AXIS U.S. Insurance
announced from its headquarters in Alpharetta, Ga., that it has
expanded both its professional lines capabilities and its Builders
Risk Product Offerings.
For greater coverage
of professional liability risks, AXIS U.S., a subsidiary of the
Bermuda holding company, said it had formed a new professional
liability unit and also established a dedicated unit for financial
institutions business. It also upgraded its commercial builders risk
coverage for non-catastrophe exposures through its newly formed
Inland Marine department of AXIS Custom Accounts unit.
"AXIS Professional
Liability (AXIS PRO) offers miscellaneous professional liability,
media liability, lawyers professional liability insurance,
accountants professional liability and other errors and omissions
(E&O) coverages," said the announcement. "AXIS recently hired a
highly qualified team of professional liability underwriters based
in Glastonbury, Conn., and San Francisco to write this business on a
nationwide basis. The unit is led by Timothy J. Covello, Senior Vice
President, AXIS PRO."
John A. Kuhn,
Executive VP and AXIS Global Leader for Professional Lines,
commented: "Tim and his team share our highly disciplined and
focused underwriting philosophy. Their extensive professional
liability expertise and market standing will enable us to build a
quality book of diversified E&O business that will complement our
existing financial insurance business. Our current portfolio, which
we are still building, encompasses both commercial and financial
institutions accounts. Due to our diversified customer and producer
base, we feel it makes sense to organize our financial insurance
business based on these two major market segments."
The bulletin noted
that "the Financial Insurance Solutions unit of AXIS U.S. Insurance
will continue to underwrite directors and officers liability
insurance (D&O) and other specialized coverages for commercial
accounts, while a team of experienced professional lines
underwriters in New York City has been assembled to concentrate
exclusively on financial institutions accounts."
The unit "provides a
full range of professional lines products, including D&O, E&O and
financial fidelity for banks, investment companies, insurance
companies and other financial services institutions." Timothy A.
Braun was recently promoted to serve as Senior Vice President of
AXIS Financial Institutions, reporting to Kuhn.
AXIS U.S. Insurance
newly formed Inland Marine department of AXIS Custom Accounts unit
will provide commercial builders risk coverage for non-catastrophe
exposures. "This new department focuses on construction projects
where the public protection is class 7 or better. Target projects
include retail, residential, general office, renovation/restoration
projects, assisted living facilities, hospitals, moderate
manufacturing operations, schools and municipalities, water
treatment facilities, airports, and stadiums and arenas," said the
announcement
AXIS U.S. has hired
Christine Santiago as Vice President to underwrite builders risk
coverage for the Custom Accounts Inland Marine department. She is
based in New York City and the department works with both retail and
wholesale brokers across the United States.
AXIS U.S. Insurance
President Marshall Turner noted: "with 17 years of property
insurance experience, Christine has the unique market expertise and
relationships that will help us to materially expand our builders
risk business."
AXIS U.S. said these
"new capabilities complement the commercial builders risk coverage
already offered by the E&S Property unit of AXIS U.S. Insurance. The
company noted that it "works exclusively with U.S.-based wholesale
brokers and provides builders risk coverage for construction
projects with a catastrophe element." It noted that the coverage is
available in particular locations, which include: "coastal areas
from North Carolina through Texas, the 'critical earthquake' regions
of California and New Madrid, and lightly protected or unprotected
properties (class 8-10) anywhere in the United States."
