AXIS Specialty Announces New Board Members.Business Editors PEMBROKE, Bermuda--(BUSINESS WIRE)--Sept. 19, 2002 AXIS Specialty Limited, at its Board meeting today, elected Michael A. Butt to Chairman of the Board. Mr. Butt was formerly President and Chief Executive Officer of Mid Ocean Limited and succeeds Robert J. Newhouse, Jr. who will continue as a Director and Chairman of the Executive Committee, as well as a member of senior management. Mr. Maurice Keane and Mr. Edward J. Kelly, III were also elected to the Board of Directors. Mr. Keane is the former Group Chief Executive Officer of the Bank of Ireland This article is about the commercial banking company Bank of Ireland. For the central bank of the Republic of Ireland, see Central Bank of Ireland. The Bank of Ireland (Irish: Banc na hÉireann . Mr. Kelly is president and Chief Executive Officer of Mercantile Bankshares Corporation, in Baltimore, Maryland "Baltimore" redirects here. For the surrounding county, see Baltimore County, Maryland. For other uses, see Baltimore (disambiguation). Baltimore is an independent city located in the state of Maryland in the United States. . Mr. John Charman John R Charman (born 1953), is an English businessman, who has made his career in insurance. He is currently CEO/President/Director at Bermuda based Axis Capital Holdings Ltd. , 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. said, "Michael Butt will be based in our corporate headquarters in Bermuda, while Maurice Keane is located in Dublin which is the home of our European headquarters. These most recent board appointments reflect the global presence of our operations." In addition, Graham Collis, Stephen Friedman and Meryl Hartzband stepped down as directors at the Board meeting. Mr. Newhouse said, "Messrs. Collis and Friedman and Ms. Meryl Hartzband each played key roles in the organization and capitalization of the Company during its first year of operations. We are very pleased that they have agreed to make themselves available for advice and consultation." 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 $1.7 billion, focusing on 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. and specialty lines of insurance. It is rated A- (Excellent) by A.M. Best Company, Inc. Cautionary Note Regarding Forward-Looking Statements The Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 provides a "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " for forward-looking statements. This release or any other written or oral statements made by or on behalf of the Company may include forward-looking statements that reflect the Company's current views with respect to future events and financial performance. All statements other than statements of historical fact included in this release are forward-looking statements. Forward-looking statements can generally be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or their negative or variations or similar terminology. |
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