PEMBROKE, Bermuda--(BUSINESS WIRE)--AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings Limited (“AXIS Capital”) (NYSE:AXS), and AllDigital Specialty, a de novo MGA, today announced a partnership to develop and launch a new insurance platform designed to address the service void in the U.S. small private company management liability market. AllDigital utilizes low-touch/no-touch technology that will enable AXIS to operate a fast and efficient digital platform to quote, bind and issue policies in the U.S. small private company management liability market segment.
AXIS will provide paper and capacity as the underwriter for Directors and Officers (D&O) and Employment Practice Liability (EPL) policies, distributed through AXIS’ wholesale broker network. The AllDigital ecosystem is designed with the ability to expand to other products in the management liability market.
“We are thrilled to initiate this strategic partnership with AXIS to provide streamlined and automated management liability solutions to small U.S. businesses,” said Athula Alwis, CEO of AllDigital. “The real growth engine of the U.S. economy is our small businesses that employ tens of millions of Americans and pay close to $2trn in payroll. It is exciting to partner with AXIS, a specialty insurer that has made a clear commitment to digital transformation.”
“In partnership with AllDigital, AXIS will work with wholesale distribution partners to provide a greater number of small businesses with the insurance protection they need to operate in today’s increasingly complex business environment,” said Mark Paccione, Head of Commercial Management Solutions at AXIS Insurance. “This no-touch solution for wholesaler brokers allows us to deepen productive distribution partnerships, while maintaining current levels of focus on our existing complex risks business.”
“We’re pleased to partner with AllDigital, a company that is leveraging the opportunities presented by the specialty commercial insurance marketplace, which is a highly dynamic market that is ripe for innovation,” said Zach Powell, Head of AXIS Digital Ventures.
AXIS Digital Ventures works with internal business partners across AXIS’ underwriting units to develop and grow strategic partnerships with InsurTechs and other innovators.
About AXIS Insurance
AXIS Insurance – the insurance business segment of AXIS Capital Holdings Limited (NYSE: AXS) – provides Property & Casualty, Professional Lines, Terrorism, Marine, Renewable Energy, Aviation, Credit & Political Risk, Environmental, Accident & Health coverages and other customized insurance solutions. Our products are offered through our distribution partners, which include wholesale brokers, retail brokers and designated managing general agents/underwriters (“MGAs”/”MGUs”) in the U.S. and abroad. Coverages are backed by the financial strength and security of the AXIS Insurance Companies, rated “A+” (Strong) by Standard & Poor’s, and “A” (Excellent) by A.M. Best.
About AXIS Capital
AXIS Capital, through its operating subsidiaries, is a global provider of specialty lines insurance and treaty reinsurance with shareholders' equity at June 30, 2020 of $5.3 billion and locations in Bermuda, the United States, Europe, Singapore, Canada and the Middle East. 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.
About AllDigital Specialty
AllDigital Specialty is an InsureTech startup that deploys an AI and Blockchain based ecosystem to disrupt the current commercial specialty insurance model in the underserved Private Company Management Liability marketplace. AllDigital Specialty is both a Managing General Agent, focused on risk selection and the delivery of insurance products, and a Technology as a Service provider for specialty insurance carriers.