Wellington Completes Purchase Of AXA U.S. Units

NU Online News Service, Nov. 29, 4:24 p.m. EST? Wellington Underwriting plc said it has completed the previously announced purchase of AXA's U.S. excess-and-surplus-lines business after receiving final regulatory approvals for the deal.[@@]

Wellington, one of the independent insurance businesses operating in the Lloyd's market, first announced the purchase last June. The acquired unit, previously called AXA Corporate Solutions Excess and Surplus Lines Insurance Company, has been renamed Wellington Specialty Insurance Company. Wellington also announced that the capital and surplus of the acquired unit increased to $30 million through a capital contribution by Wellington.

Based in Scottsdale, Ariz., the newly acquired business unit underwrites excess and surplus-lines business in 33 states and will focus on small direct, general-agency produced, commercial casualty and property business.

Wellington also noted in its announcement that the Oldwick, N.J.-based A.M. Best Co. has assigned an initial financial strength rating of "A-minus" (Excellent) to its new unit.

"I am very excited about this opportunity to utilize long-standing relationships in this market," Dick Nenaber, president of Wellington Specialty, commented. "We have been preparing for this with careful hiring of experienced individuals and construction of a well controlled infrastructure to write this niche business."

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