Axis Specialty has appointed Brisbane-based Specialist Underwriting Agencies (SUA) to handle renewal terms for several lines of business, following the insurer’s decision to quit the Australian market.

SUA says it will offer renewals to Axis Specialty clients in professional indemnity (except financial institutions), directors’ and officers’ (excluding ASX100 and financial institutions), multimedia liability and information technology liability.

Director John Iles says SUA staff will contact the broker of record for each affected client before the expiry of policies. He says SUA can source quotation terms.

Bermuda-based Axis Specialty announced on October 10 it is winding down its Australian retail insurance operations, because its positioning in the market “will not allow [the company] to generate appropriate and sustainable returns”.

The Australian branch stopped quoting new and renewal business from October 8.

While renewal of Australian business is being handled by Axis Specialty via its Singapore and London operations, the company has yet to decide on the best way to manage its run-off business.

insuranceNEWS.com.au understands the company is discussing whether to employ a third-party claims manager or retain sufficient staff in Australia to carry out the task in-house.