New business division to initially focus on UK and Asia markets.
Axiom has announced the launch of Axiom Underwriting Services Limited (AUSL). This new business division has been created to provide Delegated Underwriting Authority (DUA) underwriters with the structure to develop their own businesses combined with access to a full service back office capability from Axiom Consulting Limited.
Axiom Consulting will undertake all the administrative functions for AUSL including premium collections, bordereaux management and reporting, accounting and regulatory returns and claims management, allowing underwriters to focus on underwriting activity.
Tim Riddell, chief executive of Axiom, said: “The launch of Axiom Underwriting Services marks the next step in our strategic drive to support Lloyd’s managing agents and the wider market.
“AUSL enables DUA underwriters to build a real value into their businesses by providing the structure, administrative support and ownership model they need, allowing them to commit 100% of their time to their clients. AUSL will also provide insurers with the reassurance that their chosen underwriters will be able to deliver administrative excellence which meets the highest standards in the market.
He added: “With around 40% of Lloyd’s business written under delegated authority these underwriters are a vital part of the market’s global distribution. AUSL rewards underwriters for providing distribution to their clients around the world and delivers access to the administrative functions they need for success.”
AUSL will initially focus on the UK and Asia Pacific markets, with the model being extended to other regions over time.