The board of directors of AXIS Capital Holdings Limited last week said that they have reached new agreements with the company's top two executives for a term of five years.

Both agreements, surrounding chairman Michael Butt and president and CEO John Charman, become effective on January 1, 2004.

"John Charman has been in his role from the company's inception in November, 2001, and the results of his leadership are clear," said Frank J. Tasco, chairman of the compensation committee.

"The strength of the underwriting and management teams, as evidenced by the company's outstanding financial results since inception and the success of its initial public offering, underscore the effectiveness of his leadership."

Robert J. Newhouse, Jr., chairman of the executive committee, added: "With the addition of Michael Butt as chairman in September, 2002, we further strengthened our position in the market based on his significant contributions over the years to the global reinsurance and insurance industry."

AXIS Capital is a global provider of specialty lines insurance and treaty reinsurance with shareholders' equity in excess of $2.0 billion and global locations in Bermuda, the US and Europe.