AXIS Authorized as Branch Insurer in Canada.PEMBROKE, Bermuda -- AXIS Capital Holdings Limited ("AXIS Capital") (NYSE NYSE See: New York Stock Exchange : AXS) today announced that AXIS Reinsurance Company, one of its U.S. operating subsidiaries, has been authorized by the Office of the Superintendent of Financial Institutions The Office of the Superintendent of Financial Institutions or OSFI is an independent agency of the Government of Canada reporting to the Minister of Finance created "to contribute to public confidence in the Canadian financial system". Canada ("OSFI") to operate as a branch insurer underwriting property and casualty insurance and reinsurance business in Canada. Dennis Reding, Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of AXIS Capital, commented: "We are looking forward to bringing our specialized capabilities in both insurance and reinsurance to bear as we establish our branch in Canada. This branch will be instrumental in advancing our long-term commitment to provide customized coverage solutions for both local and multinational clients." For more information, insurance and reinsurance agents and brokers should contact: < < < < < < Darin Scanzano < < < < < < Chief Agent and Country Manager < < < < < < AXIS Reinsurance Company (Canadian Branch) < < < < < < TD Canada Trust Tower < < < < < < 161 Bay Street, 27th Floor < < < < < < Toronto, ON M5J 2S1 < < < < < < Tel. +1 416 572 2660 < < < < < < darin.scanzano@axiscapital.com AXIS Reinsurance Company is registered with OSFI as AXIS Reinsurance Company (Canadian Branch). AXIS Reinsurance Company's Canadian branch will be based in Toronto, ON. AXIS Reinsurance Company (NAIC NAIC See National Association of Investors Corporation (NAIC). #20370) is a New York-domiciled property and casualty insurance and reinsurance company that is licensed in the 50 states, the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). and Puerto Rico and is registered as a foreign reinsurer in Mexico. As an indirect wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of AXIS Capital, AXIS Reinsurance Company carries the AXIS Capital group financial strength rating of "A" ("Excellent") XV by A.M. Best and "A" ("Strong") with a positive outlook by Standard & Poor's. AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders' equity at June 30, 2008 of $5.3 billion and locations in Bermuda, the United States, Canada, Europe, Singapore and Australia. Its operating subsidiaries have been assigned a rating of "A" ("Excellent") XV by A.M. Best and a rating of "A" ("Strong") with a positive outlook by Standard & Poor's. AXIS Capital has been assigned a senior unsecured debt rating of Baa1 (stable) by Moody's Investors Service Moody's Investors Service A leading global credit rating, research and risk analysis firm. Moody's Investors Service A leading firm engaged in credit rating, risk analysis, and research of fixed-income securities and their issuers. and BBB BBB A medium grade assigned to a debt obligation by a rating agency to indicate an adequate ability to pay interest and repay principal. However, adverse developments are more likely to impair this ability than would be the case for bonds rated A and above. + (stable) by Standard & Poor's. For more information about AXIS Capital, visit our website at www.axiscapital.com. |
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