Asta, the leading third party manager of Lloyd’s syndicates with over £700 million of underwriting capacity under management, has announced that the Lloyd’s Franchise Board has granted “in principle” approval for Asta Managing Agency Ltd to establish and manage a new dedicated corporate syndicate backed by AXIS Capital Holdings Limited.
With a target start date of the 1st January 2014 and an expected stamp gross premium of GBP£119 million for 2014, AXIS Syndicate 1686 will underwrite a diversified and balanced portfolio of specialty lines in which AXIS Insurance has an established global reputation and a strong track record of performance. These specialty lines include marine, energy, aviation, terrorism, property, casualty and professional indemnity. 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.
Stephen Cane, CEO of Asta said: “We are delighted to work with Axis Insurance in introducing Syndicate 1686 to the Market. Bringing an existing portfolio with a proven track record and reputation into Lloyd’s, further endorses the Market’s reputation as a platform of choice for businesses wishing to participate in the worldwide insurance market. We fully expect Syndicate 1686 to become a strong and active member of the Lloyd’s community and help it in meeting its Vision 2025 objectives.”
Jack Gressier, CEO of AXIS Insurance, added: “This new Lloyd’s syndicate will provide AXIS Insurance with a key platform for international growth. AXIS Syndicate 1686 will be founded on an existing portfolio of specialty lines business from AXIS Insurance’s London, Bermuda and Dublin operations underwritten and serviced by an outstanding team of seasoned experts. In Asta, we have chosen an experienced and trusted partner, and look forward to the successful growth of the Syndicate and becoming an engaged member of the Lloyd’s community.”
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; Dorés.2526 and ICAT s.4242.
Asta Capital Limited is the parent company of:
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
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” (“Excellent”) with a positive outlook 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.
Tel: 020 7623 2368
Mob: 07796 140963