AXIS Specialty Receives A- From A.M. Best

AXIS Specialty Ltd., the Bermuda-based insurer created by broker Marsh & McLennan Cos. Inc., announced it received an “A-” (Excellent) rating from A.M. Best. AXIS Specialty CEO and president John Charman said the rating reflects the company’s “compelling combination of a substantial, unencumbered capital base aligned with a proven strong and capable management and underwriting team.”

Marsh announced at the end of September that it was established AXIS Specialty, which will rank as a medium sized insurer in the Bermuda market. The company opened for business on Nov. 20 with $1.6 billion in capital, which was raised from investors through a private placement of its shares. The founding investor is Trident II LP, a private equity fund managed by MMC Capital, a unit of Marsh.