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AXIS Capital Announces Agreement to Acquire Managing General Agent Dexta

^{Published on 2008-12-08 07:38:43 - Market Wire}
 

PEMBROKE, Bermuda--([ BUSINESS WIRE ])--AXIS Capital Holdings Limited ("AXIS Capital") (NYSE: AXS), a leading global specialty commercial property and casualty insurer and reinsurer, today announced that it has agreed to acquire the business and operations of managing general agent Dexta Corporation Pty Ltd ("Dexta") from its shareholders, Ironbridge Capital, Dexta Holdings NV and other minority shareholders. The transaction is expected to close in January 2009, subject to regulatory and other customary closing conditions.

Operating from locations in Sydney, Melbourne, Brisbane and Adelaide, Dexta specializes in professional indemnity, directors & officers, information technology and related insurance lines in Australia with a focus on small and middle-market business. Tony Wheatley, who is currently Managing Director of Dexta, will join AXIS Capital as Country Manager for Australia.

Commenting on the acquisition, Dennis Reding, Chief Operating Officer of AXIS Capital, stated: "Dexta is a recognized leading franchise in the Australian general insurance market. Since 2005, AXIS has served as the exclusive carrier for Dexta professional lines programs. We are extremely pleased to be able to further strengthen our Australian operations through this transaction. The talents of the Dexta team, together with its highly regarded product offerings, are a terrific complement to our existing operations. This acquisition also represents a key strategic step for our regional expansion strategy in Australasia. We expect to continue to deliver the quality of service which has distinguished the Dexta franchise over the years in the Australian market. We also expect to enhance this platform to provide additional products in the region over the coming years."

AXIS Capital will continue to conduct its operations, including this acquired business, in Australia through AXIS Specialty Australia, the Australian branch of AXIS Specialty Europe Limited. AXIS Specialty Europe Limited is a non-life insurance company authorized and supervised by the Irish Financial Services Regulatory Authority, and its branch in Australia is authorized and supervised by the Australian Prudential Regulation Authority. As an indirect wholly owned subsidiary of AXIS Capital, AXIS Specialty Europe Limited carries the AXIS Capital group rating of "A" ("Excellent") XV by A.M. Best and "A" ("Strong") with a positive outlook by Standard & Poor's.

AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders' equity at September 30, 2008 of $4.6 billion and locations in Bermuda, the United States, Europe, Singapore, Canada and Australia. Its operating subsidiaries have been assigned a rating of "A" ("Excellent") by A.M. Best and a rating of "A" ("Strong") by Standard & Poor's. AXIS Capital has been assigned a senior unsecured debt rating of Baa1 (stable) by Moody's Investors Service and BBB+ (stable) by Standard & Poor's. For more information about AXIS Capital, visit our website at [ www.axiscapital.com ].