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MMC CAPITAL ANNOUNCES THE FORMATION OF AXIS SPECIALTY
Greenwich, CT, September 27th, 2001 - MMC Capital, Inc., the private equity subsidiary of Marsh & McLennan Companies, Inc. (MMC), today announced the formation of a new insurance and reinsurance company, AXIS Specialty Limited, to respond to the capacity shortage in the insurance industry resulting from the events of September 11th. AXIS Specialty is expected to be capitalized at approximately $1 billion and to commence underwriting in Bermuda during the fourth quarter of 2001. Trident II, L.P., a fund managed by MMC Capital, will be the lead investor.
The management team of AXIS Specialty will be led by John Charman as CEO and Robert Newhouse Jr. as chairman. John Charman was formerly the president of ACE International and was previously CEO of Tarquin Limited. Robert Newhouse Jr. was formerly the chairman of Mid Ocean Limited and prior to that was vice chairman of MMC.
"MMC is sponsoring the formation of AXIS Specialty in response to demand for reinsurance and insurance capacity at a time when it is most needed in the marketplace," said J.W. Greenberg, chairman and CEO of MMC.
MMC, responding to client needs, was instrumental in the creation of Bermuda-domiciled insurance and reinsurance companies, ACE Limited in 1985 and XL Capital Ltd. in 1986, to provide excess liability and directors' and officers' liability coverages to corporations at a time of scarce supply. In 1992, MMC played a similar role in the establishment of Mid Ocean Limited primarily in response to a shortage of property catastrophe reinsurance.
"Trident II was established by MMC to address supply and demand imbalances in the insurance and reinsurance markets. AXIS Specialty is in the tradition of previous ventures organized by MMC," said Charles A. Davis, vice chairman of MMC and CEO of MMC Capital.
MMC Capital is a global private equity firm that serves as the investment manager to three families of funds that have received over $2.3 billion of capital commitments. With more than 15 years of private equity experience, MMC Capital targets investments in the insurance, reinsurance and financial services sectors as well as in emerging technology companies that service the financial services, communications and information industries. MMC Capital is a wholly owned subsidiary of Marsh & McLennan Companies, a global professional services firm. Marsh & McLennan Companies' stock (ticker symbol: MMC) is listed on the New York, Chicago, Pacific and London stock exchanges.
FOR IMMEDIATE RELEASE
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