AXIS Managing Agency Ltd., the managing agent arm of international insurance and reinsurance firm AXIS Capital that oversees the group’s Lloyd’s of London operations, has now taken over management and oversight of the Novae operations at Lloyd’s.
AXIS Capital acquired Novae Group in 2017, inheriting new Lloyd’s operations to add to its own stable operating in the market.
AXIS Capital has now been authorised by Lloyd’s for its AXIS Managing Agency Ltd arm to being managing and overseeing the Novae Syndicate 2007 and SPS 6129 structures in the market.
As of January 1st 2018 AXIS now has a single managing agent structure for its operations at Lloyd’s, which will now see Novae Syndicate 2007 and SPS 6129 operating alongside AXIS Syndicate 1686.
“This marks an important milestone in our continued integration of AXIS’ international specialty insurance business with Novae,” commented 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 both underwrite specialty classes of insurance and reinsurance business, including marine, cyber, energy, aviation, terrorism, construction, property, casualty, political risk and political violence, professional indemnity, and reinsurance, and others.
SPS 6129 is a Lloyd’s special purpose syndicate that underwrites U.S. facilities business backed by capital from insurance linked securities fund manager Securis Investment Partners LLP. It launched in January 2016 as a collaboration between Novae and Securis.
Additionally, AXIS has plans consolidate its Lloyd’s underwriting operations into AXIS Syndicate 1686, under management of AXIS Managing Agency, a process it expects to complete in time for January 1st 2019.