Bermuda-based AXIS Capital Holdings Ltd. announced it will launch a Lloyd’s managing agent after receiving authorization from Lloyd’s, the UK Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).
Effective Aug. 4, AXIS Managing Agency will assume management of AXIS Syndicate 1686 at Lloyd’s, replacing the company’s third-party managing agency agreement with Asta Managing Agency Ltd., which had been in place since 2014.
Launching AXIS Managing Agency enables AXIS to have a direct relationship with Lloyd’s and to take full advantage of Lloyd’s worldwide licenses and extensive distribution network, the company said in a statement.
The company said it also will be able to more efficiently manage its Lloyd’s operations, as well as support AXIS Reinsurance’s plans to access specialty reinsurance business at Lloyd’s.
“This is a significant milestone for AXIS. It brings us closer to Lloyd’s and its influential community of brokers, while also allowing us to deliver broader strategic value to our customers,” said Mark Gregory, chief executive officer, AXIS Managing Agency, and CEO, AXIS Insurance International Division. “AXIS Syndicate 1686 will continue to underwrite the diversified and balanced portfolio of specialist classes in which AXIS has an established reputation and market position.”
AXIS Syndicate 1686 will underwrite specialist classes that include marine, energy, aviation, terrorism, property, casualty, professional indemnity and reinsurance, AXIS explained.
The authorization of AXIS Managing Agency is “the latest step in AXIS’ expansion of its presence in London and its Lloyd’s operations,” coming on the heels of AXIS Capital’s recent announcement that it plans to acquire Novae Group plc, a diversified specialty re/insurer that operates through Lloyd’s.
This past January, the company launched AXIS Specialty Underwriters Inc., also known as AXIS Miami, which serves as its coverholder for the Latin American and Caribbean regions and provides direct and facultative reinsurance coverage to those markets, focused on energy and property.
Source: AXIS Capital