AXIS Capital Holdings Limited (“AXIS Capital”) (NYSE: AXS) announced today that AXIS Re Limited will open AXIS Re Brazil, a new representative office in São Paulo, Brazil, established to source property and casualty business from Brazil and the Southern Cone.
Karl Mayr, CEO and President of AXIS Re Europe, commented, “AXIS Re has identified Latin America as a major growth opportunity for property and casualty reinsurance. Having established a significant market position in the Latin American credit and bond markets over the last two years, it is a natural progression to add traditional property and casualty lines to our offerings and develop broad relationships in the region. Adding São Paulo as a hub to source property and casualty business for Brazil and the Southern Cone region is a logical step given the increasing importance of the Brazilian and regional economies.”
AXIS Re Europe Latin American Property and Casualty business is led by Marketing Director Bruno Krenboeck, who is based in Zurich, Switzerland. Alain Derron, formerly based in Zurich as Vice President Latin America, with extensive experience in the Brazilian market, has relocated to São Paulo as the General Manager of AXIS Re Brazil. He will be supported by Jarbas Coimbra, Commercial Officer Credit & Bond for the Brazilian market.
In March 2011, AXIS Re Limited, an Irish operating subsidiary of AXIS Capital, was approved to operate under admitted reinsurer status in Brazil. AXIS Re Europe, based in Zurich, Switzerland, is a branch office of AXIS Re Limited.AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders’ equity at December 31, 2011 of $5.4 billion and locations in Bermuda, the United States, Europe, Singapore, Canada and Australia. Its operating subsidiaries have been assigned a rating of “A+” (“Strong”) by Standard & Poor’s and “A” (“Excellent”) by A.M. Best. AXIS Capital and AXIS Specialty Finance LLC have been assigned senior unsecured debt ratings of A- (stable) by Standard & Poor’s and Baa1 (stable) by Moody’s Investors Service. For more information about AXIS Capital, visit our website at www.axiscapital.com.