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Member, Beacon International Group, Ltd.
Axis Capital Holdings Ltd. said that its Lloyd’s of London syndicate 1686 has received approval to establish an underwriting division at Lloyd’s China platform, Lloyd’s Insurance Co. (China) Ltd.
Pembroke, Bermuda-based Axis said Tuesday that the underwriting division will focus on treaty reinsurance and will begin writing business Jan. 1.
“Axis Re has been an active participant in the Chinese reinsurance market for the past several years. We believe insurance and risk transfer products will play a vital role in supporting economic growth both in China and across Asia,” Richard Milner, president and chief underwriting officer at Axis Re Asia Pacific, said in a statement.
“Establishing a new underwriting relationship for Axis syndicate 1686 through Lloyd’s China is a sign of our continued commitment to Lloyd’s and to the Chinese market,” he added.
Axis syndicate 1686 is managed on a turnkey basis by Asta Managing Agency Ltd.
Lloyd's of London and China Taiping Insurance Group Ltd. on Wednesday said they have signed a memorandum of understanding to establish a broader and closer relationship.