Bermudian-based Axis Capital Holdings has appointed Frank Romeo to lead the company’s entry into the US marine cargo insurance market.

The development of a marine cargo proposition tailored to the US market is part of the broader Axis strategy to maximise its global footprint while providing increased value to its customers and the marketplace.

Mr Romeo is responsible for building the programme and identifying growth opportunities, with a targeted product launch in the second half of 2023.

His focus will be on developing strong distribution relationships in the US domestic marketplace. Together with the global marine cargo team, he will also focus on building a diversified portfolio, initially targeting transit, stock throughput and excess stock exposure risk.

Axis said Mr Romeo was a seasoned marine insurance professional with more than 15 years of underwriting experience across US and multinational programmes at major global carriers.

He joins from AIG, where he spent almost six years as a senior marine underwriting specialist and team lead.

He is based in New York and reports to Helen Steadman, head of marine cargo, global markets.

“Since our inception in 2001, Axis has been immersed in building specialist underwriting solutions for diverse and complex marine cargo risks globally,” said Ms Steadman.

“The appointment of an underwriter of Frank’s calibre and experience as our first dedicated US-based marine cargo specialist is a very exciting step.”

Mark Gregory, head of global markets at Axis, said: “We are excited about expanding into the marine cargo market in the US.

“This is part of our strategy at Axis to explore new opportunities in lines of business and territories where we can add value for our customers and build profitable growth with distribution partners.”