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PEMBROKE, Bermuda--AXIS Capital Holdings Ltd. has struck a deal to purchase Media/Professional Insurance, with plans to grow the managing general underwriter, AXIS said Wednesday.
Under the deal, AXIS will acquire the assets and operations of Kansas City, Mo.-based Media/Professional from its parent, Aon Underwriting Mangers, a division of Chicago-based broker Aon Corp.
The transaction, terms of which were not disclosed, is expected to close during the second quarter of 2007, Pembroke, Bermuda-based AXIS said in a statement.
AXIS Chief Executive Officer and Chairman John Charman noted that the deal--under which Media/Professional will become part of the newly established AXIS Select Markets division--will bolster AXIS' ability to offer a broad range of "high-quality specialist classes of business" to the marketplace.
"We plan to substantially enhance Media/Pro by providing strategic long-term support to grow Media/Pro into a leading global specialty franchise," Mr. Charman said in the statement.
"We firmly believe our integration into the AXIS family offers Media/Pro and its employees a unique opportunity for not only continued success but also global expansion," Leib Dodell, CEO and president of Media/Professional, said in a statement.
Media/Professional writes media liability and cyber-technology insurance, among other professional liability lines.