An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
AXIS Launches Integrated Environmental and General Liability Coverage for Manufacturing Sector
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
AXIS Capital Holdings Limited (NYSE: AXS) has unveiled a new Specialty Package Policy for manufacturers (SPPm) that integrates general and environmental liability coverage into a single insurance package. The SPPm policy is designed for US-based manufacturing and distribution operations with revenues of up to $2B. The coverage includes various liabilities such as pollution and product withdrawal expenses. Additionally, AXIS appointed Tom Kashickey as Lead Underwriter for Environmental Liability, aiming to enhance their offerings in this sector.
Positive
Launch of SPPm policy targeting manufacturers, enhancing market competitiveness.
Coverage includes a wide range of liabilities, addressing complex needs of manufacturers.
Appointment of Tom Kashickey as Lead Underwriter to bolster the environmental liability team.
Negative
None.
PEMBROKE, Bermuda--(BUSINESS WIRE)--
AXIS Capital Holdings Limited ("AXIS" or the "Company") (NYSE: AXS), announced today its Environmental business unit has launched a Specialty Package Policy for manufacturers (“SPPm”). The SPPm policy covers a range of general and environmental liability exposures facing manufacturers, all in one integrated insurance package.
Exposures covered by SPPm include those associated with manufacturing, distribution, warehousing, and processing operations, as well as waste storage, treatment, and disposal facilities. The new policy is available for US-based manufacturing and distribution operations with revenues up to $2B.
“This new, expanded environmental offering is part of our broader effort to provide enhanced capabilities and innovation to the specialty market,” said Rich Zarandona, Executive Vice President, Environmental, at AXIS. “Manufacturers and distributors face a multifaceted risk environment and it’s therefore essential that the sophistication of their insurance coverage matches the complexity of their risk."
Coverages available through SPPm include:
ISO-based CGL including products and products pollution liability
non-owned site pollution liability
transportation pollution
premises pollution liability
employee benefits administration
emergency response expense coverage
product withdrawal expense
In addition, a new excess policy ("SPXm") provides excess liability coverage for manufacturers covering primary general liability, pollution, products pollution, excess auto and employers’ liability.
Mark Sielski, AXIS Environmental Group Lead, added, "As businesses’ general liability and environmental risks become more intertwined, it is no longer prudent to assess these liabilities independently. With SPPm, we're excited to offer an integrated approach to our partners, enabling them to manage complex, specialist risk and coverage considerations in a simple, seamless and cost-effective manner."
In addition, AXIS recently hired Tom Kashickey as Lead Underwriter, Environmental Liability. Mr. Kashickey’s hire is part of a broader effort to build a dedicated team to support new products.
Mr. Kashickey commented, “AXIS has developed SPPm specifically for manufacturers, distributors and other select industries to support them as they manage a spectrum of risk associated with premises, products and pollution liability risk. We look forward to working with brokers to provide innovative solutions that address environmental risk.”
About AXIS Capital
AXIS Capital, through its operating subsidiaries, is a global provider of specialty lines insurance and treaty reinsurance with shareholders' equity of $4.3 billion at September 30, 2022, and locations in Bermuda, the United States, Europe, Singapore and Canada. Its operating subsidiaries have been assigned a rating of "A+" ("Strong") by Standard & Poor's and "A" ("Excellent") by A.M. Best. For more information about AXIS Capital, visit our website at www.axiscapital.com.
