Last year AXIS Capital Holdings launched its own Lloyd’s managing agency, which assumed management of AXIS Syndicate 1686. Now Lloyd’s has granted authorisation for AXIS Managing Agency to oversee Novae Syndicate 2007 and SPS 6129 as well, creating a single managing agent structure.
The move is part of AXIS’s plans to consolidate its Lloyd’s business into AXIS Syndicate 1686, under the management of AXIS Managing Agency. The process is expected to be completed in January 2019.
“This marks an important milestone in our continued integration of AXIS’s international specialty insurance business with Novae,” said Mark Gregory, chief executive of AXIS Managing Agency and 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 including marine, cyber, energy, aviation, terrorism, construction, property, casualty, political risk and political violence, professional indemnity, and reinsurance. Meanwhile SPS 6129 is a Lloyd’s special purpose syndicate that underwrites US facilities business.
AXIS Managing Agency’s launch last August replaced AXIS’s third-party managing agency agreement with Asta Managing Agency Limited.