Axis Specialty, an operating subsidiary of Axis Capital Holdings, has received regulatory approval from the Monetary Authority of Singapore to operate as a branch insurer underwriting general insurance business in Singapore.
Axis Specialty has maintained a representative office in Singapore since 2004. It is registered by the Accounting and Corporate Regulatory Authority as a foreign company in Singapore as Axis Specialty, Singapore Branch, incorporated in Bermuda.
Effective September 22, 2008, Axis Specialty’s Singapore branch is licensed to provide insurance and reinsurance domestically and internationally.
John, chairman, CEO and president of Axis Capital, said: Our senior management and underwriters have very strong ties to the Asia-Pacific region. We are looking forward to bringing our extensive experience, reputation and specialized capabilities to bear as we establish our Singapore branch office to provide customized coverage solutions for both local and multinational clients. We expect our Singapore branch to enhance the position of the Axis franchise in the global insurance and reinsurance marketplace.