AXIS Launches Streamlined Cyber and Liability Policy for Small and Mid-Sized Businesses

Rhea-AI Summary

AXIS Capital announced the launch of its new insurance policy, the AXIS Cyber Technology and Miscellaneous Professional Liability (ACTM). This policy offers custom coverage for companies with revenues up to $2bn. ACTM combines various coverages, including Cyber, Technology Errors and Omissions, and Miscellaneous Professional Liability. It aims to assist small and mid-sized businesses across the US in addressing potential insurance gaps. The policy is designed to enhance clarity and certainty in coverage, thereby improving customer service.

Positive

• Launch of comprehensive insurance policy targeting companies with up to $2bn in revenue.
• Combination of multiple coverages under one policy to reduce insurance gaps for small to mid-sized businesses.
• Focus on evolving customer needs in the digitized business environment.

Negative

• None.

PEMBROKE, Bermuda--(BUSINESS WIRE)-- AXIS Capital Holdings Limited ("AXIS" or “The Company”) (NYSE:AXS), today announced the launch of an insurance policy that offers custom-built cyber and specialist liability coverage for companies with up to $2bn in revenue.

The new AXIS Cyber Technology and Miscellaneous Professional Liability (shortened to ACTM) policy aims to help businesses avoid potential gaps in insurance coverage by enabling policyholders to combine multiple coverages within one comprehensive policy.

Suitable for small and mid-sized businesses across a wide range of sectors in the US, ACTM is available via brokers on both an admitted and non-admitted basis.

The following coverages can be included within a new ACTM policy:

• Cyber: Includes incident response, network interruption, and other first-party and liability coverages related to cyber and data risks
• Technology Errors and Omissions: Includes liability coverage for technology, telecommunications, and internet-based services and products
• Miscellaneous Professional Liability: Includes liability coverage for a wide range of professional services

By combining these specialist coverages, AXIS aims to bring enhanced clarity and contract certainty to policy wordings backed by a responsive claims service and focus on customers’ needs, delivered via an efficient trading platform.

Dan Trueman, Head of Global Cyber and Technology at AXIS, commented, “As cyber and liability risks evolve and grow in an increasingly digitized business world, the insurance we provide must continue to develop to meet the changing needs of our customers through innovative products and great customer service.

“In ACTM we can provide comprehensive insurance coverage that helps to reduce potential losses and worry arising from unintended gaps in coverage among small to mid-sized businesses, and protects them from a multitude of cyber and liability-related exposures. The introduction of ACTM aligns with our broader efforts to grow profitably with our customers and advance our leadership position in key specialty channels.”

About AXIS Capital
AXIS Capital, through its operating subsidiaries, is a global provider of specialty lines insurance and treaty reinsurance with shareholders' equity of $4.7 billion at June 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.

Follow AXIS Capital on LinkedIn and Twitter.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220907005828/en/

Investor Contact

Mei Feng Zhang

AXIS Capital Holdings Limited

investorrelations@axiscapital.com

+1 212 940 3312

Media Contact

Mairi MacDonald

AXIS Capital Holdings Limited

mairi.macdonald@axiscapital.com

+44 207 877 3809

Source: AXIS Capital Holdings Limited

FAQ

What is the new insurance policy launched by AXIS Capital?

AXIS Capital launched the AXIS Cyber Technology and Miscellaneous Professional Liability (ACTM) policy.

Who can benefit from the ACTM policy?

The ACTM policy is suitable for small and mid-sized businesses in various sectors across the US.

What coverages does the ACTM policy include?

The ACTM policy includes Cyber, Technology Errors and Omissions, and Miscellaneous Professional Liability coverages.

What is the revenue limit for companies to qualify for the ACTM policy?

Companies with revenues up to $2bn can qualify for the ACTM policy.

How does the ACTM policy enhance customer service?

The ACTM policy offers enhanced clarity and contract certainty, along with a responsive claims service.