Bermuda-based AXIS Specialty Ltd., the new insurance and reinsurance company established by Marsh & McLennan subsidiary MMC Capital through its Trident II L.P. fund, announced that it has begun operations with an initial capitalization of $1.6 billion.
AXIS’ formation was the first to be announced following the Sept. 11 disasters; it’s also one of the largest, ranking as a medium sized company in the Bermuda insurance market. The new insurer will “focus on property catastrophe, property risk, aviation and aerospace, and marine,” said the announcement.
In addition to MarshMac other investors include JPMorgan Partners, Thomas H. Lee Partners, The Blackstone Group and Credit Suisse First Boston.
John Charman, the new company’s President and CEO said in a statement, “Axis is a truly transformational company for the specialty insurance industry. Our compelling combination of a substantial, unencumbered capital base aligned with a proven, strong and capable management and underwriting team will quickly position the company as a market leader. We are delighted to commence operations in Bermuda and we look forward to becoming a major presence in reinsurance and specialty insurance lines worldwide.”|”axis, specialty, begins, operations, with, $1.6, billion
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