Bermudian-based insurer and reinsurer Axis Capital Holdings Ltd will be among the first commercial tenants to move into London’s newest office tower, known as The Scalpel.

The company will house its UK operations in 31,000 square feet on the second and third levels of the building, which is situated at 52 Lime Street, next door to the Lloyd’s of London insurance market.

“By moving to The Scalpel, we will provide our employees and clients with the benefits of maintaining an office in a world-class facility that is within steps of Lloyd’s of London,” Mark Gregory, chief executive officer of Axis Insurance’s International Division. “This move speaks to the continued growth of Axis Capital’s UK operations and our deep commitment to the London market.”

The company’s London office is located at 60 Great Tower Street and Axis will complete its relocation to The Scalpel in 2018.

The Scalpel’s developer is WRBC Development UK Ltd, a subsidiary of WR Berkley Corporation, one of the largest insurers in the US.

Andrew Reynolds, managing director of WRBC Development, said: “We are continuing to see a strong level of interest from the well-established and respected businesses in the surrounding area.

“The Scalpel is an exceptionally appealing offer for those who wish to be strategically positioned at the heart of their market and in London’s newest tower.”

The Scalpel was designed by Kohn Pederson Fox and will stand 620 feet tall. Construction is ongoing and the building is expected to be completed next year.