One of the Bermuda's newest insurers - AXIS Specialty Limited - is expanding into the European market with the announcement yesterday that it is setting up an office in Dublin.

AXIS incorporated on the Island in November, 2001 as 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.

AXIS CEO John Charman said: “We are delighted to be able to headquarter our European operations in Dublin. This is a critical step in our strategy of establishing AXIS as one of the premier global specialty underwriting businesses.”

The company said it had received the green light from the Irish Government to commence business as an insurer and reinsurer from its newly-formed European headquarters in Dublin, Ireland.

The Company will write insurance through AXIS Specialty Europe Limited and reinsurance through AXIS Re Limited. These companies will reportedly give AXIS the ability to write a wide range of specialty lines throughout the European Union.