Re-Insurance

Axis advances with Novae integration

  • London business: Axis has received authorisation from Lloyd’s for Axis Managing Agency Ltd to commence oversight and management of Novae Syndicate 2007 and SPS 6129

Axis Capital Holdings Ltd has received authorisation from Lloyd’s for Axis Managing Agency Ltd to commence management and oversight of Novae Syndicate 2007 and SPS 6129.

Axis bought Novae Group last year for $611.4 million.

The authorisation became effective January 1, and creates a single managing agent structure for Axis’s operations at Lloyd’s.

“This marks an important milestone in our continued integration of Axis’s international specialty insurance business with Novae,” said Mark Gregory, chief executive officer of Axis Managing Agency and Axis Insurance International Division.

“We look forward to continuing to provide our customers with a diversified and balanced portfolio of specialist classes.”

The Novae and SPS syndicates will operate alongside Axis Syndicate 1686, which Axis Managing Agency currently manages.

Bermudian-based 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.

The Axis and Novae syndicates 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 US facilities business. It launched in January 2016 as a collaboration between Novae and Securis Investment Partners LLP, an insurance linked securities fund manager.

Separately, Nicole Lim has been promoted to the position of deputy chief underwriting officer, Singapore, for Axis Insurance, a subsidiary of Axis Capital.

She will oversee the company’s insurance business in Singapore, along with managing the office’s day-to-day operations.

Ms Lim joined Axis in 2013 and was previously vice-president, underwriting, at the Singapore office.

She will continue to report to Rory MacGregor, the former executive vice-president and Singapore underwriting manager for Axis Insurance.

Mr MacGregor said: “Nicole has built a strong reputation within the Singapore market and is a seasoned underwriter with deep expertise across all energy specialty classes.”

Ms Lim has previously held various underwriting roles within Allianz, Liberty and Aon Risk Services.