Axis Specialty Receives an A - "Strong" - Rating From S&P.Business Editors PEMBROKE, Bermuda--(BUSINESS WIRE)--Dec. 19, 2002 AXIS Specialty Limited today announced that it has been assigned an 'A' ("Strong") financial strength and counterparty credit rating from Standard & Poor's. The 'A' financial strength rating has also been assigned to its four wholly-owned operating subsidiaries: AXIS Re Limited, AXIS Specialty Europe Limited, 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 and AXIS Specialty Insurance Company. Subject to Standard & Poor's due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. at the time, it is also anticipated that the rating will be extended to Sheffield Insurance Company upon the receipt of regulatory approval of the transaction. 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. of AXIS Specialty, said, "We believe that our rating from S&P is a substantive confirmation of all our efforts in 2002. We now have global licensing capabilities and a fully developed infrastructure and management team to support them. From a standing start a year ago, we have the ability to deploy our capital in the most important insurance and reinsurance markets in the world." 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 ("Strong") by Standard & Poor's and 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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