Axon makes strategic move into Latin America with $10m backing from Asian partners
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.
The reinsurer has secured $10 million in financial backing from Asian partners for the new division.
Axon Re will provide facultative and treaty reinsurance cover for cargo and stock throughput exposure, as well as for property and environmental lines for Latin American-based risks. It will initially offer the cover in Chili, Panama and Ecuador, with plans to extend to other countries within the region in the upcoming year.
Axon said the expansion of coverage for Latin American specialty lines builds upon its current STAPLE and stock throughput programmes offered in the US with Navigators Insurance and Lloyd’s of London.
“The timing of the launch of this program is ideal given the current market restrictions for cargo and stock throughput reinsurance cover within the Latin American region,” stated Randy Hampton, executive vice president and partner. “Axon Re’s ability to deliver much-needed capacity to specialty risks in target markets further broadens Axon Underwriting Services’ international footprint.”
Doug Gahagan, executive vice president and partner at Axon Underwriting, said: “After five years of strengthening our specialty underwriting platform, the move into Latin America with new, available capacity reflects our thoughtful, strategic approach to meet the coverage needs of underserved markets.”
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