AXIS dives into US marine cargo market with AIG expert; eyes profitable growth

Bermuda-based global re/insurer  AXIS Capital is eyeing entry into the US marine cargo insurance market with the hiring of a senior AIG underwriting specialist and lead having more than 15 years of experience at major global carriers.

AXIS has appointed Frank Romeo (pictured) to lead the development of a marine cargo proposition tailored to the US market. The move is part of the broader AXIS strategy to maximize its global footprint and increase value for customers and the marketplace.

Romeo will be responsible for building the programme and identifying growth opportunities, with a targeted product launch in the second half of 2023. His focus will be on developing strong distribution relationships in the US domestic marketplace. Together with the global marine cargo team, he will also focus on building a diversified portfolio, initially targeting transit, stock throughput and excess stock exposure risk.

Romeo is a seasoned marine insurance professional with more than 15 years of underwriting experience across US and multinational programs at major global carriers. He joins from AIG where he spent almost six years as a senior marine underwriting specialist and team lead. He is based in New York and reports to Helen Steadman, head of marine cargo, global markets.

“Since our inception in 2001, AXIS has been immersed in building specialist underwriting solutions for diverse and complex marine cargo risks globally,” said Steadman. “The appointment of an underwriter of Frank’s caliber and experience as our first dedicated US-based marine cargo specialist is a very exciting step.”

Mark Gregory, head of global markets at AXIS, commented: “We are excited about expanding into the marine cargo market in the US. This is part of our strategy at AXIS to explore new opportunities in lines of business and territories where we can add value for our customers and build profitable growth with distribution partners.”

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