The primary insurance arm of Bermuda-based AXIS Capital Holdings Limited has announced that its Chief Executive Officer (CEO), Peter Wilson, will leave his role at the end of the year and be succeeded by Vincent Tizzio.
Wilson’s departure is timed to the completion of his contract with AXIS, with Tizzio set to take over as CEO of AXIS Insurance on June 1st, 2022.
Following the leadership transition, Wilson will continue with the firm through December 31st, 2022.
“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,” said Wilson. “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.”
Albert Benchimol, President and CEO of AXIS, added: “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.”
Effective immediately, Tizzio has joined AXIS Insurance as Senior Adviser – Insurance Market Strategy and is part of its Executive Committee.
In this role, he will serve as a strategic counselor to Benchimol, but will not take charge of direct reports or profit and loss responsibility for AXIS Insurance until June 1st.
Tizzio joins the company from his most recent role as Executive Vice President (EVP) and Head of Global Specialty at The Hartford, where he led a multi-billion dollar business focused on delivering a broad array of specialty products.
Earlier in his career, he served as President and CEO of Navigators Management Company for seven years, leading the firm until it was acquired by The Hartford in 2019.
He has also held leadership roles at both Zurich Financial Services and AIG.
“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 organizational cultures. He will be a great asset to our company and to our customers,” said Benchimol.
Commenting on his new role, 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 organization.
“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.”