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Bermudian (re)insurer agrees further $14m payout with ex-chairman
Former Axis Capital chief executive John Charman will take home a severance package of almost $36m after the Bermudian (re)insurer agreed to pay him $13,846,268 in lieu of annual retirement payments.
The Axis Capital board dismissed Charman from the chairman’s role in June after a disagreement over the scope of his job, one month after he had taken on the role.
Former Axis chairman Michael Butt returned to his old role to replace Charman.
Axis had already agreed to pay cash benefits to Charman of $11m, in addition to around $11m of accelerated share-based compensation.
Last week Axis disclosed in an SEC filing that it has reached an agreement with Charman to amend his supplemental executive retirement plan (SERP).
Axis also revealed that it had reached a similar agreement with reinstated chairman Butt. He was set to receive 10 years of SERP payments but has now accepted a lump sum of $2,368,608 in lieu.
Charman remains on the Axis board.
