AXIS Capital, a global specialty commercial property and casualty insurer and reinsurer, has agreed to acquire the assets and operations of Media/Professional Insurance (Media/Pro), a managing general underwriter specializing in professional liability lines of business, from AON Underwriting Managers.
Headquartered in Kansas City, Media/Pro is a managing general underwriter with operations in the U.S., Canada and the U.K. Professional liability lines written by Media/Pro include media liability insurance, cyber-technology insurance and miscellaneous professional liability insurance.
Media/Pro will become part of the newly established AXIS Select Markets division of AXIS Insurance upon the close of this transaction, which is expected to occur during the second quarter of 2007 pending the satisfaction of closing conditions.
John Charman, CEO and president of AXIS Capital, noted that for the last two years, AXIS has served as the exclusive carrier for several Media/Pro errors and omissions liability programs.
AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders’ equity at December 31, 2006 of $4.4 billion and locations in Bermuda, the United States, Europe and Singapore.
Source: AXIS Capital
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