Endurance Specialty Holdings has tapped former Axis Capital founder John R. Charman as its chairman and CEO, effective immediately.

Endurance Lead Director William H. Bolinder says Charman “brings to Endurance outstanding leadership qualities, global insurance experience and the demonstrated ability to attain strong and consistent operating performance.”

“John has a blue chip track record of delivering bottom-line results, improving underwriting ratios, managing risk and allocating capital efficiently,” Bolinder continues, in a statement.

Charman and his family became one of the largest shareholders after buying $30 million shares of Endurance with the intent to reinvest the dividends.

This “speaks volumes about [Charman's] confidence in and commitment to” Endurance's opportunities, adds Bolinder.

Charman says he is “foregoing any conventional compensation over the next five years in exchange for a single grant of restricted shares and options.”

“My goal is to fully realize the company's potential as a leading global specialty insurance and reinsurance company,” he adds in a statement.

David Cash has stepped down as Endurance CEO and as a member of the board, the company says.

Charman was most recently founded Axis Capital Holdings and served as its CEO for 11 years. He has also served as CEO of Tarquin plc, which was sold to Ace Ltd. in 1998. Charman was a deputy chairman of the Council of Lloyd's.

Earlier this month Bermuda's Endurance announced a new Excess Casualty team, headed by Joseph Rainone. He was most recently senior vice president and excess casualty division manager at Alterra Specialty.

Special Reports /

Axis Founder Charman Named Endurance CEO; Waives Conventional Pay

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