Andrew Cook, who is stepping down as chief financial officer of Axis Capital on April 1, will continue to provide consulting services to the company for a further three months.

Mr. Cook, 43, said he was quitting the company late last year, citing the need to spend more time with his family.

And Axis, in a regulatory filing on Tuesday, said Mr. Cook will be paid an amount equal to his current annual base salary and medical and dental benefits for a year after his departure. All outstanding stock options and restricted stock awards due to Mr. Cook will vest on April 1.

He will also be paid an additional $163,125 to act as a finance advisor to Axis Specialty Bermuda from April 2 through June 30, assisting his successor and the chief executive John Charman on finance matters.

Mr. Charman has announced his intention to leave the company at the end of 2008. Both have been with Axis since its inception.

Under the consulting agreement, Mr. Cook is subject to non-competition provisions until August 1, as well as an ongoing confidentiality clause.

Either Axis or Mr. Cook can terminate the consulting agreement ahead of time, Axis said.