AXIS Announces Opening of London Branch Underwriting Office.Business Editors/Insurance Writers PEMBROKE, Bermuda--(BUSINESS WIRE)--June 17, 2003 AXIS Capital Holdings Limited announced today that it has received regulatory approval for the establishment of a London branch of its European insurance subsidiary AXIS Specialty Europe Limited ("AXIS Europe"). AXIS Europe is licensed and domiciled dom·i·cile n. 1. A residence; a home. 2. One's legal residence. v. dom·i·ciled, dom·i·cil·ing, dom·i·ciles v.tr. 1. in Ireland and able to provide insurance business throughout the European Union European Union (EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the European Community . The company carries the AXIS group rating of "A" (Excellent) from A.M. Best and "A" (Strong) from Standard & Poor's. John Gressier will be the London Branch Manager with Jonathan Battle the Deputy Branch Manager. The branch will operate from premises at No 2 Minster Court, Mincing Lane Mincing Lane is a street in the City of London, stretching from Fenchurch Street south to Great Tower Street. Its name is a corruption of Mynchen Lane - so-called from the tenements held there by the Benedictine 'mynchens' or nuns of St Helen's Bishopsgate (from , London. John Charman John R Charman (born 1953), is an English businessman, who has made his career in insurance. He is currently CEO/President/Director at Bermuda based Axis Capital Holdings Ltd. , President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , said, "The addition of a London underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. presence enhances the AXIS franchise built up over the last eighteen months and gives us a key presence in each of the significant insurance marketplaces globally. The branch will complement our Irish head office and will assist us with servicing the London broker community." AXIS Capital Holdings Limited is a Bermuda-based company with wholly owned (re)insurance subsidiaries which focus on reinsurance The contract made between an insurance company and a third party to protect the insurance company from losses. The contract provides for the third party to pay for the loss sustained by the insurance company when the company makes a payment on the original contract. and specialty lines of insurance. Cautionary Note Regarding Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This release or any other written or oral statements made by or on behalf of the Company may include forward-looking statements that reflect the Company's current views with respect to future events and financial performance. All statements other than statements of historical fact included in this release are forward-looking statements. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or their negative or variations or similar terminology. When the Company makes forward-looking statements, the Company is basing them on its management's beliefs and assumptions, using information currently available to the Company. Such beliefs and assumptions are subject to risks and uncertainties. If these beliefs or assumptions prove to be incorrect, the Company may be adversely affected. In addition, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise. |
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