A.M. Best Rates AXIS Specialty ‘A-‘ ( Excellent)

December 6, 2001

A.M. Best assigned an initial financial strength rating of “A- (Excellent)” to AXIS Specialty Ltd., the newly formed Bermuda-based insurance company backed by MarshMac’s MMC investment unit, Trident II, L.P., and other investors, with $1.7 billion in initial capitalization.

“The rating reflects AXIS Specialty’s strong initial capital base, experienced management team and strong sponsorship,” said the announcement. It also expressed high confidence in AXIS management led by president and CEO John Charman and chairman Robert J. Newhouse Jr.

The announcement, however, recognized the flow of new capital, which has flooded into the industry recently (around $10 billion so far), and warned that this “could potentially dampen expected returns as pricing fails to meet anticipated levels.”|”a.m., best, rates, axis, specialty, ‘a-‘, (, excellent),

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