Moving at a lightning pace, new Bermuda insurance company AXIS Specialty Ltd. has, in the space of 11 months, not only set up on the Island but branched out to both sides of the Atlantic establishing offices in the US and Europe.

AXIS, which incorporated on the Island in November, 2001 and was one of a wave of new insurance and reinsurance companies setting up on the Island in the wake of a void in capacity after the September 11 terrorist attacks, announced yesterday that it had completed acquisition of Connecticut Specialty Insurance Company.

That news followed the company setting up an European office in Dublin earlier in the year.

The company's global expansion is something that CEO John Charman has made no bones about.

At the time of opening AXIS Specialty Europe, he said: "...This is a critical step in our strategy of establishing AXIS as one of the premier global specialty underwriting businesses."

Setting up an office in Dublin reportedly gave AXIS the ability to write a wide range of specialty lines throughout the European Union.

And on the other side of the pond, AXIS strengthened its North American position with completion of its purchase of Connecticut Specialty, now to be renamed AXIS Specialty Insurance Company (ASI). As a company domiciled in Connecticut, ASI was said to be a surplus lines insurer writing business throughout most of the United States.

The company's focus will reportedly be large commercial property business with an initial emphasis on high excess and buffer layer excess programmes.

But AXIS did not rule out the company also writing primary placements.

In a press statement, Mr. Charman said: "This expansion into the United States brings us closer to our much valued American clients and intermediaries and will allow us to offer both our specialty underwriting expertise and capacity on a local basis."

The company added that the Connecticut underwriting staff had in excess of 70 years experience in the large commercial property insurance arena and was headed up by William H. Boornazian, senior vice president and chief underwriting officer.

Calls made by The Royal Gazette to ask further questions on the company's latest acquisition were referred to chief financial officer Andrew Cook.

There was however no response to questions by press time last night with the company saying Mr. Cook was in the US in meetings and unavailable for comment.