AXIS Capital snaps up Novae for $604m
Bermuda-based specialty re/insurer AXIS Capital Holdings said on Aug. 24 that it has partnered with digital start-up Plug and Play to boost digital innovation.
Plug and Play is a global innovation platform that connects start-ups to corporations and invests in over 150 companies every year.
The move is set to enable AXIS to gain access to digital insurance start-ups while providing mentorship and technical support, along with underwriting and actuarial expertise, to help turn their ideas into products or services, according to the statement.
“AXIS has a proven entrepreneurial track record and our alliance with Plug and Play will allow us to partner with the entrepreneurs who are helping to drive innovation in insurance and reinsurance,” said Chris DiSipio, CEO of AXIS A&H and executive sponsor of the company’s insurtech initiative.
“We are the perfect partner for bringing their ideas to life and are committed to insurtech as a driver of future growth, both for AXIS and the (re)insurance industry.”
To help address the rapid and transformative changes underway within the re/insurance industry, AXIS will work with property/casualty, life/health and general insurtech start-ups that have been accepted to Plug and Play’s insurtech programme. This 12-week program attracts applications from hundreds of start-ups from around the world that utilize technology, data and analytics to develop innovative new business models, products and services.
“We are thrilled to have AXIS Capital as a new partner of our platform,” said Ali Safavi, Plug and Play insurtech director. “Our team intends to leverage this partnership and AXIS’ expertise in the field to continue to drive innovation and change in the industry with the hope of creating the ultimate start-up ecosystem for insurtech.”
AXIS will focus on the areas of insurance, reinsurance, health, Internet of Things (IoT), fintech and mobility, with leaders from different business areas serving as program mentors and technical advisors.
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AXIS Capital, Plug and Play, Innovation platform, Chris DiSipio, Bermuda, Global