Bermuda based AXIS Capital has revealed management transitions details in AXIS Re, which will be effective in the later part of the year.

AXIS Capital Holdings president and CEO John Charman said the changes were designed to ensure a smooth management transition within AXIS Re Europe and recognize outstanding performance.

The current CEO and president of AXIS Re Europe, Karl Mayr will retire as CEO of AXIS Re Europe to assume the new role of Vice Chairman of AXIS Re by the end of this year.

Additionally, Stephan Knipper will succeed Karl in the role of President of AXIS Re Europe, effective 1 May 2012 and will assume responsibility for the operating activities of AXIS Re Europe.

Stephan will also assume the additional role of CEO of AXIS Re Europe following Karl’s retirement as CEO at the end of the year.

"Since its inception in 2003, AXIS Re Europe has developed into a leading reinsurer in Continental Europe under Karl’s leadership and with Stephan’s strong support," Charman added.

As at 31 December 2011, the specialty lines insurance and treaty reinsurance provider’s shareholders’ equity stood at $5.4bn with operations in Bermuda, the US, Europe, Singapore, Canada and Australia.