Bermuda-based insurer Axis Insurance will partner with Kennedys Law to roll out fresh cyber insurance for the global marine shipping market. It is reported that the new insurance product will cover board vessels and onshore in shipping company offices against any cyber exposures. Kennedys Law is an international commercial law firm specialising in insurance and dispute resolution.
The cyber insurance will be rolled out for both the existing and new AXIS cyber marine insurance policies. Furthermore, the new insurance product will be equipped with a four-point cybersecurity response and preparation service. The feature is provided in collaboration with the UK company.
AXIS Insurance global head of cyber and technology Dan Trueman, told the media, “The marine shipping insurance market dates back to the very origins of the insurance industry, and it’s under threat from one of the newest perils: cyber risk. Through AXIS and Kennedys, policyholders will have access to an extensive network of experts to address the modern needs of shipping as cyber threats take centre stage.”
The Bermuda-based insurer is a global provider of specialty lines insurance and treaty reinsurance with shareholders’ equity of $5.3 billion. The company’s assets are estimated to be worth $18.852 billion. The company through its subsidiaries serves Bermuda, the US, Singapore, Canada, the Middle East and Europe.
The company offers services related to marine, terrorism, property, energy, environmental and many more. The company’s reinsurance services include credit and bond, property, professional lines, and others.