24 January 2018Insurance

Lloyd's approves Axon Underwriting as a coverholder

Lloyd's has granted coverholder status to specialty lines programme administrator Axon Underwriting, allowing it to underwrite and issue policies on behalf of certain Lloyd's underwriting syndicates.

Axon Underwriting will use this status to “develop innovative insurance products and market responsive solutions, initially focusing on stock throughput,” according to a Jan. 23 press release.

The coverholder status also allows access to the Lloyd's brand and financial security.

"We are extremely honored with Lloyd's confidence in Axon. Coverholder status expands our current stock throughput offering, STAPLE (Stock Throughput And Pollution Liability Exposures) and adds to our existing Hedge Fund Liability product with Lloyds," said Randy Hampton, executive vice president and partner. "This is a great milestone in the evolution of Axon Underwriting."

Doug Gahagan, executive vice president and partner at Axon, added: "Axon's decision to offer stock throughput insurance is strategic and timely. It significantly helps our partners navigate the current uncertainty and instability in the property insurance market."

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More on this story

23 November 2017   Delta Insurance Singapore, a cyber, technology and financial lines Lloyd’s coverholder in Singapore, has launched an online financial lines insurance platform.
16 October 2017   Weather risk management provider Meteo Protect has been named a coverholder at Lloyd’s.
24 April 2019   Specialty lines programme administrator Axon Underwriting has launched a new reinsurance unit, Axon Re, to expand its cargo and stock throughput reinsurance programme across Latin America.