A. Tom Bolovinos
AXIS CAPITAL HOLDINGSAbout A. Tom Bolovinos
A. Tom Bolovinos, age 44, was appointed Chief Accounting Officer of AXIS Specialty U.S. Services, Inc. and will assume the role of Principal Accounting Officer of AXIS Capital Holdings Limited effective December 2, 2025. He holds an M.S. in Accounting and a B.S. in Business Administration from the University of Connecticut . Background includes senior controllership roles at Kemper Corporation (SVP – Corporate Controller, March 2023–Nov 2025) and Assurant, Inc. (VP – Assistant Controller, 2017–2023), preceded by managerial positions at General Reinsurance Corporation and The Navigators Group, Inc. . AXIS’ executive incentives are tied to OROACE in the AIP and rTSR and Adjusted DBVPS in PSUs; company 2024 results delivered ROACE 20.5%, OROACE 18.6%, DBVPS $65.27 (+20.7%), and TSR 63.9% .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Kemper Corporation | Senior Vice President – Corporate Controller | 2023–2025 | Not disclosed |
| Assurant, Inc. | Vice President – Assistant Controller | 2017–2023 | Not disclosed |
| General Reinsurance Corporation | Managerial positions | Prior to 2017 | Not disclosed |
| The Navigators Group, Inc. | Managerial positions | Prior to 2017 | Not disclosed |
External Roles
No public company board or external roles disclosed .
Fixed Compensation
| Component | Amount / % | Terms |
|---|---|---|
| Base Salary | $380,000 | Annual base salary per Offer Letter |
| Target Non-Equity Incentive | 65% of base salary | Eligible to participate in AXIS AIP |
| Sign-on Cash Award | $360,000 | Paid within first month; subject to forfeiture if voluntary termination for any reason or involuntary termination for cause within first year |
| Sign-on RSUs | $230,000 fair value | Vest pro rata over three years |
| Annual Target Equity (LTI) | $290,000 | Eligible under 2017 Long-Term Equity Compensation Plan |
Performance Compensation
- AXIS AIP uses OROACE as the principal financial metric, complemented by business unit financial metrics (for relevant roles) and individual strategic non-financial goals; payouts are formulaic with threshold/target/maximum ranges and linear interpolation .
- AXIS LTI awards: PSUs determined 50% by three-year rTSR versus peers and 50% by three-year Adjusted DBVPS; RSUs vest ratably over four years; PSUs vest on a three-year cliff with 0–200% payout based on performance .
- Individual AIP weightings and PSU targets for Mr. Bolovinos have not been disclosed; he is eligible to participate in the Company’s programs per the Offer Letter .
AXIS Annual Incentive Plan Goal Ranges (company framework)
| Metric | Threshold | Target | Maximum |
|---|---|---|---|
| OROACE Achievement → Multiplier | 11.9% → 50% | 16.9% → 100% | 21.9%+ → 200% |
Equity Ownership & Alignment
- Stock Ownership Guidelines: Directors 5x cash retainer; CEO 6x salary; NEOs 3x salary; designated senior executives have five years to comply; unvested RSUs settling in shares count, cash-settled RSUs and unvested PSUs do not .
- Anti-Hedging/Pledging: Hedging and pledging of AXIS stock by directors and officers are prohibited; trading limited to pre-cleared windows to mitigate MNPI risk .
- Beneficial ownership, vested/unvested breakdown, options, and pledging status for Mr. Bolovinos are not disclosed; initial equity comprises $230,000 sign-on RSUs and eligibility for ~$290,000 annual LTI .
Employment Terms
| Term | Detail |
|---|---|
| Effective Date | December 2, 2025 (Principal Accounting Officer) |
| Entity/Role | AXIS Specialty U.S. Services, Inc. CAO; Principal Accounting Officer of AXIS Capital Holdings Limited |
| Education | M.S. Accounting; B.S. Business Administration (University of Connecticut) |
| Benefits Eligibility | Employee benefit plans customarily available to AXIS officers |
| Conflicts/Related Parties | No arrangements/understandings; no family relationships; no related-party transactions under Item 404(a) |
Severance & Change-in-Control Framework (Company programs)
| Scenario | Cash Severance | Equity Treatment | COBRA | Notes |
|---|---|---|---|---|
| Covered Termination (non-CoC) – Executive Committee Members | 1x Base + Target Bonus | 12 months continued vesting; performance per plan | 12 months (U.S.) | Requires release; subject to clawback; eligibility by category/designation |
| Change-in-Control Covered Termination – Executive Committee Members | 1.5x Base + Target Bonus | Full vesting of all outstanding awards; performance per plan | 12 months (U.S.) | Double-trigger framework; release required; clawback applies |
| Notice/Non-Compete (Plan Non-Interference Agreement) | Non-compete and non-interference periods vary by role; Exec Committee: 6-month non-compete, 12-month non-interference; CEO: 18/18 months; geography includes U.S., Bermuda, U.K., Ireland, Switzerland | Applies to Plan participants | — | State-specific modifications apply; periods reduced day-for-day by “garden leave” |
- Applicability: Mr. Bolovinos’ severance/change-in-control benefits under the Executive Severance Plan depend on whether he is designated as a participant (Executive Committee or as otherwise designated). The Offer Letter does not disclose separate employment agreement severance terms; AXIS indicates severance plan replaces executive employment agreements over time and prohibits duplicative severance .
Clawback Policy
- AXIS maintains a Dodd-Frank/NYSE-compliant clawback policy: in case of a financial restatement, the Company will seek to recover incentive-based compensation awarded/paid to current and former executive officers within the three years preceding the restatement, to the extent above the amounts that would have been paid under restated results; Sarbanes-Oxley clawback also applies .
Investment Implications
- Retention and selling pressure: Sign-on RSUs ($230,000) vest pro rata over three years and annual LTI eligibility ($290,000 target) creates scheduled equity delivery and potential discretionary sales, but AXIS’ anti-hedging/pledging policy reduces leverage/hedge-related risk and trading is constrained to pre-cleared windows .
- Pay-for-performance alignment: Participation in AIP (65% target bonus) and LTI structures tied to OROACE, rTSR, and Adjusted DBVPS aligns cash/equity outcomes with AXIS’s performance framework; 2024 Company performance was strong on these metrics, indicating supportive incentive calibration, though Mr. Bolovinos’ individual weightings and goals are not yet disclosed .
- Change-in-control and severance economics: If designated under the Severance Plan, protections include 1x–1.5x salary+bonus, COBRA, and equity vesting continuity/full acceleration (double trigger), balancing retention with market norms; clawback provisions mitigate restatement risk and reduce shareholder misalignment .