AXIS Capital receives approval to launch Lloyd's managing agency
AXIS Capital and its operating subsidiaries announced it has received final authorization from Lloyd's, the Prudential Regulation Authority and the Financial Conduct Authority or its own Lloyd's managing agent, AXIS Managing Agency. Effective August 4, AXIS Managing Agency will assume management of AXIS Syndicate 1686 at Lloyd's, replacing the company's third-party managing agency agreement with Asta Managing Agency, which had been in place since 2014. "Launching AXIS Managing Agency enables AXIS to have a direct relationship with Lloyd's and to take full advantage of Lloyd's worldwide licenses and extensive distribution network. The company will also be able to more efficiently manage its Lloyd's operations, as well as support AXIS Reinsurance's plans to access specialty reinsurance business at Lloyd's," the company said.