AXIS expands partnership to enhance cyber offerings

AXIS expands partnership to enhance cyber offerings | Insurance Business America

Cyber

AXIS expands partnership to enhance cyber offerings

Insurer notes importance of partnership to improve clients’ risk profiles

AXIS Capital Holdings Limited has announced the expansion of its partnership with Elpha Secure. The collaboration, which began in 2021 when AXIS became both an investor and a capacity provider for Elpha Secure, is set to deepen.

“In extending our partnership with Elpha Secure, we are ensuring cyber customers in the US get high-quality coverage, with embedded cyber security solutions that will improve their risk profiles and mitigate their exposure to cyber risk,” said Lori Bailey, head of global cyber and technology at AXIS. “Delivering cyber coverage through Elpha’s established, secure digital distribution platform will benefit both customers and AXIS.”

Starting July 1, 2024, new standalone cyber business submissions for prospective policyholders with revenue up to $100 million will be directed via wholesale broker partners to Elpha Secure.

“We’re privileged to expand our partnership with AXIS, a collaboration that underscores our shared commitment to innovation and excellence in cyber insurance,” said Gordon Malin, co-founder and CEO at Elpha Secure. “This transition is a testament to the strength of our relationship with AXIS, and we are excited to deliver superior protection and peace of mind to our collective customers.”

By transitioning business to Elpha’s platform, AXIS aims to enhance the efficiency and profitability of its small cyber portfolio. The move will also grant customers access to Elpha’s range of cyber security services, which can improve their security risk profiles.

AXIS also recently launched its AXIS Cyber Incident Commander, designed to provide US-based direct primary cyber insurance policyholders with immediate support during cyber incidents. The service offers rapid triage, legal counsel, digital forensics, incident response, and crisis management, available 24/7 to minimize the impact of cyber incidents and expedite recovery.

Headquartered in Bermuda, AXIS Capital Holdings Limited provides various specialty insurance and reinsurance products and services for property, marine, terrorism, aviation, political risk, professional lines, liability, and accident, and health.

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