Bermuda-based Axis Capital Holdings Ltd. yesterday announced that its US subsidiary has agreed to acquire the renewal rights to the D&O and related product lines written by Kemper's Financial Insurance Solutions Group.

In addition, John Kuhn, president of Financial Insurance Solutions, will join Axis with a team of over 50 staff to head this new unit.

Dennis B. Reding, president of the US speciality insurance business said: " 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."

No price was given for the purchase.

Axis Capital Holdings was formed after the September 11 terrorist attacks and has been rapidly expanding since it was formed.

In December it announced the formation of US subsidiaries Axis Specialty Insurance Company (ASI) and Axis Specialty Reinsurance Company (ASR), respectively.

In November, Axis announced that it had bought Sheffield Insurance Corporation and taken on 80 new staff from insurance broker Aon.