Axis Underwriting has announced the promotion of GM Ivan Verescuk to MD and CEO, taking over from Gary Dawson who is stepping down on July 1 after running the business for the last 22 years.

The underwriter says Mr Dawson will continue with the business for the next 12 months as Executive Director to ensure a seamless transition.

“[Mr Dawson’s] wealth of experience and expertise will not be lost from Axis and the market,” Chairman Gary Gribbin said in a statement.

“On behalf of the board, I offer sincere thanks to [Mr Dawson] for his many years of outstanding service and his significant achievements.

“His is a legacy which will never be forgotten. And I offer my congratulations and best wishes to [Mr Verescuk] as he assumes the role of Managing Director & CEO.”

Mr Verescuk, who joined the business seven years ago, has been acting as an “understudy” to Mr Dawson in the commercial property segment.

He has more than 20 years' experience working in the insurance industry and has been with Axis for seven years as GM.

Axis says in that time Mr Verescuk has made a strong contribution to the business where he has established, managed and delivered all aspects of the Axis residential strata, claims and administration functions.

“With his experience and with [Mr Dawson’s] counsel, the board believes the business will continue to flourish, serving the interests of all stakeholders in the positive manner to which we have become accustomed,” Mr Gribbin said.

Axis was established in 1999 by Mr Dawson, as a business unit of Whitbread Insurance Group and both businesses were acquired by Steadfast in 2017.

“[He] has long been regarded as one of the most foremost commercial property underwriters in the Australian market,” Mr Gribbin said.

“Excellent underwriting results have cemented strong, enduring relationships with the agency’s security providers, Lloyd’s, HDI and Axa XL.”