Bermudian Insurer and reinsurer AXIS Capital Holdings Limited and its operating subsidiaries, have received all the necessary approval from Lloyd’s of London, the Prudential Regulation Authority (PRA) unit of the Bank of England and the Financial Conduct Authority (FCA), to establish its own Lloyd’s managing agent.
Effective August 4th, 2017, AXIS Managing Agency Limited will take control of AXIS Syndicate 1686 at Lloyd’s, replacing the firm’s previous agreement with Asta Managing Agency Limited, which started in 2014.
The launch of AXIS Managing Agency enables the re/insurer to have a more direct relationship with the Lloyd’s marketplace, providing it with access to Lloyd’s international licenses and the market’s valuable distribution network.
The new unit will enable AXIS Capital to better manage its Lloyd’s business, and the firm says it will also support AXIS Reinsurance’s plans to access specialty classes of reinsurance business at Lloyd’s.
Mark Gregory, Chief Executive Officer (CEO), AXIS Managing Agency, and CEO, AXIS Insurance International Division, said; “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.
“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 Capital recently announced plans to takeover Novae Group for $604 million, a specialty reinsurance firm that operates through the Lloyd’s marketplace. This, combined with the establishment of AXIS Managing Agency Limited, underlines the company’s efforts to expand its presence in both London and Lloyd’s.