AXIS Capital Announces Launch of AXIS Global Accident & Health.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 ) announced today the launch of AXIS Global Accident & Health, a new division of AXIS Capital supported by a full complement of industry leaders. AXIS Global Accident & Health will offer accident and health 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. coverages through insurance carriers, managing general underwriters, brokers, third party administrators and other key distributors. In January 2009, Christopher DiSipio was appointed Chief Executive Officer of the newly formed AXIS Global Accident & Health division, and reports to Dennis Reding Reding may refer to: People
The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of AXIS Capital. Most recently, Chris was Chief Operating Officer, Accident, Health and Life, at the Chubb Corporation, where he was responsible for developing and implementing Chubb's accident, health and life strategy worldwide. AXIS Capital also announced that Michael Pellino has joined the Company as Senior Vice President, Underwriting, of the new division. Previously, Michael led accident and specialty insurance underwriting and product development at Catlin Underwriting and CIGNA CIGNA CG (Connecticut General Life Insurance Company) INA (Insurance Company of North America) Group Insurance. Chris DiSipio commented: "We have assembled a team of experienced leaders in domestic and international accident and health underwriting, product management, sales and claims. From our base in the U.S. market, we expect to expand our presence to include the U.K., European, Canadian, Australian and Asian markets. As a new business, we offer the flexibility and willingness to develop customized programs for emerging and existing markets. We believe these creative solutions are needed by an increasingly global client base presented with accident and health coverage challenges around the world." AXIS Global Accident & Health will be available to provide reinsurance coverage on a quota share For This article is about quota shares (shares of the quota). For other usages of quota, see, see . A quota share is a specified number or percentage of the allotment as a whole (quota), that is prescribed to each individual entity (see Non-tariff barriers to trade). , excess of loss and aggregate excess of loss basis beginning in January 2010. Coverages underwritten will include Corporate Personal Accident and Business Travel Accident products, Association/Affinity programs, Student Accident and Catastrophic Health products. In addition, in early 2010, the division expects to offer U.S. insurance products including Personal Accident, Business Travel Accident, Student Accident and Sickness and Special Risks, including youth activities, day care and non-profit groups. When available, these products will be offered to employer/employee and affinity groups as well as financial institutions, including banks, credit card issuers and credit unions. Headquartered in Princeton, NJ, AXIS Global Accident & Health is a division of AXIS Capital. For more information on AXIS Global Accident & Health, contact Michael Updyke, Marketing Manager, at 609-865-2120 or visit www.axiscapital.com/Accident. 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 June 30, 2009 of $4.9 billion and locations in Bermuda, the United States, Europe, Singapore, Canada and Australia. Its operating subsidiaries have been assigned a rating of "A+" ("Strong") by Standard & Poor's and "A" ("Excellent") by A.M. Best. AXIS Capital has been assigned a senior unsecured debt Unsecured debt Debt that does not identify specific assets that the debtholder is entitled to in case of default. rating of A- (stable) by Standard & Poor's and 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. . For more information about AXIS Capital, visit our website at www.axiscapital.com. |
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