Charman to Challenge $90.6 Million Divorce Settlement Ruling

August 4, 2006

John R. Charman, the President and CEO of Bermuda-based Axis Capital Holdings Ltd., reportedly plans to appeal a recent ruling from London’s High Court that his ex-wife Beverley is entitled to 37 percent of the community’s assets, around £48 million ($90.6 million).

Charman, who’s also CEO and President of AXIS Specialty Limited, has been in the insurance business for 30 years, primarily with ACE until 2001, when he was tapped to head AXIS. With an initial capitalization of $1.7 billion, the Company was one of the largest new Bermuda insurers set up after Sept. 11. Shareholders equity in the Company, which held an initial public offering in 2003, is now over $3 billion. Charman’s net worth was valued by the court at £131 million ($247.4 million).

The couple, who were married in 1976 and have two children, divorced in April 2005. Charman maintains that his £20 million ($37.7 million) settlement offer is more than reasonable. If the Appeals Court validates the High Court’s decision, it will stand as the U.K.’s biggest divorce award.

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