The AXIS Insurance Co. is expanding its presence in the United States by writing property/casualty insurance business on an admitted basis.
AXIS Insurance, a subsidiary of Bermuda-based insurance and reinsurance holding company AXIS Capital Holdings Ltd., will now write admitted business in 49 states and the District of Columbia, an AXIS Capital spokeswoman said.
Previously, the insurer wrote both admitted and nonadmitted property insurance through AXIS’ group of U.S. companies, which includes AXIS Reinsurance Co., AXIS Surplus Insurance Co. and AXIS Specialty Insurance Co., according to the spokeswoman.
Chicago-based AXIS Insurance is focusing on firms in manufacturing and assembly, hospitality, financial services and banks, and retail sectors.
Standard & Poor’s Corp. assigned an it’s A financial strength and counterparty credit ratings to AXIS Insurance Monday and extended that rating to AXIS Capital operating units AXIS Specialty Ltd., AXIS Reinsurance Co., AXIS Specialty Europe Ltd., AXIS Specialty Insurance Co., AXIS Surplus Insurance Co. and AXIS Re Ltd.
“The ratings assignment on AXIS Insurance reflects Standard & Poor’s view that this entity is a core member of the AXIS group of companies,” said S&P credit analyst LaLine Carvalho in a statement. “Prospectively, S&P expects AXIS Insurance to become AXIS’ main vehicle in the U.S. for the underwriting of primary insurance risks on an admitted basis.”
Further, the New York-based ratings agency said the property/casualty portion of AXIS Insurance could “represent a significant proportion—about 10%-15% annually—of the group’s total writings.”
With file information from businessinsurance.com
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