NEW YORK (Bloomberg) — Axis Surplus Insurance Company, a unit of Bermuda-based property and casualty insurer Axis Capital Holding Ltd., reached a $42.5 million settlement with a Florida builder to resolve a disputed claim originating from Hurricane Dennis.

The settlement was agreed upon on Monday after an eight-person federal-court jury voted unanimously in favour of Panama City Beach Condos LP, the builder's law firm Greenberg Traurig LLP said in a statement distributed by Business Wire.

Axis didn't confirm or deny the settlement.

"As a matter of policy, the company does not comment on litigation-related matters," Joseph Kuo, an external spokesman for Axis said on Monday when asked about the case. Court documents show that Axis and Panama City Beach Condos filed to dismiss the case.