Lloyd's approves Axon Underwriting as a coverholder

Lloyd's has granted coverholder status to specialty lines programme administrator Axon Underwriting, allowing it to underwrite and issue policies on behalf of certain Lloyd's underwriting syndicates.

Axon Underwriting will use this status to “develop innovative insurance products and market responsive solutions, initially focusing on stock throughput,” according to a Jan. 23 press release.

The coverholder status also allows access to the Lloyd's brand and financial security.

"We are extremely honored with Lloyd's confidence in Axon. Coverholder status expands our current stock throughput offering, STAPLE (Stock Throughput And Pollution Liability Exposures) and adds to our existing Hedge Fund Liability product with Lloyds," said Randy Hampton, executive vice president and partner. "This is a great milestone in the evolution of Axon Underwriting."

Doug Gahagan, executive vice president and partner at Axon, added: "Axon's decision to offer stock throughput insurance is strategic and timely. It significantly helps our partners navigate the current uncertainty and instability in the property insurance market."

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