AXA XL, the property and casualty and specialty threat division of French insurance coverage main AXA, has introduced a strategic partnership with US Marine Insurance coverage Group (US MIG).
US MIG acts as a programme administrator for a delegated underwriting association.
The partnership seeks to develop AXA XL’s inland marine insurance coverage providers inside the provide chain and transportation sectors.
AXA XL and US MIG will supply protection for varied dangers encountered by transportation and logistics firms, together with these associated to storage and transit.
Ken Mueller, head of inland marine at AXA XL, said that the partnership with US MIG is anticipated to reinforce its presence, experience and management within the inland marine insurance coverage sector.
“Transportation and logistics companies are rising quickly. They want the precise inland marine protection to safeguard their belongings,” Mueller added.
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US MIG president Joseph DiPaola stated: “We’re excited to staff up with AXA XL’s inland marine staff due to their in depth inland marine experience and capabilities.
“Collectively, we’re effectively positioned to deal with varied inland marine dangers, versatile protection choices and tailor-made options for particular business wants. We’re excited to hitch forces to fill gaps left by commonplace inland marine insurance coverage insurance policies, guaranteeing that belongings are protected all through the availability chain.”
The partnership follows the restructuring of AXA XL’s insurance coverage underwriting operations within the Americas, segmenting its enterprise into three core areas – massive business, mid-market, {and professional} – to extra intently align with the various wants of its shopper base.
The massive business phase, which consolidates a number of product traces together with marine, additionally contains wholesale options to deal with the complicated insurance coverage wants of AXA XL’s largest purchasers throughout the US, Bermuda and Canada.
The mid-market phase of AXA XL, focusing on companies with lower than $1bn in income, has grown to incorporate environmental, inland marine, and extra and lead umbrella insurance coverage, together with mid-size development capabilities.
Lastly, the skilled enterprise phase continues to focus on specialised insurance coverage wants, protecting areas akin to director and officer legal responsibility, mergers and acquisitions, crime, and kidnap, ransom and extortion.
