Bermuda’s AXIS Specialty Limited announced that it has completed the acquisition of Connecticut Specialty Insurance Company, which will be renamed AXIS Specialty Insurance Company (ASI).
The Connecticut-based surplus lines insurer “will specialize in large commercial property business with an initial emphasis on high excess and buffer layer excess programs. Primary placements will also be entertained as part of their underwriting profile,” said the announcement.
AXIS President and CEO John Charman noted that, “This expansion into the United States brings us closer to our much valued American clients and intermediaries and will allow us to offer both our specialty underwriting expertise and capacity on a local basis.”
The bulletin noted that ASI is headed by William H. Boornazian, Sr. VP and Chief Underwriting Officer, and that the company has an underwriting staff with over 70 years experience in the large commercial property insurance arena.
AXIS’ move is a classic example of the “offshore-onshore” phenomenon. Set up as a Bermuda company by Marsh’s Trident II investment unit, Credit Suisse/First Boston, J.P. Morgan and other high profile institutional investors following Sept. 11 with an initial capitalization of $1.6 billion, the company agreed to purchase ASI last March. At the time it called it a “shell company,” but it also noted that “ASI will be licensed as a surplus lines carrier in 38 states.” AXIS is back on shore in a big way.
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