AXIS unveils new Lloyd’s managing agent structure
AXIS Capital Holdings and its operating subsidiaries has received authorisation from Lloyd’s for AXIS Managing Agency to commence management and oversight of Novae Syndicate 2007 and SPS 6129.
The authorisation became effective January 1, 2018, and creates a single managing agent structure for AXIS’ operations at Lloyd’s.
According to the company, Novae Syndicate 2007 and SPS 6129 will operate alongside AXIS Syndicate 1686, which AXIS Managing Agency currently manages. AXIS said that it has initiated plans to consolidate its Lloyd’s business into AXIS Syndicate 1686, under management of AXIS Managing Agency, and anticipates completing that process from January 1, 2019.
“This marks an important milestone in our continued integration of AXIS’ international specialty insurance business with Novae,” said Mark Gregory, chief executive officer for the AXIS Managing Agency and also for the 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 underwrite specialist classes that include marine, cyber, energy, aviation, terrorism, construction, property, casualty, political risk and political violence, professional indemnity, and reinsurance, among others.
SPS 6129 is a Lloyd’s special purpose syndicate that underwrites U.S. facilities business. It launched in January 2016 as a collaboration between Novae and Securis Investment Partners LLP, an insurance linked securities fund manager.
