Marsh & McLennan Companies' (MMC) new insurance and reinsurance organisation was approved by the Bermudan government's Insurance Advisory Committee last week.
AXIS Specialty spokesperson Teryce James said the subsidiary now hoped to start writing business in the next few months.
"The Bermudan board has approved us and we are in the process of raising the capital," she said.
She added chief executive officer John Charman would be providing some of the $1bn (£680m) funding for the new venture. She confirmed AXIS Specialty was also considering changing its name to Atlas (see Backchat, page 44).