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HAMILTON, Bermuda AXIS Capital, the Bermuda-based insurance and reinsurance group, has announced a reorganization of its insurance operations that it says will enhance its position as a "global leader" in specialty lines insurance.
The group, formed in 2002 as rates spiraled following the terror attacks on the United States in 2001, also announced the appointment of Dennis Reding, currently chairman of AXIS Insurance, to the new position of chief operating officer of the group.
He reports to John Charman, the chief executive officer and president of AXIS Capital.
John Gressier has been appointed to succeed Mr. Reding as Chairman of AXIS Insurance.
Mr. Gressier was previously deputy chairman of AXIS Insurance and CEO of AXIS Global Insurance.
Marshall Turner has been appointed to the position of President of AXIS Insurance. He was previously CEO of AXIS U.S. Insurance.
AXIS Insurance will now have four divisions that will be managed across all geographic locations. These are Specialty Lines, Professional Lines, Capital Risk Solutions and AXIS Select Markets.
Unlike many of its 2002 Bermuda start-up peers, AXIS chose to diversify quickly geographically and by line following its launch and now has locations in Bermuda, Europe, the United States and Singapore.
The Specialty Lines division will include traditional property and casualty specialty insurance products.
The Professional Lines division will include directors' and officers', errors and omissions and other professional lines products.
The Capital Risk Solutions division will include political risk, terrorism and aviation products.
AXIS Select Markets will include specialty insurance products largely targeting smaller commercial clients.