AXIS Capital Holdings Ltd., the Bermuda-based specialty re/insurer, announced the launch of an insurance policy that offers customizable cyber and specialist liability coverage to companies in Canada with up to US$2 billion in revenue.
(Correction: The revenue figures for SMEs were erroneously listed in Canadian dollars instead of US dollars in an early version of this article).
The AXIS Cyber Technology and Miscellaneous Professional Liability (ACTM) policy is designed to protect businesses and avoid potential gaps in insurance coverage by enabling policyholders to cover multiple risks within one comprehensive policy.
Suitable for small, mid-sized, and large businesses across a wide range of sectors in Canada, ACTM is available via brokers and underwritten through AXIS Reinsurance Co. (Canadian Branch). Coverages can include:
- Cyber: Includes incident response, rapid triage, and support services via Incident Commander, 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
“As innovations in digital technology and AI emerge, coupled with new forms of cyber threats, it is essential that the solutions we deliver for businesses evolve to meet the changing risk landscape,” commented Michael McCallum, head of Cyber & Technology, Canada, AXIS.
“In combining specialist cyber, technology, and miscellaneous professional liability coverages in one customizable policy, we’re offering brokers and commercial customers streamlined access to elevated insurance solutions for a range of risks,” said McCallum.
“In launching ACTM in Canada, we are pleased to add to AXIS’ suite of specialty insurance products that support businesses across a range of industries, as they navigate new, complex, and evolving risks,” said Brad Randell, head of Insurance, AXIS Canada.
AXIS’ product offerings in Canada include accident & health, casualty, management liability, professional liability, as well as cyber & technology.
Source: AXIS Capital Holdings
Topics Cyber Liability New Markets Canada
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