Axis Capital to enter US marine cargo insurance market

Bermuda-based Axis Capital Holdings Limited plans to enter the US marine cargo insurance market and has appointed a veteran underwriter from American International Group to lead its effort.

Axis said Frank Romeo has been appointed head of US cargo for Axis and will be responsible for building a marine cargo programme and identifying growth opportunities with a targeted product launch in the second half of this year.

The company said: “The development of a marine cargo proposition tailored to the US market is part of the broader Axis strategy to maximise its global footprint while providing increased value to its customers and the marketplace.

It said Romeo’s focus will be on developing strong distribution relationships in the US domestic marketplace, adding: “Together with the global marine cargo team, he will also focus on building a diversified portfolio, initially targeting transit, stock throughput and excess stock exposure risk.”

Romeo has more than 15 years of underwriting experience across US and multinational programmes at major global carriers. He spent almost six years at AIG as a senior marine underwriting specialist and team lead. Before joining AIG he was a senior underwriter at Liberty International Underwriters from 2011 to 2017.

He is based in New York and reports to Helen Steadman, Head of marine cargo, global markets.

“Since our inception in 2001, Axis has been immersed in building specialist underwriting solutions for diverse and complex marine cargo risks globally,” said Steadman. “The appointment of an underwriter of Frank’s calibre and experience as our first dedicated US-based marine cargo specialist is a very exciting step.”  

Mark Gregory, head of global markets at Axis, said: “We are excited about expanding into the marine cargo market in the US. This is part of our strategy at Axis to explore new opportunities in lines of business and territories where we can add value for our customers and build profitable growth with distribution partners.”