Security

Axis binders renewed

Axis Underwriting is pleased to announce the renewal of all our Property and Liability binders for the 2019-2020 period.

Lloyd’s is going through a process to improve the results in many classes of business including International Property. This has resulted in tough negotiations for binder renewals, with a loss of capacity and termination of some binders.

Axis is delighted to have retained the support of all our existing Lloyd’s Syndicates, and have added two additional Syndicates to our panel.

Additional to our Lloyd’s security we are very pleased to announce the support of HDI Global Specialty SE – Australia for our property program. HDI are an international insurer licensed in Australia, with a Standard & Poor’s A+ Stable Rating.

We look forward to continuing to assist with solutions for your clients, and appreciate your ongoing support.

Strata Insurance NSW

In recent times we have received a number of enquiries regarding Lloyd’s Underwriters’ authority to write strata business in NSW. We address these queries below.

The NSW Strata Schemes Management Act 1996 states that insurance must be taken out with an approved insurer. The NSW Fair Trading website stipulates that approved insurers are those authorised by APRA for general insurance.

Lloyd’s Underwriters are authorised to write insurance business in Australia pursuant to Section 93 of the Insurance Act 1973, and are regulated by APRA. Sections 65 to 73 of the Act provide for special Australian policyholder protection provisions associated with Lloyd’s. A$2.3B security is held in Australian Trust Funds (figure as at 31 December 2014).

Should you wish to find out more about the Lloyd’s market, we have included some links below.

Related Links

    APRA website

For more information on Lloyd’s Underwriters authorised status visit; http://www.apra.gov.au/GI/Pages/Lloyds-in-Australia.aspx

    Lloyds Security

To view further information on the financial security of the Lloyd’s Market visit; http://www.lloyds.com/lloyds/investor-relations/lloyds-capital-structure

    Lloyd’s in Australia

Click this link to read more;
http://www.lloyds.com/lloyds/offices/australasia/australia