AXIS Capital Holdings has announced the launch of a new insurance policy designed to provide comprehensive cyber and specialist liability coverage for businesses in Canada with revenues up to $2 billion. The AXIS Cyber Technology and Miscellaneous Professional Liability (ACTM) policy combines multiple lines of coverage into a single framework, addressing various cyber and professional liability exposures while reducing potential gaps in insurance protection.
Key Features of ACTM Policy
The ACTM policy offers a selection of coverages, including cyber incident response, triage, and support services through the Incident Commander platform. It also provides coverage for network interruption and other cyber-related first-party and liability risks. Additionally, the policy includes Technology Errors and Omissions coverage for technology, telecommunications, and internet-based products and services, as well as Miscellaneous Professional Liability coverage for an array of professional services.
Industry Impact and Availability
The policy is available to small, mid-sized, and large companies across various industries in Canada through brokers and is underwritten by AXIS Reinsurance Company (Canadian Branch). According to Michael McCallum, head of Cyber & Technology, Canada at AXIS, the ACTM policy reflects the evolving nature of digital risks and the need for insurance products that respond to developments in technology and cyber threats. “The ACTM policy is intended to give brokers and clients streamlined access to coverage for multiple exposures under one policy, allowing businesses to prepare for and manage cyber-related risks,” McCallum stated.
About AXIS Capital Holdings
AXIS Capital Holdings is a global specialty insurance and reinsurance provider headquartered in Bermuda. Founded in 2001, AXIS maintains a presence in key markets including North America, Europe, Asia, and Latin America. Its Canadian operations are conducted through AXIS Reinsurance Company (Canadian Branch), providing specialty insurance solutions to local businesses.
