AXIS Capital Holdings has announced that it will launch its own Lloyd’s managing agency. The company has received the necessary final authorization from Lloyd’s, the Prudential Regulation Authority and the Financial Conduct Authority, according to a news release. Starting on Aug. 4, AXIS Managing Agency will assume management of AXIS Syndicate 1686 at Lloyd’s, the company reported. The new managing agency will replace the company’s existing third-party managing agency agreement with Asta Managing Agency Limited.
AXIS Syndicate 1686 underwrites specialist classes including marine, energy, terrorism, aviation, property, casualty, professional indemnity and reinsurance, the company said.
AXIS Managing Agency will give AXIS a direct relationship with Lloyd’s, allowing it to take advantage of Lloyd’s worldwide licenses and distribution network, according to the release.
“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, CEO of AXIS Managing Agency and 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.”
The launch of the managing agency is AXIS’ latest move to expand its London presence and its Lloyd’s operations. The company also recently announced that it has made an offer to acquire Novae Group
, a specialty reinsurer operating through Lloyd’s.
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