Bermuda-based Axis Capital’s Lloyd’s of London syndicate has won approval to open an underwriting division in China.

The new Shanghai-based arm at Lloyd’s Insurance Company (China) will focus on treaty reinsurance business on the Lloyd’s China platform from the start of next year.

Richard Milner, president and chief underwriting officer of Axis Re Asia Pacific said: “Axis Re has been an active participant in the Chinese reinsurance market for the past several years.

“We believe insurance and risk transfer products will play a vital role in supporting economic growth both in China and across Asia.

“Establishing a new underwriting relationship for Axis Syndicate 1686 through Lloyd’s China is a sign of our continued commitment to Lloyd’s and the Chinese market.

“We look forward to working closely with our clients in China as we grow our business in the coming years.”

Alistair Robson, active underwriter of Axis Syndicate 1686, added: “We are very pleased to add treaty reinsurance to the other specialty insurance classes we currently underwrite in the syndicate, reflecting the diversified nature of Axis Capital’s wider business as well as enhancing service to our global broker and client base.”