AXIS Capital Announces Andrew Cook, CFO, to Leave Company.PEMBROKE, Bermuda -- AXIS Capital Holdings Limited ("AXIS Capital") (NYSE NYSE See: New York Stock Exchange : AXS AXS Access AXS Anomalous X-Ray Scattering AXS Alpha Chi Sigma AXS Alpha X-Ray Spectrometer AXS Activex Script ) today announced that its Chief Financial Officer, Andrew Cook, will step down, effective April 1, 2006, for personal reasons. The Company has commenced an executive search for his replacement. John Charman, Chief Executive Officer and President of AXIS Capital, stated: "As our Chief Financial Officer since our founding, Andrew has been instrumental in advancing our financial reporting practices, directing our activities in the capital markets and developing our relationships with both the investment community and the rating agencies. Andrew has played a major part in the evolution of AXIS as a leading global insurance and 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. company. We are pleased that Andrew will be staying on to ensure a smooth transition in this position." Andrew Cook stated: "It has been a tremendous experience to have been a part of AXIS from its inception. With our most recent capital raising activities, I believe that I will be leaving AXIS in a position of continued financial strength. The past couple of years have been difficult for me on a personal basis, and I look forward to being able to spend more time with my family." AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. at September 30, 2005 in excess of $2.8 billion and locations in Bermuda, the United States, Europe and Singapore. Its operating subsidiaries have been assigned a rating of "A" ("Excellent") by A.M. Best and a rating of "A" ("Strong") 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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