PEMBROKE, Bermuda & LONDON--(BUSINESS WIRE)--
AXIS Capital Holdings Limited and its operating subsidiaries (“AXIS Capital”) (NYSE:AXS) today announced that it has received authorization from Lloyd’s for AXIS Managing Agency Ltd to commence management and oversight of Novae Syndicate 2007 and SPS 6129. The authorization became effective January 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 January 1, 2019.
“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.
About AXIS Capital
AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with shareholders' equity at September 30, 2017, of $5.5 billion and locations in Bermuda, the United States, Europe, Singapore, Middle East, Canada, 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. For more information about AXIS Capital, visit our website at www.axiscapital.com. Follow AXIS Capital on LinkedIn and Twitter.
About AXIS Managing Agency Limited
AXIS Managing Agency Limited oversees AXIS Capital’s Lloyd’s syndicates (AXIS Syndicate 1686, Novae Syndicate 2007 and SPS 6129). The syndicates carry 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.
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