Australia Approves AXIS Branch

Bermuda-based AXIS Capital Holdings Limited announced that AXIS Specialty Europe Limited, one of its European operating subsidiaries, has been authorized by the Australian Prudential Regulation Authority (APRA) to operate as a branch insurer to underwrite general insurance business in Australia.

AXIS Specialty Europe’s Australian branch will be headquartered in Sydney and will conduct business under the name AXIS Specialty Australia. AXIS Specialty Europe has been providing professional indemnity, directors and officers liability and information technology liability insurance coverages as a direct offshore foreign insurer in Australia since 2005 through the specialist underwriting agencies Dexta Corporation Pty. Ltd. and Macquarie Underwriting Pty. Ltd., both members of the Stardex Insurance Group.

John Charman, CEO and President of AXIS Capital, commented: “We appreciate the strong support we have received from APRA and the insurance market in Australia for our plans to open a branch office. Our establishment of a branch in Australia reaffirms our long-term commitment to the Australian marketplace and to continued enhancements of our global platform to better serve both local and multinational clients.”;

“AXIS Specialty Australia coverages are underwritten by AXIS Specialty Europe. As an indirect wholly owned subsidiary of AXIS Capital, AXIS Specialty Europe carries the AXIS Capital group rating of “A”; (“Excellent”;) XV by A.M. Best and “A”; (“Strong”;) with a positive outlook by Standard & Poor’s,”; said the bulletin.

Source: AXIS Capital – www.axiscapital.com