AXIS Capital Announces Strategic Reorganization in AXIS Insurance.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. PEMBROKE, Bermuda -- 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 a strategic reorganization to further strengthen the global operations of AXIS Insurance. AXIS Capital also announced today the appointment of Dennis Reding, currently Chairman of AXIS Insurance, to the new position of Chief Operating Officer of AXIS Capital reporting to the 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. and President of AXIS Capital, John Charman. Under this strategic reorganization of AXIS Insurance, AXIS Insurance will have the following four divisions managed across all geographic locations: Specialty Lines, Professional Lines, Capital Risk Solutions and AXIS Select Markets. The Specialty Lines division will include traditional property and casualty specialty insurance products. The Professional Lines division will include directors' and officers', errors and omissions errors and omissions n. short-hand for malpractice insurance which gives physicians, attorneys, architects, accountants and other professionals coverage for claims by patients and clients for alleged professional errors and omissions which amount to negligence. and other professional lines products. The Capital Risk Solutions division will include political risk, terrorism and aviation products. The AXIS Select Markets Division will include specialty insurance products largely targeting smaller commercial clients. John Charman, CEO and President of AXIS Capital, commented: "We have a clear opportunity to enhance our position as a global leader in specialty lines insurance business. This strategic organizational repositioning of AXIS Insurance along areas of expertise regardless of geographic location furthers our ability to continue to achieve this objective in the segment, to continue to provide our international client base multi-product global solutions and to build our position in select new opportunities globally." In conjunction with the strategic reorganization of AXIS Insurance, John Gressier has been appointed to succeed Dennis Reding in the position of Chairman of AXIS Insurance. Mr. Gressier previously held the roles of Deputy Chairman of AXIS Insurance and CEO of AXIS Global Insurance. Marshall Turner has been appointed to the position of President of AXIS Insurance. Mr. Turner previously held the role of CEO of AXIS U.S. Insurance. In his new role, Dennis Reding will continue his oversight of AXIS Insurance. In addition, he will assist the CEO and President of AXIS Capital in achieving key business and strategic objectives of the company. Mr. Charman commented: "I am pleased to announce the appointment of Dennis Reding to the new role of Chief Operating Officer of AXIS Capital. AXIS Capital is now firmly established as a leading global insurer and reinsurer re·in·sure tr.v. re·in·sured, re·in·sur·ing, re·in·sures To insure again, especially by transferring all or part of the risk in a contract to a new contract with another insurance company. and, in this new role, Dennis will assist me in coordinating our extensive global operations. Dennis has demonstrated outstanding leadership in his management of AXIS Insurance and I look forward to working closely with him to advance the competitiveness and efficiency of AXIS Capital globally. For both John Gressier and Marshall Turner, their promotions are justly deserved recognition for the leadership and value they have brought to our company. These promotions also recognize their increased responsibilities and the confidence I have in their ability to drive the future of the repositioned AXIS Insurance segment." AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty 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. with shareholders' equity at September 30, 2006 of $4.1 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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