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AXIS Capital to Boost Cyber Insurance Services With New Unit

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AXIS Insurance, an insurance business line of AXIS Capital Holdings Limited (AXS - Free Report) , recently unveiled a consolidated Global Cyber and Technology unit. This unit will be part of AXIS Insurance’s Professional Lines Division and with its introduction, AXIS Capital will combine its U.S. Cyber, Technology, Media and Miscellaneous Professional Liability businesses into a unified Global Cyber and Technology unit.

With the launch of this unit, the property and casualty (P&C) insurer will be able to serve its clients globally through a comprehensive suite of cyber and technology insurance capabilities, underwriting expertise and claims services.

Businesses worldwide are inundated with cyber threats and attacks of various kinds and companies have been taking calculated steps to counter such problems that can hamper growth. Keeping this in mind, the recently introduced unit is expected to help clients and partners deliver a single global approach pertaining to cyber and technology risks.

By introducing this global unit, AXIS Capital will be able to minimize the hazards associated with cyber and technology-related dangers and enhance the value of services offered to its clients. The global unit will allow the insurer to use its international presence for leveraging its underwriting experience and claims services.

Additionally, as part of this global unit launch, AXIS Capital promoted Drew Walter to assume his new-found role of head of Cyber and Technology Underwriting Delivery. He will be reporting to Mr. Trueman, the global head of Cyber & Technology. With the acceptance of this designation, Mr. Walter will make sure that AXIS Capital consistently grows its cyber and technology insurance underwriting capabilities, thereby enabling it to cater to its client and broker needs, effectively.

The aforementioned steps will further strengthen AXIS Capital’s commitment toward extending its leadership in the global cyber and technology insurance market. As part of this, the company opened the AXIS Cyber Center of Excellence earlier this year. This will act as a global resource to offer mentorship, education, consulting services and solutions, thus boosting brokers’ and insureds’ understanding of cyber menace.

The global unit’s launch is integral to the insurer’s plans for capitalizing on opportunities via prudent utilization of resources to enhance efficiencies and better serve clients and brokers across the globe. This in turn, will accelerate the company’s growth profile and boost its shareholder value.

Shares of this Zacks Rank #3 (Hold) P&C insurer outperformed the industry year to date. The stock has rallied 10% compared with the industry’s increase of 5.2%. We expect continued premium growth, strategic initiatives and new business opportunities to drive the stock higher in the near term.

Stocks to Consider

Some better-ranked stocks from the same space are The Progressive Corporation (PGR - Free Report) , W.R. Berkley Corporation (WRB - Free Report) and Atlas Financial Holdings, Inc. (AFH - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Progressive Corporation offers personal and commercial auto insurance, residential property insurance and other specialty property-casualty insurance and related services, primarily in the United States. The company delivered positive surprises in all the trailing four reported quarters, the average being 13.48%.

W.R. Berkley operates as a commercial lines writer in the United States and internationally. The company pulled off positive surprises in all the last four reported quarters, the average being 17.73%.

Atlas Financial engages in underwriting commercial automobile insurance policies in the United States. The company came up with positive surprises in three of the preceding four reported quarters, the average beat being 17.56%.

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