Pitale and Negandhi's appointment will be with immediate effect, the company said in a statement.
"Dharmesh Mehta, MD & CEO of Axis Capital today submitted his resignation, having decided to pursue other interests," the company said.
The Board of Axis Capital in a meeting held today accepted Mehta's resignation.
It further said: "The Board has decided to elevate Salil Pitale and Chirag Negandhi as Joint Managing Directors & Co-Chief Executive Officer".
However, their elevation will be subject to requisite regulatory approvals, it added.
Both are currently Co-Head of Investment Banking at Axis Capital since 2016.
While, Negandhi is with Axis Capital since 2005.
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