AXIS Ups Capitalization At Reinsurance Unit
NU Online News Service, Sept. 5, 2:50 p.m. EDT?AXIS Capital Holdings announced it has boosted capitalization at AXIS Re, its European reinsurance subsidiary, to $500 million.
This enhancement in the reinsurance unit's capital is part of the effort by AXIS to expand its Europe business presence–the insurer has also recently established AXIS Re Europe, an underwriting branch of AXIS Re in Zurich, Switzerland.
Commenting on AXIS Re's capital boost and the recent formation of AXIS Re Europe, Karl Mayr, president and chief executive officer at AXIS Re Europe, said: "This strengthening of AXIS Re's capital and surplus to over $500 million, coupled with its high quality ratings, creates a strong presence for AXIS Capital in Europe. The choice of Zurich as the location for our branch office represents AXIS Capital's recognition of its importance as a global reinsurance marketplace."
AXIS Capital, based in Bermuda, offers specialty and treaty reinsurance. Specialty coverage offered by the company includes terrorism, aviation and marine war, and political risk. AXIS' other coverage includes commercial property, aviation, marine and onshore-offshore energy. The company also provides reinsurance for marine and aviation, professional liability, workers' compensation, personal accident and property.
The New York-based Marsh & McLennan Companies Inc. has a 30 percent stake in AXIS. In 2002, the company recorded $265.1 million in net income, with $633.6 million in annual sales.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.