Axis wins local licence
The Australian insurance sector has a new kid on the block following the approval of a licence for Bermuda-based Axis.
The Australian Prudential Regulation Authority (APRA) has granted Axis Holdings subsidiary Axis Specialty Europe a licence to operate as a branch insurer to underwrite general insurance business.
The approval – which reportedly took seven months of intense effort – comes just six weeks before legislation restricting direct offshore foreign insurers (DOFIs) comes into force on July 1.
Axis has been underwriting professional liability policies for Stardex subsidiary Dexta underwriting agency for the past three years. The insurer will continue to offer professional indemnity, directors’ and officers’ and IT liability products from its new Sydney office while Dexta takes care of the day-to-day underwriting and claims.
Stardex CEO Bob Lee says Axis will also continue to underwrite some lines of business exempt from the DOFI legislation via offshore offices.
He says the new licence for Axis will result in an increase in market share for Dexta, as well as reduced administration for the agency’s broker clients.
Axis Vice President Dax Gulmohamed will run the Sydney office in close co-operation with Dexta, while Axis Specialty Europe director Tim Hennessy will act as GM and “senior officer outside Australia”.
The Australian Prudential Regulation Authority (APRA) has granted Axis Holdings subsidiary Axis Specialty Europe a licence to operate as a branch insurer to underwrite general insurance business.
The approval – which reportedly took seven months of intense effort – comes just six weeks before legislation restricting direct offshore foreign insurers (DOFIs) comes into force on July 1.
Axis has been underwriting professional liability policies for Stardex subsidiary Dexta underwriting agency for the past three years. The insurer will continue to offer professional indemnity, directors’ and officers’ and IT liability products from its new Sydney office while Dexta takes care of the day-to-day underwriting and claims.
Stardex CEO Bob Lee says Axis will also continue to underwrite some lines of business exempt from the DOFI legislation via offshore offices.
He says the new licence for Axis will result in an increase in market share for Dexta, as well as reduced administration for the agency’s broker clients.
Axis Vice President Dax Gulmohamed will run the Sydney office in close co-operation with Dexta, while Axis Specialty Europe director Tim Hennessy will act as GM and “senior officer outside Australia”.