March 29, 2007 by Canadian Underwriter
AXIS Capital (NYSE: AXS), a global specialty commercial property and casualty insurer and reinsurer, has agreed to acquire from AON Underwriting Managers the assets and operations of Media/Professional Insurance (Media/Pro), a managing general underwriter specializing in professional liability lines of business,.
Headquartered in Kansas City and formed in 1979, Media/Pro is a full-service managing general underwriter with operations in the United States, Canada and the United Kingdom.
Professional liability lines written by Media/Pro include media liability insurance, cyber-technology insurance and miscellaneous professional liability insurance.
Media/Pro will become part of the newly established AXIS Select Markets division of AXIS Insurance upon the close of this transaction, which is expected to occur during the second quarter of 2007 pending the satisfaction of closing conditions.
Media/Pro has been recognized during its 27-year history as one of the premier specialist franchises writing professional liability lines of business, said John Charman, the president and CEO of AXIS Capital. For the last two years, AXIS has served as the exclusive carrier for several Media/Pro errors and omissions liability programs.
We are delighted to welcome Media/Pro into the AXIS family through this transaction. The talents of the Media/Pro employee team, together with their highly regarded, differentiating product offerings, are a terrific complement to our existing professional lines operations.
Charman said Media/Pro has historically been very effective in attracting and retaining small and middle market specialty professional lines business. He said the plan is for AXIS to enhance Media/Pro substantially by providing strategic long-term support to grow Media/Pro into a leading global specialty franchise.
Leib Dodell, CEO and president of Media/Pro, said he was confident that this combination of Media/Pros product leadership with the product diversity, financial strength and absolute commitment of AXIS would provide greater incremental value to our clients.