AXIS announces Novae acquisition
AXIS Capital Holdings and its operating subsidiaries has received final authorisation from Lloyd’s, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) for its own Lloyd’s managing agent, AXIS Managing Agency.
As from August 4, AXIS Managing Agency will assume management of AXIS Syndicate 1686 at Lloyd’s, replacing the Company’s third-party managing agency agreement with Asta Managing Agency which had been in place since 2014.
“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 CEO, 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.”
According to AXIS, launching AXIS Managing Agency enables it to have a direct relationship with Lloyd’s and to take full advantage of Lloyd’s worldwide licenses and extensive distribution network. The Company will also be able to more efficiently manage its Lloyd’s operations, as well as support AXIS Reinsurance’s plans to access specialty reinsurance business at Lloyd’s.
AXIS Syndicate 1686 underwrites specialist classes that include marine, energy, aviation, terrorism, property, casualty, professional indemnity and reinsurance.
AXIS said that the authorisation of AXIS Managing Agency represents the latest step in its expansion of its presence in London and its Lloyd’s operations. It comes upon the heels of AXIS Capital’s announcement that it has made an offer to acquire Novae Group, a diversified specialty (re)insurer that operates through Lloyd’s.
AXIS Capital Holdings, AXIS Managing Agency, Lloyd's MGA, Mark Gregory, London, UK, Bermuda