Bermuda-based AXIS Capital Holdings Limited announced that it has agreed to acquire the business and operations of Australian managing general agent Dexta Corporation Pty Ltd. from its shareholders, Ironbridge Capital, Dexta Holdings NV and other minority shareholders.
The transaction is expected to close in January 2009, subject to regulatory and other customary closing conditions.
Dexta operates from locations in Sydney, Melbourne, Brisbane and Adelaide. AXIS noted that it “specializes in professional indemnity, directors & officers, information technology and related insurance lines in Australia with a focus on small and middle-market business.
“Tony Wheatley, who is currently Managing Director of Dexta, will join AXIS Capital as Country Manager for Australia.”
AXIS COO Dennis Reding commented/ “Dexta is a recognized leading franchise in the Australian general insurance market. Since 2005, AXIS has served as the exclusive carrier for Dexta professional lines programs. We are extremely pleased to be able to further strengthen our Australian operations through this transaction. The talents of the Dexta team, together with its highly regarded product offerings, are a terrific complement to our existing operations.
He added: “This acquisition also represents a key strategic step for our regional expansion strategy in Australasia. We expect to continue to deliver the quality of service which has distinguished the Dexta franchise over the years in the Australian market. We also expect to enhance this platform to provide additional products in the region over the coming years.”
Source: AXIS Capital –www.axiscapital.com
Topics Mergers & Acquisitions Agencies Talent Insurance Wholesale Australia
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