AXIS receives Lloyd's approval to manage Novae and SPS syndicates

AXIS Capital Holdings has received authorisation to create a single managing agent structure for its operations at Lloyd’s.

Following the Lloyd's authorisation, which became effective January 1, AXIS Managing Agency assumed the oversight of Novae Syndicate 2007 and SPS 6129.

Syndicate 2007 and SPS 6129 will operate alongside AXIS Syndicate 1686, which it currently manages. AXIS has also initiated plans to consolidate its Lloyd’s business into AXIS Syndicate 1686, under management of AXIS Managing Agency, and anticipates completing that process from January 1, 2019.

“This marks an important milestone in our continued integration of AXIS’ international specialty insurance business with Novae,” said Mark Gregory, CEO, AXIS Managing Agency, and CEO, AXIS Insurance international division. “We look forward to continuing to provide our customers with a diversified and balanced portfolio of specialist classes.”

AXIS Syndicate 1686 and Novae Syndicate 2007 underwrite specialist classes that include marine, cyber, energy, aviation, terrorism, construction, property, casualty, political risk and political violence, professional indemnity, and reinsurance, among others.

SPS 6129 is a Lloyd’s special purpose syndicate that underwrites US facilities business. It launched in January 2016 as a collaboration between Novae and Securis Investment Partners, an insurance linked securities fund manager.

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