AXIS Capital Holdings Limited will realign its organisational structure to enhance the brand and operations of its insurance businesses and its reinsurance businesses globally. On January 1, the Bermuda-based company will implement two distinct global underwriting platforms ? AXIS Insurance and AXIS Re. John Charman, AXIS Capital's CEO and President, said in a Press release yesterday, "Our current organisational structure is based on the chronological build-out and development of each of our five operating units. At this stage in our evolution as a company, we believe it is in the best interests of our employees, clients and shareholders to realign our organisational structure in a way that better integrates the infrastructure and skill sets embedded in each and every one of our operating units. Mr. Charman continued, "Through this strategic reorganisation, we expect to create a stronger brand for each of our global insurance and global reinsurance businesses and to continue to maximise operational efficiencies within them."

AXIS incorporated in Bermuda in November, 2001 as one of a wave of new insurance and reinsurance companies setting up on the Island in the wake of a void in capacity after the September 11 terrorist attacks.

In a media statement, the company announced new and expanded roles for current members of senior management in conjunction with the creation of AXIS Insurance and AXIS re. The global provider of speciality lines insurance and treaty reinsurance will also create separate global underwriting committees for AXIS Insurance and AXIS Re to enhance co-ordination of the activities of AXIS Insurance and AXIS Re globally. Dennis Reding, CEO of US Insurance, will assume the role of Chairman of AXIS Insurance and will be succeeded as CEO of US Insurance by Marshall Turner, President of US Insurance. Jack Gressier, CEO of Global Insurance, will assume the additional role of Deputy Chairman of AXIS Insurance. Mr. Gressier and Mr. Turner will report to Mr. Reding and work with him to co-ordinate the activities of AXIS Insurance globally.