AXIS to Acquire Renewal Rights to Kemper’s D&O Business

January 31, 2003

Bermuda-based AXIS Capital Holdings Limited and the Kemper Insurance Group announced that AXIS’ U.S. subsidiary has agreed to acquire the renewal rights to the D&O and related product lines written by Kemper’s Financial Insurance Solutions (FIS) Group.

Under the agreement AXIS will take over directors and officers liability insurance, employment practices liability, and other related lines of insurance written through FIS. According to the announcement, Kemper will transfer the entire operating division to AXIS. John Kuhn, FIS current president, will “join AXIS with a team of over 50 staff to head this new unit. “

Dennis Reding, president of AXIS’ U.S. specialty insurance business stated, “We are very pleased that John and his talented team have chosen to join our US Insurance Group. This is a unique opportunity to obtain the renewal rights to one of the leading D&O and EPL underwriters in the US along with an acknowledged professional and experienced underwriting team. This new business unit will complement our existing portfolio of products and capabilities, and will fit nicely within our existing infrastructure.”

Kemper chairman and CEO David Mathis indicated that “While FIS has been among Kemper’s most profitable start-ups, the decision to sell this business was considered the most prudent course of action at this time.” The announcement also stated that “Kemper FIS accounts are not included in the previously announced cut-through arrangement with Berkshire Hathaway subsidiary National Indemnity Company.”

“We look forward to joining AXIS and to having the ongoing support of our producers and policyholders behind us as we work to make this transition as smooth and as seamless as possible,” Kuhn stated.

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