Axon Underwriting Services LLC, a specialty lines program administrator, has formed Axon Re.
Axon Underwriting said in a statement that Axon Re will provide facultative and treaty reinsurance cover for cargo and stock throughput exposure, as well as for property and environmental lines for Latin American-based risks.
According to Axon Underwriting, Axon Re initially will offer the cover in Chile, Panama, and Ecuador, with plans to extend to other countries within the region in the upcoming year. The company said that it has secured financial backing through Asian partners to provide available capacity of up to $10 million. Expansion of coverage for Latin American specialty lines builds upon Axon's current STAPLE and stock throughput programs offered in the United States with Navigators Insurance and Lloyd's of London, the company added.
“The timing of the launch of this program is ideal given the current market restrictions for cargo and stock throughput reinsurance cover within the Latin American region,” stated Randy Hampton, executive vice president and partner at Axon Underwriting. “Axon Re's ability to deliver much-needed capacity to specialty risks in target markets further broadens Axon Underwriting Services' international footprint.”
Doug Gahagan, executive vice president and partner at Axon Underwriting, noted that, “After five years of strengthening our specialty underwriting platform, the move into Latin America with new, available capacity reflects our thoughtful, strategic approach to meet the coverage needs of underserved markets.”
Learn more: www.axonu.com.
Victoria Spears
Victoria Prussen Spears is senior vice president of Meyerowitz Communications Inc., a law firm marketing communications consulting company. A graduate of Sarah Lawrence College and Brooklyn Law School, Ms. Spears was an attorney at a leading New York City law firm before joining Meyerowitz Communications. She may be contacted at [email protected].