Benchimol to join Aegon board

Aegon has secured the services of a Bermuda re/insurance veteran for its board after redomiciling to the island. 

Former Axis Capital CEO Albert Benchimol will join the life insurance giant at its 2024 annual general meeting as a non-executive member of the board of directors for a four-year term.

Benchimol has more than 40 years of experience as a senior leader in the insurance and reinsurance industry. Between 2012 and May 2023, he was president and chief executive officer of AXIS Capital Holdings. Subsequently, he became advisor to the CEO and the executive committee at AXIS Capital, a role he will retain until the end of 2023.

Before he joined AXIS, Benchimol held various senior positions at PartnerRe and Reliance Group Holdings, after starting his career in banking at the Bank of Montreal. He has also served in a leadership role in a number of additional industry organizations, including chair of the Association of Bermuda Insurers and Reinsurers and as an External Member of the Council of Lloyd’s.

Once elected by Aegon’s 2024 AGM, Benchimol’s appointment will be effective as of the end of the meeting. Until then, he will attend the board of directors meetings as an observer.

William Connelly, chairman of the board of directors, said: "I am pleased to welcome Albert to Aegon. His long and distinguished career in the insurance sector and international experience will be invaluable to the company. I look forward to working with Albert in our Board of Directors as we continue to guide Aegon through the new chapter of the company’s transformation.”

Aegon moved its domicile to Bermuda from the Netherlands in October after selling its Dutch life insurance business to its smaller rival ASR for $5.34 billion.

Aegon still has assets of 440 billion euros and more than 20,000 employees around the world.

At the time the move was announced in July, Aegon said Aegon Bermuda hosted many respected international insurance companies, including four of Aegon's subsidiaries.

Lard Friese, Aegon’s chief executive officer, said then: “Bermuda has an established, well-regarded regulatory regime that will facilitate the implementation of our strategy to build leaders in investment, protection and retirement solutions, as outlined at our recent Capital Markets Day.”