AXIS Capital President and CEO John Charman has increased his lead as the Bermuda insurance executive with the most valuable portfolio of shares in his or her publicly-listed employer. Charman, 55, beneficially owned shares in AXIS Capital that had a market value of $221 million as of July 31, 2008, according to a share-ownership review of insurance executives by InsideBermuda.
Mark Watson, CEO of Argo Group International Holdings Ltd., was the highest-compensated executive officer of any Bermuda-based, publicly-listed insurer in 2007, receiving a package valued at $15 million. Watson was one of one of four executives whose remuneration for the 12 months ended December 31, 2007 totaled at least $10 million, with the others being ACE's Evan Greenberg, AXIS Capital's John Charman, and Everest Re Group's Joseph Taranto, with packages of $14 million, $12.5 million, and $10.2 million, respectively.
In what is believed to be the biggest divorce settlement in a contested case in British history, AXIS Capital CEO John Charman has been ordered to pay £48 million (US$91 million) to his estranged wife. The award represents 37% of the couple's estimated £131 million (US$250 million) fortune.Charman, who is believed to have homes in Bermuda, Atlanta and Florida, has vowed to appeal, describing the judgment as “poor and blatantly discriminatory” and the award as “grotesque and unfair”.
James Stanard may have departed as RenaissanceRe's Chairman and CEO in less-than-ideal circumstances last November but he remains the firm's biggest individual shareholder, with a holding worth $245 million. That was more than enough to put him at the top of InsideBermuda's 2006 review of own-company shareholdings held by current - or, in the case of Stanard, recently-departed - officers and directors of Bermuda's publicly-listed insurers.
At least eleven new insurers have incorporated in Bermuda over the last two months, bringing with them capital that is likely to top $10 billion once financing has been completed. If Jan. 1 policy rates are as high as many expect them to be, these firms will have not so much a license to offer insurance as one to print money. All have set themselves capital-raising targets from $500 million to $1.5 billion, with $1 billion being the most popular target figure.
AXIS Capital CEO John Charman is taking legal action in the United Kingdom to prevent his estranged wife from obtaining information about a family trust fund she suspects is being used to conceal tens of millions of dollars, reported Reuters news agency on December 2.
AXIS Capital President and CEO John Charman is Bermuda's $182 million man, according to the latest review of own-company shareholdings that is conducted annually by InsideBermuda. That is the current market value of shares in AXIS that Charman beneficially owns, as reported by the firm in its most recent proxy statement filing with the SEC.
2004 Bermuda Insurance Market Compensation Review: Montpelier Re boss tops contemporaries with $15.3 m package
Stock option profits of $9.8 million helped make Anthony Taylor the best compensated officer of a Bermuda-based, publicly-listed insurer in 2004.The Chairman, President and CEO of property and casualty reinsurer Montpelier Re received a total package worth $15.3 million during the 12-month period, propelling him into top spot in InsideBermuda's compensation review, compared with 31st position a year earlier.
Class action law firms in the United States are targeting at least two Bermuda insurers and their officers as a result of Eliot Spitzer's investigation into alleged bid-rigging at broker Marsh & McLennan.At least three separate class actions alleging securities fraud have already been filed against ACE Ltd. and two against AXIS Capital Holdings Ltd. at federal courts in New York and Pennsylvania.
AXIS Capital Holdings Ltd. has become the latest firm to be subpoenaed by New York State Attorney General Eliot Spitzer as part of an investigation into incentive commission agreements between insurers and brokers.
AXIS Specialty Limited announced on October 7, 2002 that it had completed the acquisition of Connecticut Specialty Insurance Company.The company, which will be renamed AXIS Specialty Insurance Company, is domiciled in Connecticut and is a surplus lines insurer throughout most
A settlement has been reached in a lawsuit filed in the UK by former ACE officer John Charman against Aon and GIO Reinsurance, according to a report in The Insurance Insider newsletter, of London. The dispute related to reinsurance placed with Australia-based GIO by Aon on behalf of ACE's Lloyd's Syndicates 488 and 2488.
ACE Ltd. has taken legal action against former executive John Charman to enforce provisions of his termination agreement that restrict his business activities until March 17, 2002.ACE filed an action at the High Court of Justice, Queens Bench Division, in
John Charman, who is highly respected for his achievements in the London market, this month suddenly departed as Group President and CEO of the ACE International Group.