud of the work that Axis Insurance has accomplished over the past eight years — we’ve made tremendous progress in strengthening the business.

“Axis Insurance is set on a strong course for the future and I look forward to working with Vince in the coming months to ensure a smooth transition.”

Mr Benchimol said: “We’re grateful to Peter for his years of leadership at Axis and for the achievements made under his watch, as well as for his support in guiding a smooth transition.

“Under Peter’s leadership, we have enhanced our insurance portfolio, grown a positive culture grounded in client service and trust and set an exciting foundation for the future.

“We’re coming off of a year where Axis Insurance further elevated its performance and are confident the business is well positioned to build on this momentum.”