AXIS extends partnership with cyber security provider

Specialty re/insurer AXIS Capital has extended its partnership with a cyber security provider which offers security solutions embedded in insurance policies. 

Bermuda-based AXIS first partnered with Elpha Secure in 2021 when it became an investor in and a capacity provider for the company, which supports small and mid-sized businesses.

In transitioning business to Elpha’s platform, AXIS said it aims to enhance the efficiency and profitability of its small cyber portfolio while opening up access to Elpha’s range of cyber security services to customers – which, in turn, can help to improve their security risk profiles.

With effect from 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.

“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 & technology at AXIS. “Delivering cyber coverage through Elpha’s established, secure digital distribution platform will benefit both customers and AXIS.”

“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.”

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