Axis Insurance, the insurance business segment of Bermuda-based AXIS Capital, has teamed up with DUAL North America. The plan is to offer environmental risk product offering for contractors, consultants and engineers in the US.
DUAL North America, the underwriting arm of the Hyperion Insurance Group, will serve as a managing general agent (MGA) on behalf of AXIS. As a result, this will distribute and underwrite a number of multi-product environmental coverages.
The environmental risk coverage will be offered to small and mid-sized businesses. It will particularly be offered to those working on certain projects. These include the removal of underground storage tanks, abating asbestos and remediating contaminated soil, as well as other highly specialised environmental projects and services.
AXIS Insurance executive vice president of design professional, environmental and surety Richard Zarandona said: “As the environmental risk market grows, small and mid-sized businesses need versatile solutions to safeguard against pollution-related risks within the increasingly changing environmental landscape.
“DUAL North America is one of the leading MGAs in this market, and we are proud to partner with them to provide businesses, consultants and contractors with more flexible environmental coverages.”
DUAL North America executive director Dean Cross said: “DUAL North America is delighted to partner with AXIS, one of the leading carrier partners within the environmental risks marketplace. The decades of collaborative underwriting experience of DUAL and AXIS yield a robust offering for wholesale trading partners within the environmental risk industry, while providing sophisticated coverages to insureds.”
Through its operating subsidiaries, AXIS Capital offers specialty lines insurance and treaty reinsurance in several markets. The markets are Bermuda, the US, Europe, Singapore, Middle East, Canada and also Latin America.