Veteran insurance executive Albert Benchimol is to be nominated as a non-executive member of the board of directors at Aegon Ltd, the international financial services holding company that has changed its legal seat to Bermuda.

Aegon said it will propose to its 2024 annual meeting to appoint Mr Benchimol to the board for a four-year term.

Between 2012 and May this year, Mr Benchimol was president and chief executive of Axis Capital Holdings, the Bermudian-based global specialty underwriter and provider of insurance and reinsurance solutions.

Subsequently, he became adviser to the CEO, Vincent Tizzio, and the executive committee at Axis, a role he will retain until the end of 2023.

William Connelly, the chairman of the board, said: "I am pleased to welcome Albert to Aegon. His long and distinguished career in the insurance sector and international experience will be invaluable to the company.

“I look forward to working with Albert in our board of directors as we continue to guide Aegon through the new chapter of the company’s transformation.”

Once elected by Aegon’s 2024 AGM, the date of which has not been determined, Mr Benchimol’s appointment will be effective as of the end of the meeting.

Until then, Aegon said, he will attend the board of directors’ meetings as an observer.

Before he joined Axis, Mr Benchimol held various senior positions at PartnerRe and Reliance Group Holdings, after starting his career in banking at the Bank of Montreal.

He has also served in a leadership role in a number of additional industry organisations, including chairman of the Association of Bermuda Insurers and Reinsurers, and as an external member of the Council of Lloyd’s.

The change of Aegon’s legal domicile to Bermuda will allow the company to maintain its headquarters in the Netherlands, remain a Dutch tax resident and maintain its Euronext and New York Stock Exchange listings.

Aegon’s portfolio of businesses includes fully owned subsidiaries in the United States, Britain and a global asset manager.