Despite plans to retire in December 2008, John Charman's employment agreement has been extended

Axis Capital has announced that the employment agreement of John Charman, CEO and president, has been extended to 31 December 2009.

In May, Charman was instructed in July 2006 to pay his former wife, Beverley Charman, £48m as part of a divorce settlement. The figure is thought to be the largest of its kind in British legal history.

In February 2006 he informed the company of his intention to retire at the end of December 2008 when his then current employment agreement expired. He advised the company that the decision was the result of his divorce proceeding, then pending in the UK.

At the time, Michael Butt, chairman of AXIS Capital, stated, “Since the inception of AXIS, our board of directors has reviewed senior management succession annually and the Company has developed a very strong and deep management group. Of course, 2009 is some time away. Meanwhile, John remains totally committed to the company, our strategy remains unchanged and I look forward to continuing to implement it with him.”