AXIS Capital’s Syndicate 2050 Gets Full Lloyd’s Approval to Begin Underwriting

AXIS Capital Holdings announced it has received full approval from Lloyd’s to begin underwriting from April 1, 2024.

AXIS first announced in December that it had secured in-principle approval from Lloyd’s to establish a new syndicate that will focus on providing capacity for new energy projects with a critical role in supporting the transition to net zero.

AXIS Head of Upstream Energy Elliot Lyes will serve as active underwriter for Syndicate 2050 and work alongside a cross-class team of underwriters to provide specialty insurance solutions tailored to the risks associated with replacing or displacing fossil fuels through lower-carbon alternatives.

Through Energy Resilience Syndicate 2050, AXIS will provide a single access point to specialist insurance solutions for cross-class risks over the lifecycle of projects and activities associated with replacing or displacing fossil fuels through lower-carbon alternatives and supporting energy resilience during the transition phase.

“Supporting the shift to net zero represents an enormous opportunity for the insurance industry to rise to the challenge by developing the specialty coverages that organizations need throughout their energy transition journeys, while maintaining energy resilience. Receiving permission to underwrite through Energy Transition Syndicate 2050 is a milestone for AXIS,” commented Mark Gregory, head of Global Markets, AXIS.

“From April, we’ll be providing a single access point to holistic cross-class insurance solutions for energy projects that have a critical role in supporting the transition to net zero,” Gregory added.

Source: AXIS Capital Holdings

Photograph: Wind turbines work at sunset on a wind farm near Aschersleben, Germany, July 23, 2023. (AP Photo/Matthias Schrader, File)

Topics Excess Surplus Underwriting Lloyd's