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.