Exclusive: Axis makes Aon sole broker on marine excess-of-loss program
- Aon becomes sole broker for Axis marine XoL program
- Swiss Re-led program renews at January 1
- Axis marine account among largest programs in the market
(The Insurer) - Axis has appointed Aon as the sole broker on its marine composite excess-of-loss (XoL) program with Guy Carpenter removed from its position as co-broker, three senior reinsurance sources told The Insurer.
Aon was initially appointed as flag broker for the Axis marine XoL account in August 2024, two senior reinsurance broking sources said. Guy Carpenter's removal leaves Aon as the sole broker on the account.
Two reinsurance sources said that they did not expect another broker to be appointed in the Marsh McLennan-owned company's place, although one reinsurance broking source said that other companies have "put their hand up".
Guy Carpenter has been involved in the placement of Axis' marine and energy XoL program for more than two decades, the majority of which it served as flag broker. Two reinsurance broking sources said that the removal of Guy Carpenter from the co-broker position was not related to the recent exits from its marine and energy unit.
The Axis account is one of the marine and energy market’s largest programs. It comprises marine, energy, and political violence and terrorism.
This publication exclusively reported that Swiss Re had agreed to act as lead for Axis' January 1, 2025 program, which renewed with an overall dollar price reduction of around 15%. Sources at the time said Axis paid $50.25 million at January 1, 2024.
Axis and Aon declined to comment. Guy Carpenter said it "does not comment on clients".
