Axis Capital Holdings Ltd. on Friday said it will begin managing its Lloyd’s of London syndicate 1686 effective Aug. 4, taking over from a third-party managing agent.
Pembroke, Bermuda-based Axis has received final authorization from Lloyd’s and the U.K.’s Prudential Regulation Authority and the Financial Conduct Authority to form its own Lloyd’s managing agent, Axis Managing Agency Ltd., the insurer and reinsurer said in a statement.
Axis Managing Agency will assume management of the syndicate from Asta Managing Agency Ltd., with which Axis had a third-party managing agency agreement since 2014.
Axis Syndicate 1686 underwrites specialist classes that include marine, energy, aviation, terrorism, property, casualty, professional indemnity and reinsurance, according to the statement.
The move gives Axis Managing Agency a direct relationship with Lloyd’s and allows Axis to more efficiently manage its Lloyd’s operations and support Axis Reinsurance’s plans to access specialty reinsurance business at Lloyd’s, according to the statement.
Axis added that this is the latest step in its expansion of its presence in London and its Lloyd’s operations. Earlier this month, it announced it would acquire Lloyd’s insurer Novae Group P.L.C. for $604 million.
“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,” Mark Gregory, CEO of Axis Managing Agency and of Axis Insurance’s international division, said in the statement.
Pembroke, Bermuda-based Axis Capital Holdings Ltd. said Wednesday that Chief Financial Officer Joseph Henry will retire at year-end and Peter Vogt, chief operating officer of its insurance unit, will succeed him.