Endurance Specialty Holdings has tapped former Axis Capitalfounder John R. Charman as its chairman and CEO, effectiveimmediately.

Endurance Lead Director William H. Bolinder says Charman “bringsto Endurance outstanding leadership qualities, global insuranceexperience and the demonstrated ability to attain strong andconsistent operating performance.”

“John has a blue chip track record of delivering bottom-lineresults, improving underwriting ratios, managing risk andallocating capital efficiently,” Bolinder continues, in astatement.

Charman and his family became one of the largest shareholdersafter buying $30 million shares of Endurance with the intent toreinvest the dividends.

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

Charman says he is “foregoing any conventional compensation overthe next five years in exchange for a single grant of restrictedshares and options.”

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

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

Charman was most recently founded Axis Capital Holdings andserved as its CEO for 11 years. He has also served as CEO ofTarquin plc, which was sold to Ace Ltd. in 1998. Charman was adeputy 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 mostrecently senior vice president and excess casualty division managerat Alterra Specialty.