Bermuda-based AXIS Capital Holdings Limited has appointed Michael Steel as Executive Vice President and Chief Risk Officer, a newly created position, effective July 1, 2008.
He will be based AXIS’ London office and will report directly to John Charman, CEO and President. Steel’s job is to assist Charman “in determining and implementing the enterprise-wide risk and control framework that underpins the achievement of AXIS Capital’s strategic and financial goals,” said the bulletin.
Steel has over eighteen years of experience in risk and capital management. He has worked extensively in developing and implementing Enterprise Risk Management concepts, methods and tools and has been at the forefront of the convergence of the insurance and capital markets. Most recently, he served as a Director with Benfield Ltd. and Benfield Advisory, where he was the Global Head of the Capital Markets Group, Chairman of the ReMetrics team and the Head of Structured Products. Prior to his twelve-year tenure at Benfield, Michael was a leading member of Instrat, Sedgwick Group’s Analytics and Structured Products team. Michael holds a B.Sc. in Statistics and Mathematics from Brunel University.
Charman commented: “Creating the Chief Risk Officer leadership position and continuing to enhance a robust, market-leading enterprise risk management process are key elements of our plan to continue the AXIS history of operating and financial out performance.” He added that the Company was fortunate to have a person of Steel’s “caliber and experience” filling the new position.
Source: AXIS Capital – www.axiscapital.com
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