AXIS U.S. Expands Professional Liability Coverage; Builders’ Risk Capabilities

April 21, 2004

AXIS U.S. Insurance announced from its headquarters in Alpharetta, Ga., that it has expanded both its professional lines capabilities and its Builders Risk Product Offerings.

For greater coverage of professional liability risks, AXIS U.S., a subsidiary of the Bermuda holding company, said it had formed a new professional liability unit and also established a dedicated unit for financial institutions business. It also upgraded its commercial builders risk coverage for non-catastrophe exposures through its newly formed Inland Marine department of AXIS Custom Accounts unit.

“AXIS Professional Liability (AXIS PRO) offers miscellaneous professional liability, media liability, lawyers professional liability insurance, accountants professional liability and other errors and omissions (E&O) coverages,” said the announcement. “AXIS recently hired a highly qualified team of professional liability underwriters based in Glastonbury, Conn., and San Francisco to write this business on a nationwide basis. The unit is led by Timothy J. Covello, Senior Vice President, AXIS PRO.”

John A. Kuhn, Executive VP and AXIS Global Leader for Professional Lines, commented: “Tim and his team share our highly disciplined and focused underwriting philosophy. Their extensive professional liability expertise and market standing will enable us to build a quality book of diversified E&O business that will complement our existing financial insurance business. Our current portfolio, which we are still building, encompasses both commercial and financial institutions accounts. Due to our diversified customer and producer base, we feel it makes sense to organize our financial insurance business based on these two major market segments.”

The bulletin noted that “the Financial Insurance Solutions unit of AXIS U.S. Insurance will continue to underwrite directors and officers liability insurance (D&O) and other specialized coverages for commercial accounts, while a team of experienced professional lines underwriters in New York City has been assembled to concentrate exclusively on financial institutions accounts.”

The unit “provides a full range of professional lines products, including D&O, E&O and financial fidelity for banks, investment companies, insurance companies and other financial services institutions.” Timothy A. Braun was recently promoted to serve as Senior Vice President of AXIS Financial Institutions, reporting to Kuhn.

AXIS U.S. Insurance newly formed Inland Marine department of AXIS Custom Accounts unit will provide commercial builders risk coverage for non-catastrophe exposures. “This new department focuses on construction projects where the public protection is class 7 or better. Target projects include retail, residential, general office, renovation/restoration projects, assisted living facilities, hospitals, moderate manufacturing operations, schools and municipalities, water treatment facilities, airports, and stadiums and arenas,” said the announcement

AXIS U.S. has hired Christine Santiago as Vice President to underwrite builders risk coverage for the Custom Accounts Inland Marine department. She is based in New York City and the department works with both retail and wholesale brokers across the United States.

AXIS U.S. Insurance President Marshall Turner noted: “with 17 years of property insurance experience, Christine has the unique market expertise and relationships that will help us to materially expand our builders risk business.”

AXIS U.S. said these “new capabilities complement the commercial builders risk coverage already offered by the E&S Property unit of AXIS U.S. Insurance. The company noted that it “works exclusively with U.S.-based wholesale brokers and provides builders risk coverage for construction projects with a catastrophe element.” It noted that the coverage is available in particular locations, which include: “coastal areas from North Carolina through Texas, the ‘critical earthquake’ regions of California and New Madrid, and lightly protected or unprotected properties (class 8-10) anywhere in the United States.”

Topics USA Professional Liability Directors Officers

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