AXIS Capital Aligns Lloyd’s Agency Platforms After Its Acquisition of Novae

AXIS Capital Holdings Ltd. announced it has received authorization from Lloyd’s for AXIS Managing Agency Ltd. to commence the management and oversight of Novae Syndicate 2007 and SPS 6129 after its acquisition of Novae in October 2017.

The authorization became effective Jan. 1, 2018, and creates a single managing agent structure for AXIS’ operations at Lloyd’s.

Novae Syndicate 2007 and SPS 6129 will operate alongside AXIS Syndicate 1686, which AXIS Managing Agency currently manages. AXIS has initiated plans to consolidate its Lloyd’s business into AXIS Syndicate 1686, under management of AXIS Managing Agency, and anticipates completing that process from Jan. 1, 2019, AXIS Capital said in a statement.

“This marks an important milestone in our continued integration of AXIS’ international specialty insurance business with Novae,” said Mark Gregory, CEO, AXIS Managing Agency, and CEO, 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 that include marine, cyber, energy, aviation, terrorism, construction, property, casualty, political risk and political violence, professional indemnity, and reinsurance, among others.

SPS 6129 is a Lloyd’s special purpose syndicate that underwrites U.S. facilities business. It launched in January 2016 as a collaboration between Novae and Securis Investment Partners LLP, an insurance linked securities fund manager.

Source: AXIS Capital

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Topics Mergers & Acquisitions Excess Surplus Lloyd's