Bermuda-based re/insurer Axis Capital announced yesterday that it had agreed to acquire Australia-based managing agency Dexta Corporation.

Operating from locations in Sydney, Melbourne, Brisbane and Adelaide, Dexta specialises in professional indemnity, directors' and officers' insurance, information technology and related insurance lines in Australia with a focus on small and middle-market business.

Tony Wheatley, who is currently managing director of Dexta, will join Axis as country manager for Australia.

The deal is expected to close next month.

"Dexta is a recognised leading franchise in the Australian general insurance market," Axis chief operating officer Dennis Reding said.

"Since 2005, Axis has served as the exclusive carrier for Dexta professional lines programmes. We are extremely pleased to be able to further strengthen our Australian operations through this transaction."

The acquisition was a "terrific complement" to Axis's operations, Mr. Reding said, adding: "This acquisition also represents a key strategic step for our regional expansion strategy in Australasia."

Mr. Reding said Axis expects "to enhance this platform to provide additional products in the region over the coming years".