Axis launches local operations
Axis Specialty Australia has formally launched its local operations, signalling the end of its role as a direct offshore foreign insurer through parent company Axis Capital.
Axis representative in Australia Dax Gulmohamed claims the company will provide stability as a supplier of specialist products to the local market.
“We are not fly-by-night,” he told a launch party in Sydney last week. “By preserving our capital, we will be here throughout the cycle.”
Axis was awarded a licence from the Australian Prudential Regulation Authority (APRA) in May, allowing the company to operate as a branch insurer to underwrite general insurance business.
The insurer provides security for Stardex subsidiary Dexta Corporation for professional indemnity, directors’ and officers’ liability and IT liability lines.
Axis has been underwriting professional liability policies for the underwriting agency for the past three years. It recently signed a deal to continue the relationship until at least 2010.
Axis representative in Australia Dax Gulmohamed claims the company will provide stability as a supplier of specialist products to the local market.
“We are not fly-by-night,” he told a launch party in Sydney last week. “By preserving our capital, we will be here throughout the cycle.”
Axis was awarded a licence from the Australian Prudential Regulation Authority (APRA) in May, allowing the company to operate as a branch insurer to underwrite general insurance business.
The insurer provides security for Stardex subsidiary Dexta Corporation for professional indemnity, directors’ and officers’ liability and IT liability lines.
Axis has been underwriting professional liability policies for the underwriting agency for the past three years. It recently signed a deal to continue the relationship until at least 2010.