Axis Capital Holdings Ltd chief operating officer Jack Gressier is to retire at the end of this month to spend more time with his family — and the company does not intend to replace him.

The Bermuda-based re/insurer said Mr Gressier’s current responsibilities would be distributed between Peter Wilson, CEO of AXIS Insurance, Christopher DiSipio CEO of AXIS Accident & Health, and Richard Strachan, chief operations officer.

Messrs Wilson and DiSipio will now report directly to Albert Benchimol, president and CEO of Axis Capital. Mr Strachan will assume responsibility for both ceded reinsurance and broker relationship management, and he will continue to report to Mr Benchimol.

“We sincerely thank Jack for his 12 years of service to the company,” said Mr Benchimol. “Jack has been a big part of our success as a company from our early years as a start-up and through our growth into a leading specialty insurer today. On behalf of Axis Capital, I express our deep gratitude for Jack’s hard work and dedication, and wish him all the best in the future.”

Mr Gressier said: “For the past 12 years, I have been a part of Axis’s transformation from a small Bermuda specialty company into a highly respected and strong global insurance and reinsurance company. I am very proud to have been a part of that success and a member of a truly outstanding team. My time at Axis has been incredibly rewarding, but it is now time for me to step back and retire to spend more time with my family.”