Axa Re US forms two subsidiaries.

Axa Re US has set up two subsidiaries, Axa Re Property & Casualty Insurance and Axa Re America Insur...

Axa Re US has set up two subsidiaries, Axa Re Property & Casualty
Insurance and Axa Re America Insurance.


Both companies will focus on programme business, selling personal lines
policies through managing general agents.


Axa Re America is also setting up an internet-based distribution
system.


Axa Re Property & Casualty has been capitalised at $25m and Axa Re America
at $35m.


The two companies will reinsure 90% of their books with parent company Axa
Re US, which is part of the Axa Re Group.


Rating agency AM Best has assigned an A+ (superior) rating to both new
companies, which are expected to generate modest premium volume in their
first few years.
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