(Bloomberg) — Axis Capital Holdings Ltd. said Jack Gressier plans to step down, just months after the Bermuda-based insurer and reinsurer named him chief operating officer.

Gressier, 46, won’t be replaced and his responsibilities already have been distributed among three other executives, Axis said today in a statement. He’d been with the firm for about 12 years, said Axis, which cited Gressier’s desire to spend time with his family.

Chief Executive Officer Albert Benchimol named Gressier COO in March to replace Dennis Reding, who was retiring. Gressier previously ran an insurance unit at the company. Axis reported operating income of $633 million in 2013, up 50% from the previous year.

“Jack has been a big part of our success as a company from our early years,” Benchimol said in the statement. “Looking forward, we have seasoned executives at the helm.”

Gressier’s duties are being assumed by Peter Wilson, chief executive officer of Axis Insurance; Christopher DiSipio, chief executive officer of Axis Accident & Health; and Richard Strachan, chief operations officer.

Axis gained 0.8% to $45.50 at 10:15 a.m. in New York. The stock slipped 5.1% this year through last week.