Bermuda's Axis Speciality forms holding company. (Companies).A Bermuda 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. startup has formed a holding company--Axis Capital Holdings Ltd.--in a move the company said would give it more flexibility to pursue its goals. The new entity became the holding company for Axis Specialty Ltd. and its subsidiaries on Dec. 31, 2002. Axis Specialty continues to operate as a Class IV insurance and reinsurance company in Bermuda, the company said. "The formation of the holding company is an important part of the continuing development of our capital infrastructure and gives us additional flexibility to accomplish our ongoing operational goals," said John Chairman, Axis' president and chief executive officer, in a statement. Axis Specialty was formed by MMC See MultiMediaCard and Microsoft Management Console. Capital Inc., a subsidiary of Marsh & McLennan Cos. in response to the market dislocation dislocation, displacement of a body part, usually a bone. When a bone is dislocated, the ends of opposing bones are usually forced out of connection with one another. In the process, bruising of tissues and tearing of ligaments may occur. in the global insurance and reinsurance markets after Sept. 11, 2001. Axis announced in March that it would acquire Connecticut Specialty and Royal & SunAlliance Personal Insurance Co., which was renamed Axis Specialty Reinsurance Co. That company is licensed to write insurance and reinsurance in all 50 states, the District of Columbia District of Columbia, federal district (2000 pop. 572,059, a 5.7% decrease in population since the 1990 census), 69 sq mi (179 sq km), on the east bank of the Potomac River, coextensive with the city of Washington, D.C. (the capital of the United States). and Puerto Rico Puerto Rico (pwār`tō rē`kō), island (2005 est. pop. 3,917,000), 3,508 sq mi (9,086 sq km), West Indies, c.1,000 mi (1,610 km) SE of Miami, Fla. . |
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