John R. Charman as President and Chief Executive of AXIS Capital Holdings Ltd. (AXS) told that he has planning to retire next year and he would be replaced by Chief Financial Officer named Albert Benchimol. Charman has become chief executive for about 10 years and he would be chairman at the specialty lines insurance company, replacing Michael A. Butt, who would stay on as a board member. Charman would like to step down as chief executive on May 3.

Charman said that throughout his forty years in the industry he has always held the view that it is critical to create the ongoing well-being of a company that a CEO (much like a houseguest) have not to outstay his or her welcome. He added that after 10 years he has become CEO, the time is right for AXIS Capital for putting in place the next generation of leadership. Benchimol would be asked to the board on Jan. 1. A search for his replacement as chief financial officer has begun and the company is considering internal and external candidates.

Benchimol has worked as chief executive of reinsurer PartnerRe Ltd. (PRE) and he is also as holder the positions of chief financial officer and executive vice president before coming to AXIS. Last month, AXIS has said that its third-quarter income fell down on higher catastrophe costs. On Friday, shares have been closed at $31.20 and were inactive premarket. These stocks go down 13% year to date.