AXIS expands capacity deal with SME cyber insurtech MGA in US
Bermuda-based re/insurer AXIS Capital has expanded its partnership with a SME-focused cyber insurtech MGA to strengthen coverage in the US.
The partnership began in 2021 when AXIS became an investor and capacity provider for the insurtech.
The expanded collaboration with Elpha Secure will direct new standalone cyber business submissions, for prospective policyholders with revenue up to $100 million, via wholesale broker partners to Elpha from July 2024.
AXIS said it aims to enhance the efficiency and profitability of its small cyber portfolio.
Lori Bailey, head of global cyber & technology at AXIS, said: “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. Delivering cyber coverage through Elpha’s established, secure digital distribution platform will benefit both customers and AXIS.”
Gordon Malin, co-founder and CEO at Elpha Secure, remarked: “We’re privileged to expand our partnership with AXIS, a collaboration that underscores our shared commitment to innovation and excellence in cyber insurance. 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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