AXIS Capital Holdings Limited ("AXIS" or the "Company") (NYSE: AXS), announced today its Environmental business unit has launched a Specialty Package Policy for manufacturers (“SPPm”). The SPPm policy covers a range of general and environmental liability exposures facing manufacturers, all in one integrated insurance package.
Exposures covered by SPPm include those associated with manufacturing, distribution, warehousing, and processing operations, as well as waste storage, treatment, and disposal facilities. The new policy is available for US-based manufacturing and distribution operations with revenues up to $2B.
“This new, expanded environmental offering is part of our broader effort to provide enhanced capabilities and innovation to the specialty market,” said Rich Zarandona, Executive Vice President, Environmental, at AXIS. “Manufacturers and distributors face a multifaceted risk environment and it’s therefore essential that the sophistication of their insurance coverage matches the complexity of their risk."
Coverages available through SPPm include:
- ISO-based CGL including products and products pollution liability
- non-owned site pollution liability
- transportation pollution
- premises pollution liability
- employee benefits administration
- emergency response expense coverage
- product withdrawal expense
In addition, a new excess policy ("SPXm") provides excess liability coverage for manufacturers covering primary general liability, pollution, products pollution, excess auto and employers’ liability.
Mark Sielski, AXIS Environmental Group Lead, added, "As businesses’ general liability and environmental risks become more intertwined, it is no longer prudent to assess these liabilities independently. With SPPm, we're excited to offer an integrated approach to our partners, enabling them to manage complex, specialist risk and coverage considerations in a simple, seamless and cost-effective manner."
In addition, AXIS recently hired Tom Kashickey as Lead Underwriter, Environmental Liability. Mr. Kashickey’s hire is part of a broader effort to build a dedicated team to support new products.
Mr. Kashickey commented, “AXIS has developed SPPm specifically for manufacturers, distributors and other select industries to support them as they manage a spectrum of risk associated with premises, products and pollution liability risk. We look forward to working with brokers to provide innovative solutions that address environmental risk.”
About AXIS Capital
AXIS Capital, through its operating subsidiaries, is a global provider of specialty lines insurance and treaty reinsurance with shareholders' equity of $4.3 billion at September 30, 2022, and locations in Bermuda, the United States, Europe, Singapore and Canada. Its operating subsidiaries have been assigned a rating of "A+" ("Strong") by Standard & Poor's and "A" ("Excellent") by A.M. Best. For more information about AXIS Capital, visit our website at www.axiscapital.com.