Press release from Business Wire
AXIS Insurance Expands Its Global Underwriting Platform with New Lloyd's Syndicate: AXIS Syndicate 1686
Wednesday, September 25, 2013
AXIS Insurance Expands Its Global Underwriting Platform with New Lloyd's Syndicate: AXIS Syndicate 168616:01 EDT Wednesday, September 25, 2013
PEMBROKE, Bermuda (Business Wire) -- AXIS Capital Holdings Limited ("AXIS Capital") (NYSE:AXS) today announced the expansion of the Company's global underwriting platform, facilitated through the establishment of a new syndicate that will provide access to Lloyd's worldwide licenses and an extensive distribution network. The new syndicate, “AXIS Syndicate 1686,” which has been approved in principle by Lloyd's Franchise Board, will be managed by Asta Managing Agency Ltd (“Asta”) under a turnkey arrangement.
AXIS Capital and Asta are working to secure the required approvals to commence underwriting business incepting on or after January 1, 2014. The syndicate is expected to have a stamp gross premium of approximately $180 million and will underwrite a diversified and balanced portfolio of specialist classes including marine, energy, aviation, terrorism, property, casualty and professional indemnity. AXIS Syndicate 1686 will be founded substantially on the transfer of an existing portfolio of business from AXIS Insurance's London, Bermuda and Dublin operations.
Jack Gressier, CEO of AXIS Insurance, commented: “We are pleased that Lloyd's has approved in principle the formation of AXIS Syndicate 1686. As Lloyd's is the pre-eminent market for specialty insurance business with exceptional worldwide reputation and licensing, our presence in Lloyd's will be a key element to the further expansion of our global specialty underwriting platform. The new AXIS syndicate will be founded on a diversified and balanced portfolio of specialist classes in which AXIS Insurance has an established reputation. We look forward to working with Lloyd's and are confident that our outstanding team of specialists will continue to deliver the AXIS tradition of underwriting excellence.”
The Active Underwriter will be Alistair Robson, who has served as Executive Vice President and Head of Global Property for AXIS Insurance's International Division since 2011. He will be supported by a strong team of specialist underwriters and claims professionals who are experts in the new syndicate's product offerings and business lines.
About AXIS Capital
AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders' equity at June 30, 2013 of $5.6 billion and locations in Bermuda, the United States, Europe, Singapore, Canada, Australia and Latin America. Its operating subsidiaries have been assigned a rating of “A+” (“Strong”) by Standard & Poor's and "A+" ("Superior") by A.M. Best. AXIS Capital and AXIS Specialty Finance LLC have been assigned senior unsecured debt ratings of A- (stable) by Standard & Poor's and Baa1 (stable) by Moody's Investors Service. For more information about AXIS Capital, visit our website at www.axiscapital.com.
Asta Managing Agency Ltd is the leading Lloyd's third party manager of syndicates with over £700 million of gross underwriting capacity under management and is responsible for seven syndicates: Ariel (formerly Arrow) s.1910; Sirius s.1945; Channel s.2015; Nephila s.2357; Dale s.2525; Doré s.2526 and ICAT s.4242.
Asta Capital Limited is the parent company of:
- Asta Insurance Markets Ltd
- Asta Managing Agency Ltd
- Asta Insurance Services Ltd
- Asta Management Services Ltd
Asta Insurance Services Limited: provides insurance services to the corporate market and includes the run-off management of HIH (UK).
The name Asta originates from Greek and means "like a star". For more information, visit www.asta-uk.com.
AXIS Capital Holdings Limited
Linda Ventresca, 441-405-2727
Kekst and Company
Michael Herley, 212-521-4897