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Axis receives approval to merge managing agencies

January 08, 2018

Axis Capital has received authorisation from Lloyd’s for Axis Managing Agency to take on the management and oversight of Novae’s Syndicate 2007 and special purpose syndicate (SPS) 6129.

The authorisation creates a single managing agent structure for Axis’ Lloyd’s operations, with Novae Syndicate 2007 and SPS 6129 now operating alongside Axis Syndicate 1686, which is currently managed by Axis Managing Agency.

Axis also plans to consolidate all of its Lloyd’s business into Axis Syndicate 1686, under the management of Axis Managing Agency, which it expects to complete by 1 January 2019.

Mark Gregory, CEO of Axis Managing Agency and the carrier’s international insurance division said: “This marks an important milestone in our continued integration of Axis’ international specialty insurance business with Novae. We look forward to continuing to provide our customers with a diversified and balanced portfolio of specialist classes.”