Pembroke, Bermuda-based insurer AXIS Capital Holdings Limited said it has extended the employment contract of its current CEO for five years.
John Charman, chief executive officer and president, will stay on in his current position until 2013. The original agreement concluded at the end of this year. The company said there were no other changes made to his contract.
"The board and I are extremely pleased that AXIS Capital will continue under John's strong leadership," said Michael Butt, chairman of the board, in a statement. "AXIS Capital continues to perform exceptionally well under John's focused guidance and, indeed, the results speak for themselves."
Under Mr. Charman's leadership, he said, the company has continued to show growth and excellent returns on shareholder investment.
Mr. Charman commented that he was proud to have his contract extended by the board, adding that "never before in our industry has so much embedded and sustainable value been created in such a focused and coordinated manner."
The chief executive receives a base salary of $1.25 million plus bonuses equal to 200 percent of salary and fringe benefits.
AXIS provides specialty lines insurance and treaty reinsurance through offices in Bermuda, the United States, Europe and Singapore.
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