PEMBROKE, Bermuda & LONDON--(BUSINESS WIRE)--AXIS Capital Holdings Limited and its operating subsidiaries (“AXIS Capital”) (NYSE:AXS) today announced it has received final authorization from Lloyd’s, the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) for its own Lloyd’s managing agent, AXIS Managing Agency Limited (“AXIS Managing Agency”). Effective 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 Limited, which had been in place since 2014.
Launching AXIS Managing Agency enables AXIS 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.
“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, Chief Executive Officer, 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.”
AXIS Syndicate 1686 underwrites specialist classes that include marine, energy, aviation, terrorism, property, casualty, professional indemnity and reinsurance.
The authorization of AXIS Managing Agency represents the latest step in AXIS’ 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 plc, a diversified specialty (re)insurer that operates through Lloyd’s.
This past January, the Company launched AXIS Specialty Underwriters Inc. (“AXIS Miami”), which serves as its coverholder for the Latin American and Caribbean regions and provides direct and facultative reinsurance coverage to those markets, focused on energy and property.
About AXIS Capital
AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders’ equity at March 31, 2017, of $6.2 billion and locations in Bermuda, the United States, Europe, Singapore, Middle East, Canada and Latin America. Its operating subsidiaries have been assigned a rating of “A+” (“Strong”) by Standard & Poor’s and “A+” (“Superior”) by A.M. Best. For more information about AXIS Capital, visit our website at www.axiscapital.com. Please be sure to follow AXIS Capital on LinkedIn.
About AXIS Managing Agency Limited
AXIS Managing Agency Limited oversees AXIS Capital’s Lloyd’s syndicate (AXIS Syndicate 1686). AXIS Syndicate 1686 carries Lloyd's financial strength ratings of "A+" (Strong) by Standard & Poor's, AA- (Very Strong) by Fitch Ratings and A (Excellent) by A.M. Best. The Syndicate also benefits from the strength of Lloyd's brand and its network of global licenses.