Marston Becker is to succeed Henry Smith as non-executive chairman of the board of directors of Axis Capital Holdings Ltd, the Bermudian-based global specialty underwriter.

The company said Mr Smith, who has served as chairman since May of 2020, has decided to transition from the chairman role and will continue to maintain a seat on the board.

The transition will take place in May, timed to the company’s annual general meeting.

“There is no better individual to succeed me as chairman of the Axis board of directors than Marty Becker. Over the past four years, the company has benefited enormously from Marty’s wisdom, and deep understanding of the specialty property and casualty space,” said Mr Smith.

“Marty brings first-hand experience leading carriers to transform their businesses while driving shareholder value creation. His guidance as chairman will be integral as Axis takes further steps forward in realising its ambition to achieve specialty leadership.”

The company said Mr Becker, who joined the Axis board of directors in June of 2020, has led a distinguished career in the insurance and reinsurance industry spanning four decades.

He has held numerous chairman and CEO roles for publicly traded and private insurance, reinsurance, and insurance brokerage organisations in Bermuda, the United Kingdom, the United States, and Australia.

Mr Becker is the immediate past chairman of the board of QBE Insurance Group. He was appointed to the QBE board in 2013, became chairman in 2014, and served until March of 2020.

Prior to this, he served as chairman and CEO at Bermudian-based Alterra Capital Ltd and its predecessors from 2006 until 2013.

“On behalf of the entire board, thank you to Henry Smith for his tremendous leadership these past four years as our chairman, which marked a period of significant positive transformation for Axis,” said Mr Becker.

“It is a privilege to succeed Henry as chairman, and to continue to serve with him, as we further support the significant progress that Axis has made in elevating all aspects of its business.

“Under CEO Vince Tizzio, the company is headed on a strong path and I look forward to working closely with Vince and my fellow directors, as well as the Axis team to continue to build on the exciting momentum that has been achieved.”

Mr Tizzio said: “Our team at Axis is deeply appreciative of Henry for his leadership as chairman and continued service on our board. Moreover, I have tremendous gratitude for Henry’s support and counsel as I transitioned into the CEO role.

“I look forward to working closely with Marty in his new capacity, and our leadership team will profit significantly from his counsel and expansive knowledge of our industry.”