AXIS Capital launches Lloyd’s managing agency post Novae deal
Bermuda-based AXIS Capital Holdings has received final authorisation from Lloyd’s, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) for its own Lloyd’s managing agent.
With effect from August 4, the 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, which had been in place since 2014.
The authorisation comes soon after AXIS Capital's recent announcement to acquire Novae Group, a specialty re/insurer that operates through Lloyd’s, for £468 million ($604 million) in an all-cash deal.
"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 of AXIS Managing Agency, and CEO of 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 underwrites specialist classes that include marine, energy, aviation, terrorism, property, casualty, professional indemnity and reinsurance.
The company stated that launching AXIS Managing Agency enables the re/insurer to have a direct relationship with Lloyd’s and to take full advantage of Lloyd’s worldwide licenses and extensive distribution network. The company will also 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.
It added that the authorisation of AXIS Managing Agency represents the latest step in AXIS’ expansion of its presence in London and its Lloyd’s operations.
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