Axon Underwriting Services has received approval as Lloyd's coverholder with the authority to underwrite and issue policies on behalf of certain Lloyd's underwriting syndicates.

Axon Underwritings coverholder status allows access to the Lloyd's brand and financial security.

Axon Underwriting will use this status to develop innovative insurance products and market responsive solutions, initially focusing on stock throughput.

Axon Underwritings executive vice president and partner Randy Hampton said: "We are extremely honored with Lloyd's confidence in Axon. Coverholder status expands our current stock throughput offering, STAPLE (Stock Throughput And Pollution Liability Exposures) and adds to our existing Hedge Fund Liability product with Lloyds. This is a great milestone in the evolution of Axon Underwriting."

Axon Underwriting executive vice president and partner Doug Gahagan said: "Axon's decision to offer stock throughput insurance is strategic and timely.

"It significantly helps our partners navigate the current uncertainty and instability in the property insurance market."