Dexta Axis Melb launch:Dexta Axis Melb launch

AXIS Specialty Europe Ltd joins the Australian market
AXIS Specialty Europe Ltd was officially launched in Melbourne with a celebration at the Fish Bowl at the Melbourne
Aquarium.
The launch signalled the end of AXIS’s status in the market as a direct offshore foreign insurer (DOFI).
The APRA-licensed insurer AXIS Specialty Europe Ltd provides security for Dexta Corporation Pty Ltd, a member of the
Stardex Insurance Group, for professional indemnity, directors & officers’ liability and information technology liability
insurances.
Tony Wheatley, Dexta Managing Director, told brokers at the launch function that when Dexta’s former partner, ERC
(now Swiss Re), decided to exit the underwriting agency market in mid-2004 to focus on reinsurance, Dexta initially
sought an onshore partner.
“It was the middle of the hard market, capacity was scarce and it was difficult to find a local insurer, not already
committed to the professional indemnity market, that could take on a portfolio the size of Dexta’s,” he said.
Continued page 2
AIS’s Bernadette Vanderwolde and Doug Allen.
Dexta Managing Director
Tony Wheatley addresses guests
at the Fish Bowl.
Fenton Green trio Jessica Elder, Tessa O’Connor
and Kim McKercher.
Blackburn’s Amber Draffin and Gina Villani with
Phil Drozario, from Fenton Green.
From left, Don Faulkner, from Agricola, Melissa Matthews and Ron Frank,
from OAMPS, and AXIS representative Dax Gulmohamed.
Dexta Managing Director Tony Wheatley (centre),
with Fenton Green’s Drew Fenton (left) and Joe Carone.
Blackburn’s Ross Mattison with Willis’s Rob Riddoch and Nick Hutton.
From page 1
When AXIS Capital was selected as the security, effective from July 1, 2005, the company ticked all the boxes. It had
significant scale (currently GWP US$3.6bn) and a solid capital base (capital of US$5.6bn at 31/12/07). It was profitable
(generating more than US$3bn in profits for shareholders from 2003 to date); a specialist niche insurer (GWP of more
than US$530m in professional lines in 2007); had an excellent credit rating (rated A by S&P); and a global approach
(operating in insurance and reinsurance).
AXIS was willing to support a long-term relationship with an initial three-year contract, which has now been extended
to at least 2010, a five-year commitment.
“Only one box remained unticked. AXIS did not have an APRA licence,” Mr Wheatley said.
At the time, that was considered
a short-term issue as the Federal
Government’s response to the
DOFI report was due in late 2005.
However, the response did not
come until 2007, and set more
stringent requirements than
anyone had envisaged.
But Mr Wheatley said AXIS
immediately applied for an
Australian licence, which was
granted on May 19, 2008.
Guests listen intently at the launch.
Continued page 3
Neil Chambers, from Ambro, with Helen Boland, Dexta.
Richard Midgley and Anthony Scott, both from Moray & Agnew.
Hamish Robinson, Risk Partners,
with Garry Wilson, Philp Newby Owen.
Aon’s Peter Biggs with Sandra Purser, RAIA.
AXIS representative Dax Gulmohamed addresses
brokers and other guests.
From page 3
Dax Gulmohamed, AXIS’s representative in Australia, speaking on behalf of AXIS Insurance Chairman Jack Gressier,
said AXIS was a long-term, stable supplier of specialist products to the Australian market. “We are not fly by night.
By preserving our capital, we will be here throughout the cycle.” AXIS now planned to expand the range of products
it supported in Australia.
Bob Lee, CEO of the Stardex Insurance Group, said his initial overtures to AXIS had been unsuccessful, but perseverance
paid off. “It required further research so AXIS had an understanding of the Australian market, particularly its strength in
the post-HIH environment.”
Mr Lee said AXIS was a “new-age insurer” and very well capitalised. “DOFI is now a thing of the past for AXIS and we’re
part of the level playing field.”
James Aldridge, Marsh, with Canute Jacob,
Barker Meier, and Jon Gee, Willis.
David Archer and Alan Marsden,
from Ferguson Insurance Services.
Chris Varcoe and Crystal Wong, from JLT, with Marsh’s Chelsea Pickering
and Sarah Davis.
Dexta’s Selma Sundholm (centre) with
Blackburn’s Gina Villani and Amber Draffin.
Dexta’s Juliet Martin (centre) with Fenton Green’s Kim Mokercher
and Tessa O’Connor.
Neil Chambers, Ambro, with Stardex CEO Bob Lee, AXIS’s Dax Gulmohamed,
Don Faulkner, Agricola, and Tony Wheatley, Dexta.
Barker Meier’s Canute Jacob and Donna Mitchell,
from Aon.
Stardex CEO Bob Lee at the podium.
Dexta MD Tony Wheatley with Willis’s Rob Riddoch, Nick Hutton
and Suzie Haapu-Keelan.
Joe Carone, Fenton Green, and Tanya Ferguson, Willis, with AXIS’s Dax Gulmohamed.
Guests mingle at the launch.
Dexta’s Helen Boland with Laurence Gottlieb, RAIA.
Stardex CEO Bob Lee with AXIS’s Dax Gulmohamed and Dexta MD Tony Wheatley.
Marsh trio Sarah Davis, James Aldridge
and Chelsea Pickering.
Winning smiles from Jacquie Romero, from Honan,
and Melissa Matthews, OAMPS.
Stardex’s Danielle Marriott with Ross Mattison, Blackburn,
Daniel Reid, from Honan, and Aimee Curtain, Aon.
Steve Gaitanis, from Aon,
with Venessa Platakis, MB Group.
Peter Goggins, from Marsh, with Deb Lawson,
Australian Reliance.
AXIS’s Dax Gulmohamed with Mega Capital’s
Gavin Donner and Farrel Datt.
Dexta’s John Melville with Grace Sison, AIS.
Dexta Corporation Pty Ltd ABN 12 084 487 712 AFS licence 230912
Head office: Level 23, Darling Park Tower 2, 201 Sussex Street, Sydney NSW 2000.
www.dexta.com.au
Stardex Insurance Group Holdings Pty Ltd ABN 43 111 297 619