Axon Underwriting Services LLC has announced the establishment of Axon Re, launched to expand the firm’s cargo and stock throughput reinsurance program across Latin America.
The new reinsurance unit is to provide both facultative and treaty reinsurance protection for cargo and stock throughput risks, and also for property and environmental lines for exposures within the Latin America region.
Initially, the reinsurance protection will be offered by Axon Re in Chile, Panama, and Ecuador, with plans to expand to other countries in the region in the upcoming year.
The reinsurer has secured financial backing from Asian partners, and is able to provide available capacity of up to $10 million. Axon Underwriting states that this expansion for Latin American specialty lines builds upon the firm’s current STAPLE and stock throughput programs that are offered in the U.S., with Navigators Insurance and the specialist Lloyd’s of London insurance and reinsurance marketplace.
Randy Hampton, Executive Vice President (EVP) and Partner at Axon Underwriting, said: “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.
“Axon Re’s ability to deliver much-needed capacity to specialty risks in target markets further broadens Axon Underwriting Services’ international footprint.”
While Doug Gahagan, EVP and Partner, Axon Underwriting, added: “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.”
