AXIS Specialty Announces Completion of Acquisition.Business Editors PEMBROKE, Bermuda--(BUSINESS WIRE)--Dec. 17, 2002 AXIS Specialty Limited announced today the completion of its acquisition of Royal and SunAlliance Personal Insurance Company. The company which will be renamed AXIS 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, is domiciled in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of and is a professional reinsurance company. AXIS Reinsurance Company will have capital in excess of $375 million and is rated A- by A.M. Best Company, Inc. AXIS Reinsurance Company will offer a full range of traditional and specialty property and liability reinsurance products, such as directors and officers, medical malpractice Improper, unskilled, or negligent treatment of a patient by a physician, dentist, nurse, pharmacist, or other health care professional. , umbrella, casualty clash, worker's compensation, marine, property pro rata [Latin, Proportionately.] A phrase that describes a division made according to a certain rate, percentage, or share. In a Bankruptcy case, when the debtor is insolvent, creditors generally agree to accept a pro rata share of what is owed to them. , and property per risk. Mike Morrill, President and Chief Executive Officer of AXIS Re said, "We are very excited to be able to provide our US clients and intermediaries with solutions to their underwriting and capacity needs for these transformational times." Inquiries may be directed to: Michael E. Morrill, 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. The Company's address and phone number are as follows: AXIS Reinsurance Company 430 Park Avenue 15th Floor New York, NY 10022 Phone: 212/715-3500 Fax: 212/715-3555 AXIS Specialty Limited is a Bermuda based company 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. in excess of $1.8 billion, focusing on reinsurance and specialty lines of insurance. It is rated A- (Excellent) by A.M. Best Company, Inc. |
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