26 August 2020News

AXIS partners with AllDigital Specialty to expand in the US small company management liability market

AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings, has partnered with AllDigital Specialty, an MGA, to develop and launch a new insurance platform for the underserved US small private company management liability market.

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. It will quote, bind and issue policies using AllDigital’s low-touch/no-touch technology platform, with a view to later expanding to other products in the management liability market.

Mark Paccione, head of commercial management solutions at AXIS Insurance, said: “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.”

Zach Powell, head of AXIS Digital Ventures, which develops strategic partnerships with insurtechs and other industry innovators, described the specialty commercial insurance market as “a highly dynamic market that is ripe for innovation.”

Athula Alwis, chief executive of AllDigital, said: “The real growth engine of the US economy is our small businesses that employ tens of millions of Americans and pay close to $2 trillion in payroll.”