Bermudian-based Axis Capital Holdings Ltd has named Michael Millegan and Axel Theis to the company’s board of directors.

The appointments are effective April 1, the company said.

Mr Millegan has been appointed to the board’s audit and compensation committees and Dr Theis will serve on its audit and risk committees, Axis Capital said.

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

Mr Smith added: “We will benefit from Michael’s deep leadership expertise which crosses digital technology and platforms, cyber security, supply chain management, and sales and marketing. Axel brings a wealth of insurance industry knowledge including an expansive understanding of the global P&C space.”

The company said the appointment of Mr Millegan and Dr Theis to the Axis board is part of a multi-year succession planning strategy to ensure there is balance between longer-tenured directors and perspectives of newer directors.

With the addition of Mr Millegan and Dr Theis, the board of directors will consist of 11 members, ten of whom are independent, the company said, adding that over the past 18 months it has added four new directors to the board.

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

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

The company said Mr Millegan has held numerous executive leadership and management positions within Verizon, where he led large-scale and large-scope business units, and helped to usher in and navigate through significant transformation in the telecom industry. As president of Verizon Global Wholesale Group, he 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.

Mr Millegan presently serves as founder and CEO of Millegan Advisory Group 3 LLC and is a public board director for the Portland General Electric Company, as well as for CoreSight Realty Corporation. He holds a bachelor’s degree and MBA from Angelo State University in Texas.

Axis Capital said Dr Theis has been at the helm of 12 different companies during a career in re/insurance that has spanned more than three decades. Most recently, he served for five years as a member of the board of management of Allianz. This was immediately preceded by an eight-year tenure as CEO of Allianz Global Corporate & Specialty SE, following several years as CEO of Allianz Global Risks Rückversicherungs.

Dr Theis currently serves on the board of ProCurand GmbH & Co KG and chairs the ProCurand Foundation. He also sits on the board of two start-ups. He received a doctorate in law from the Eberhard Karl University of Tübingen in Germany.

Axis Capital, through its operating subsidiaries, is a global provider of specialty lines insurance and treaty reinsurance.