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Axon Underwriting Services LLC, a specialty lines program administrator, on Tuesday said it has formed Axon Re to offer its cargo and stock throughput reinsurance program in Latin America.
Axon Re will provide facultative and treaty reinsurance cover for cargo and stock throughput exposure, as well as for property and environmental lines for Latin American-based risks, initially in Chile, Panama and Ecuador, with plans to extend to other countries within the region in the upcoming year, Axon said in a statement.
Axon Re has secured financial backing through Asian partners to provide available capacity of up to $10 million, the statement said.
Competition and market, financial and regulatory risks top the lists of concerns for risk management professionals in Latin America, according to a new study.