AXIS Capital in Pembroke, Bermuda announced this morning that it has agreed to acquire the assets and operations of Media/Professional Insurance from AON Underwriting Managers.
Terms of the deal were not disclosed.
Media/Pro is a managing general underwriter which underwrites media liability insurance, cyber-technology insurance and miscellaneous professional liability insurance lines. The Kansas City, Mo.-based MGU has operations in the United States, Canada and the U.K.
In a statement, John Charman, chief executive officer and president of AXIS Capital, noted that AXIS has served as the exclusive carrier for several Media/Pro errors and omissions liability programs. “The talents of the Media/Pro employee team, together with their highly regarded, differentiating product offerings, are a terrific complement to our existing professional lines operations,” he said.
He also noted Media/Pro's historical effectiveness in attracting and retaining small and middle market specialty professional lines business. “We believe that the addition of Media/Pro to our globally diversified AXIS Insurance business enhances our ability to deliver our broad offering of high-quality specialist classes of business to this segment of the market,” he said.
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.
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