New York, NY (PRWEB) February 26, 2012
Global Clearing & Settlement Advisors ("GCSA"), a leading provider of capital solutions for the clearinghouse industry, and AXIS Specialty Ltd. ("AXIS"), a wholly owned subsidiary of AXIS Capital Holdings announced a Strategic Alliance Agreement in conjunction with their closing of a new transaction for NOS Clearing ASA, a leader in the clearing of derivatives for the global freight industry. This multi-year agreement enables GCSA to be the exclusive partner of AXIS as it pertains to clearinghouse credit products.
“We are very pleased to be working closely with AXIS on this product and view AXIS' strong credit quality (A2/A+) and healthy balance sheet as complimentary to GCSA's capital solutions business that originates, underwrites, and manages risk for its insurance partners,” says Chris Cononico, founder and President of GCSA.
“Our team is among the most experienced in the industry with extensive backgrounds as underwriters, risk managers, and traders. Our people were among the first to model this form of financial capital from the perspective of an insurance company and, collectively, we’ve spent more than 10 years enhancing and refining our due diligence and modeling methods,” Cononico added.
GCSA views this Strategic Alliance Agreement with Axis as the first step of a long-term cooperation.
“GCSA’s team and partners have extensive relationships in the industry and a strong pipeline of clients. We expect this to be a very busy year for us,” says Cononico.
Global Clearing & Settlement Advisors (“GCSA”) offers a comprehensive underwriting and risk management solution for its insurance partners, including: operational, legal, regulatory, and quantitative due diligence with strict surveillance guidelines and the capacity for frequent client & regulator interactions. GCSA is a leader in addressing the growing demand for cost effective forms of capital from financial clients and regulators.
AXIS Specialty Limited (AXIS Specialty) is rated A2/A+/A and is a wholly owned subsidiary of AXIS Capital Holdings Ltd (ACHL). The company is engaged in providing both reinsurance and insurance services. Diverse risk areas being covered by the company include political, war, and aviation. AXIS Specialty primarily focuses on the short and medium-tail primary and reinsurance lines of business. The operations of the company are carried out through the four business segments namely, Global Insurance, Global Reinsurance, US Insurance and the US Reinsurance. Its parent company, ACHL provides specialty lines insurance and treaty reinsurance services. AXIS Specialty has operations in the United States, Zurich and Singapore. The company is headquartered at Pembroke, Bermuda. Axis’ website is http://www.axiscapital.com.