Bermuda-based AXIS Capital Holdings Ltd. announced that AXIS Syndicate 1686 has recently received approval from Lloyd’s for the establishment of an underwriting division at Lloyd’s Insurance Company (China) Ltd.
The underwriting division will focus on treaty reinsurance business on the Lloyd’s China platform beginning Jan. 1, 2016 and will have a dedicated underwriter working for Lloyd’s China, based in its Shanghai office.
“AXIS Re has been an active participant in the Chinese reinsurance market for the past several years,” said Richard Milner, president and chief underwriting offer of AXIS Re Asia Pacific.
“We believe insurance and risk transfer products will play a vital role in supporting economic growth both in China and across Asia,” he added. “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. We look forward to working closely with our clients in China as we grow our business in the coming years.”
Alistair Robson, active underwriter of AXIS Syndicate 1686, said, “We are very pleased to add treaty reinsurance to the other specialty insurance classes we currently underwrite in the syndicate, reflecting the diversified nature of AXIS Capital’s wider business as well as enhancing service to our global broker and client base.”
AXIS Syndicate 1686 is managed by Asta Managing Agency Ltd. under a turnkey arrangement with capital wholly provided by AXIS Corporate Capital UK Ltd. as a Lloyd’s corporate member.
AXIS Syndicate 1686 carries the 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, AXIS Capital said in a statement.
Source: AXIS Capital
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