AXA XL, the property and casualty and specialty risk division of French insurance major AXA, has announced a strategic partnership with US Marine Insurance Group (US MIG).
US MIG acts as a programme administrator for a delegated underwriting arrangement.
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The partnership seeks to expand AXA XL’s inland marine insurance services within the supply chain and transportation sectors.
AXA XL and US MIG will offer coverage for various risks encountered by transportation and logistics companies, including those related to storage and transit.
Ken Mueller, head of inland marine at AXA XL, stated that the partnership with US MIG is anticipated to enhance its presence, expertise and leadership in the inland marine insurance sector.
“Transportation and logistics businesses are growing rapidly. They need the right inland marine coverage to safeguard their assets,” Mueller added.
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By GlobalDataUS MIG president Joseph DiPaola said: “We are excited to team up with AXA XL’s inland marine team because of their extensive inland marine expertise and capabilities.
“Together, we are well positioned to address various inland marine risks, flexible coverage options and tailored solutions for specific industry needs. We are excited to join forces to fill gaps left by standard inland marine insurance policies, ensuring that assets are protected throughout the supply chain.”
The partnership follows the restructuring of AXA XL’s insurance underwriting operations in the Americas, segmenting its business into three core areas – large commercial, mid-market, and professional – to more closely align with the diverse needs of its client base.
The large commercial segment, which consolidates several product lines including marine, also includes wholesale solutions to address the complex insurance needs of AXA XL’s largest clients across the US, Bermuda and Canada.
The mid-market segment of AXA XL, targeting businesses with less than $1bn in revenue, has grown to include environmental, inland marine, and excess and lead umbrella insurance, along with mid-size construction capabilities.
Lastly, the professional business segment continues to concentrate on specialised insurance needs, covering areas such as director and officer liability, mergers and acquisitions, crime, and kidnap, ransom and extortion.
