Axis Capital is expected to acquire Dexta franchise by January end 2009
Axis Capital Holdings, a Bermuda-based specialty commercial property and casualty insurer and reinsurer, has agreed to acquire the business and operations of managing general agent Dexta from its shareholders, Ironbridge Capital, Dexta Holdings and other minority shareholders.
The transaction is expected to close in the month of January 2009, subject to regulatory and other customary closing conditions.
Operating from locations in Sydney, Melbourne, Brisbane and Adelaide, Dexta is engaged in professional indemnity, directors and officers, information technology and related insurance lines in Australia with a focus on small and middle-market business. Tony Wheatley, who is currently managing director of Dexta, will join Axis Capital as country manager for Australia.
Axis Capital will continue to conduct its operations, including this acquired business, in Australia through Axis Specialty Australia, the Australian branch of
Axis Specialty Europe.
Dennis Reding, COO of Axis Capital, said: The talents of the Dexta team, together with its highly regarded product offerings, are a terrific complement to our existing operations. This acquisition also represents a key strategic step for our regional expansion strategy in Australasia. We expect to continue to deliver the quality of service which has distinguished the Dexta franchise over the years in the Australian market.