Bermuda-based Axis Specialty Limited has purchased Royal & SunAlliance Personal Insurance Company and the Connecticut Specialty Insurance Company.
Bermuda-based Axis Specialty Limited has bought Royal & SunAlliance Personal Insurance Company and the Connecticut Specialty Insurance Company.
They will be renamed Axis Specialty Reinsurance Company (ASR) and Axis Specialty Insurance Company (ASI) respectively.
ASR will be licensed to write insurance and reinsurance in 50 US states, the District of Columbia and Puerto Rico.
ASI will be licensed as a surplus lines carrier in 38 states.
President and chief executive of Axis Specialty John Charman commented: "These acquisitions firmly establish Axis in the largest insurance and reinsurance market globally.
"We are now better equipped to bring our specialty expertise through our modern business platform to our American clients and intermediaries."
The acquisitions are subject to regulatory approval.
