AXIS Capital Holdings announced that its environmental business unit has launched a new specialty package policy for manufacturers (SPPm).
The new SPPm policy covers a range of general and environmental liability exposures facing manufacturers. The exposures covered include those related to manufacturing, distribution, warehousing, and processing operations, in addition to waste storage, treatment, and disposal facilities.
It will be made available for US-based manufacturing and distribution operations with revenues up to $2 billion.
“This new, expanded environmental offering is part of our broader effort to provide enhanced capabilities and innovation to the specialty market,” said AXIS executive vice president, environmental Rich Zarandona. “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."
On top of the SPPm product, AXIS added that another new excess policy called SPXm provides excess liability coverage for manufacturers covering primary general liability, pollution, product pollution, excess auto and employers’ liability.
"As businesses’ general liability and environmental risks become more intertwined, it is no longer prudent to assess these liabilities independently,” explained AXIS environmental group lead Mark Sielski. “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."
AXIS also announced that it has recently hired Tom Kashickey to serve as lead underwriter of environmental liability.
“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,” commented Kashickey. “We look forward to working with brokers to provide innovative solutions that address environmental risk.”
For the third quarter of 2022, AXIS posted a $17 million net loss attributable to common shareholders. Also during the period, the company’s insurance segment saw a 51.9% jump in underwriting income, while the reinsurance business registered an underwriting loss.