For Immediate Release: August 15, 2016
Contact: (908) 947-0867
Axon Underwriting Announces Formation of Axon Re To Expand Cargo and Stock Throughput Reinsurance Program In Latin America
Axon Underwriting Services LLC, a leading specialty lines Program Administrator, is pleased to announce the formation of Axon Re to offer its cargo and stock throughput reinsurance program within the Latin American region. Axon Re will provide facultative and treaty reinsurance cover for cargo and stock throughput exposure, as well as property and environmental lines for Latin American-based risks.
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. Axon Re 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 U.S. with Navigators Insurance and Lloyd’s of London.
“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. “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.”
About Axon Underwriting Services LLC
Axon Underwriting Services LLC was established in 2013 to provide comprehensive, insurance-based programs and solutions for program partners. Axon Underwriting’s professionals have brokerage and underwriting expertise dedicated to understanding and addressing complex, specialty risks of industry-specific exposures, markets and programs. For more information, please visit: www.axonu.com; or call (908) 947-0867.