AXIS Specialty Europe will be able to carry on its insurance business in Australia after lodging its registration with ASIC to become an authorised insurer.
The Irish insurance firm has been underwritten in Australia by Dexta Corporation since July 2005.
AXIS was required to become an authorised insurer by July 1, 2008 or cease to conduct business in Australia in either a direct or indirect capacity.
The insurer submitted an application as a foreign company to the Australian Regulation Authority (APRA) which was approved and will allow it to continue to operate.
AXIS will open a branch in Australia and will operate under the name AXIS Specialty Australia.
The approval is a major milestone in the development of Dexta and AXIS as a key player in the professional risks market, Dexta said.
The partnership with AXIS Specialty Europe and Dexta is based on a multi-year agreement up to 2010.
The agreement has authorized capacity for Dexta of up to $25 million across the professional indemnity, directors and officers, and information technology products.
Dexta's managing director Tony Wheatley said that Dexta was in the process of finalising its RG126 compliance and was expecting to make an announcement next week.
