AXA XL adds first-party cyber option to Platinum Property coverage

Insurance Business America | April 25, 2019

AXA XL, a division of AXA, has announced the launch of a first-party cyber insurance option for its Platinum Property clients in the US – businesses that buy 100% of their property coverage from AXA XL. “Demand for cyber insurance is growing with good reason,” said Michele Sansone, president of AXA XL’s North America property insurance business. “Virtually every organization has some cyber exposure. Our clients will now have the confidence to know that their business interruption exposures are adequately managed with coverage for cyber and property on one policy form providing a comprehensive solution for first-party loss and a streamlined claims process.” “A cyber event can put a business at a standstill for hours or days,” said John Coletti, AXA XL chief underwriting officer for cyber and technology in North America. “Traditional business interruption is caused by physical damage from a named peril like windstorm, fire or flood. Ingress/egress coverage and civil authority is addressed in standard commercial property coverage.

Spotlight

Excess insurance for workers compensation claims is purchased by employers who self-insurer their worker's compensation obligations as a statutory requirement, either individually or as part of a group.

Spotlight

Excess insurance for workers compensation claims is purchased by employers who self-insurer their worker's compensation obligations as a statutory requirement, either individually or as part of a group.

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Cowbell Cyber | February 23, 2022

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Setoo, Pattern Insurance | July 19, 2021

Setoo, an embedded insurance pioneer, announced today that it has entered into a merger agreement with Pattern, an insurtech startup that has emerged from stealth mode. Pattern will be the name of the joint venture's activities in Europe and the United States. Pattern will assist companies in generating new revenue streams and increasing customer satisfaction by transforming all of their online transactions into protected experiences without the need to be an insurer. Pattern will provide a one-stop-shop for embedded insurance products, enabling businesses to provide a fully protected buying experience for their customers, along with real-time underwriting data for a frictionless buying process, as a result of a merger. The fully automated, embedded insurance-as-a-service platform enables businesses to create and distribute unique and personalized insurance products autonomously. Pattern's coverages include parametric and traditional insurance products, which are seamlessly offered by businesses to their customers while fully compliant with local regulations. In addition, Pattern requires companies to protect customers from unforeseen changes in plans, inclement weather, utility outages or surcharges, shipping delays, and other factors. The two companies have received a total of $25 million in funding since their start, including a recent seed round of $10 million for Pattern. In addition, Kamet Ventures, the venture builder where Setoo was incubated, Comcast Ventures, MS&AD Ventures, Foundation Capital, FinTLV, TechAviv Founder Partners, Kli Capital, Abstract Ventures, and others have invested in the joint venture. The merger is expected to be completed by the end of August. Pattern will be insured by AXA, Spinnaker Insurance Company, Wakam, and others after the merger. About Setoo Setoo enables e-businesses to develop and offer personalized protection products, increase revenue from ancillary services, and provide an exceptional customer experience. E-businesses can use Setoo's platform to create new, super-targeted parametric and traditional insurance products in minutes, address actual concerns, and generate automatic compensation without requiring consumers to take any action. Setoo serves high-profile clients such as Amadeus and LMN as an insurance Managing General Agent (MGA) in the EU and the UK. About Pattern Pattern is a one-stop-shop for innovative parametric and traditional insurance products that enable businesses to provide their customers with a fully protected digital buying experience. Pattern's coverage includes utility outages, weather incidents, and much more. Pattern is nearing the completion of its operational deployment as a US MGA.

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