Axis Capital Names Gressier COO as Reding Steps Down

Axis Capital Holdings Ltd., the Bermuda-based insurer and reinsurer, promoted John “Jack” Gressier to chief operating officer, replacing Dennis Reding, who’s retiring from the post at 65.

Gressier, 46, has worked at Axis for a dozen years, most recently as chief executive officer of Axis Insurance, the company said today in a statement. Peter Wilson, 54, who currently runs the U.S. insurance operation, will take on Gressier’s old role.

CEO Albert Benchimol is expanding in businesses such as health-care liability, weather and commodities markets, as well as accident-and-health insurance. The primary insurance operation accounted for $2.6 billion of gross premiums last year, while the reinsurance business contributed $2.1 billion, Axis said last month.

“It’s really the next step of the company, which is diversifying growth,” Benchimol said in a phone interview. “One of Jack’s strengths is international, and a great opportunity for growth is the international markets, both with the insurance division and with accident and health.”

Gressier takes the new role on April 1. He’ll be responsible for the global insurance operation and the accident and health business, Axis said. He’ll continue to be based in London and report to Benchimol.

Wilson will be based in New York and report to Gressier. He’ll be responsible for the property and casualty insurance operation, Axis said. Wilson joined in May 2013 from CNA Financial Corp., where he was president of the specialty insurance business.

Reding joined Axis in 2002 and will stay on as a senior adviser and member of the executive committee, according to the statement.

Axis advanced 11 percent in the 12 months through yesterday in New York trading. Validus Holdings Ltd. is up 0.4 percent in the period, while Ace Ltd. gained 12 percent.