Axis Capital Holdings Ltd. has promoted William Fischer to the position of chief executive officer of its reinsurance segment AXIS Re.

In his new role, Mr. Fischer will report directly to John Charman, CEO and president of Axis Capital, and be responsible for the leadership and management of all reinsurance business units.

He will continue to serve as a member of Axis Capital's executive management group and risk management committee.

Mr. Fischer will be supported by Dr. Karl Mayr, who will serve as chairman, and Michael Morrill, who will serve as deputy chairman.

He joined Axis Capital at its formation in 2001 and has served as CEO and president of Axis Re Bermuda since then, building a global catastrophe reinsurance business and leading the development of Axis Capital's catastrophe risk management capabilities.

Previously, Mr. Fischer held a number of senior reinsurance underwriting positions in the industry.

Mr. Charman said: "I am very pleased to promote Bill to this senior management position. His strong leadership skills, entrepreneurial spirit and extensive knowledge and experience in the global reinsurance marketplace position him well for his new management responsibilities across our global reinsurance operations.

"This promotion recognises Mr. Fischer's increased responsibilities and the confidence I have in his ability to drive the continued growth and success of Axis Re's global franchise."