AXIS Specialty Europe Gets Nod for Australia Opening

AXIS Capital Holdings Limited announced that AXIS Specialty Europe Limited (AXIS Specialty Europe), one of its European operating subsidiaries, has been authorized by the Australian Prudential Regulation Authority (APRA) to operate as a branch insurer to underwrite general insurance business in Australia.

AXIS Specialty Europe’s Australian branch will be headquartered in Sydney and will conduct business under the name AXIS Specialty Australia. AXIS Specialty Europe has been providing professional indemnity, directors and officers liability and information technology liability insurance coverages as a direct offshore foreign insurer in Australia since 2005 through the specialist underwriting agencies Dexta Corporation Pty Ltd and Macquarie Underwriting Pty Ltd, both members of the Stardex Insurance Group.

AXIS Specialty Australia coverages are underwritten by AXIS Specialty Europe. As an indirect wholly owned subsidiary of AXIS Capital, AXIS Specialty Europe 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.