Specialty lines program administrator Axon Underwriting Services has announced the addition of CyberAdvantage, a proprietary cyber liability program, to its suite of specialized insurance products for small to medium-sized enterprises.
CyberAdvantage, backed by Lloyd’s of London, responds to client data-breach and ransomware incidents. It provides response services, defense cost, business interruption, data recovery and credit monitoring services.
“Axon’s ability to offer a differentiated cyber product to the SME marketplace is very timely,” said Randy Hampton, executive vice president and partner at Axon Underwriting. “Our broad product offering is highly relevant to the increasing number of exposures faced by companies given changes in the work environment.”
“We’ve spent significant time developing CyberAdvantage and are very excited to bring another customized Axon product to the market,” said Doug Gahagan, executive vice president and partner. “Not only is this a highly relevant addition to Axon’s portfolio of specialty offerings, it further expands our relationship with Lloyd’s of London. We see this as one of several specialty products currently under consideration that will be backed by Lloyd’s.”