AXIS Insurance, the specialty insurance business segment of AXIS Capital Holdings Limited, has formed a new partnership with AllDigital Specialty, a new managing general agent (MGA).
The partnership will aim to develop and launch a new insurance platform designed to address the service void in the US small private company management liability market.
AllDigital utilizes low-touch technology that will enable AXIS to operate a digital platform to quote, bind and issue policies in the US 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.
“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,” he added.
Zach Powell, Head of AXIS Digital Ventures, also commented: “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.”
Athula Alwis, CEO of AllDigital, further stated: “We are thrilled to initiate this strategic partnership with AXIS to provide streamlined and automated management liability solutions to small U.S. businesses.”
“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.”