AXIS U.S. Insurance Expands Professional Lines Capabilities.Business Editors ALPHARETTA, Ga.--(BUSINESS WIRE)--April 20, 2004 AXIS U.S. Insurance has expanded its professional lines capabilities with the formation of a new professional liability unit and the establishment of a dedicated unit for financial institutions business. AXIS Professional Liability (AXIS PRO) offers miscellaneous professional liability, media liability, lawyers professional liability insurance, accountants professional liability and other 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. (E&O) coverages. AXIS recently hired a highly qualified team of professional liability underwriters based in Glastonbury, Conn., and San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden to write this business on a nationwide basis. The unit is led by Timothy J. Covello, Senior Vice President, AXIS PRO. John A. Kuhn, Executive Vice President and AXIS Global Leader for Professional Lines, said, "Tim and his team share our highly disciplined and focused underwriting philosophy. Their extensive professional liability expertise and market standing will enable us to build a quality book of diversified E&O business that will complement our existing financial insurance business. "Our current portfolio, which we are still building, encompasses both commercial and financial institutions accounts. Due to our diversified customer and producer base, we feel it makes sense to organize our financial insurance business based on these two major market segments," he added. The Financial Insurance Solutions unit of AXIS U.S. Insurance will continue to underwrite directors and officers liability insurance Directors and Officers Liability Insurance is insurance payable to the directors and officers of a company to cover damages or defence costs in the event they are sued for wrongful acts while they were with that company. (D&O) and other specialized coverages for commercial accounts, while a team of experienced professional lines underwriters in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. has been assembled to concentrate exclusively on financial institutions accounts. AXIS Financial Institutions provides a full range of professional lines products, including D&O, E&O and financial fidelity for banks, investment companies, insurance companies and other financial services institutions. Timothy A. Braun was recently promoted to serve as Senior Vice President of AXIS Financial Institutions. Mr. Braun also reports to Mr. Kuhn. AXIS Financial Institutions is organized by territory with Mark I. Berner, Assistant Vice President, handling Central Region accounts; Diane P. Connolly, Assistant Vice President, responsible for Northeast and Southeast Region accounts; Steven E. Kane, Senior Underwriter, responsible for 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 Region accounts; and Thomas B. McArdle, Assistant Vice President, serving as the contact for Western Region financial institutions accounts. AXIS Financial Institutions is located at 135 East 57th Street, 24th Floor, New York, NY 10022, tel. 212-940-3300 and fax 212-940-3301. AXIS PRO is organized by product line with Timothy J. Covello, Senior Vice President, serving as the contact for accountants professional liability business; Leib Dodell, Vice President, specializing in media liability; Adam D. Sharaf, Vice President, handling lawyers professional liability; and Jonathan A. Yeisley, Vice President, managing miscellaneous professional liability business. Mr. Covello, Mr. Sharaf and Mr. Yeisley are located at AXIS PRO, Glastonbury Corporate Center, 628 Hebron Avenue, Building 2, Suite 200, Glastonbury, CT 06033, tel. 860-734-0700 and fax 860-734-0725. Mr. Dodell is located at AXIS PRO, One Embarcadero Center For the Embarcadero Center complex, see Embarcadero Center Three Embarcadero Center is an office skyscraper located in San Francisco's Financial District. The building is part of the Embarcadero Center, which is a complex of six interconnected buildings and one , Suite 500, San Francisco, CA 94111, tel. 415-315-1746 and fax 415-315-1748. AXIS U.S. Insurance, headquartered in Alpharetta, Ga., is an operating unit operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon of 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 ). 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 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. of approximately $2.8 billion and locations in Bermuda, the United States and Europe. Other AXIS operating units include: Global Insurance, Global Reinsurance, European Reinsurance and U.S. Reinsurance. All of the AXIS insurance and reinsurance companies are rated "A" (Excellent) by A.M. Best and "A" (Strong) by Standard & Poor's for claims-paying ability. For more information about AXIS Capital, visit the Company's website at www.axiscapital.com. |
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