PEMBROKE, Bermuda, December 15, 2023 – AXIS Capital Holdings Limited (“AXIS Capital” or “AXIS” or the “Company”) (NYSE: AXS) has announced that AXIS Insurance Company has secured a four-year contract to provide specialty accident and health (A&H) insurance solutions to governmental, educational, and non-profit organizations across North America through a major US-wide purchasing program, operated by Sourcewell.
AXIS, in partnership with Provident Agency, Inc., will now offer a range of A&H coverages through the cooperative purchasing program. Sourcewell is a self-sustaining government organization offering a cooperative purchasing program with hundreds of competitively solicited contracts. By utilizing Sourcewell contracts, participating organizations can save time and money by capturing the buying power of more than 50,000 organizations.
The specialty A&H products that AXIS now provides via the program include accidental death and dismemberment, critical illness, and cancer insurance, tailored to meet the needs of different customer groups. These include employees within public entities, law enforcement, firefighters, emergency medical services, schools, municipal roles, and the volunteer sector.
“We take great pride in being awarded this contract and look forward to working with Provident and Sourcewell to provide specialty insurance solutions for participating organizations,” commented James Hamilton, Global Head of Accident and Health at AXIS. “Through our experience over many years in developing specialty products for distinct customer groups, we have a deep appreciation of the often-complex nature of the risks and challenges within these sectors. Our goal is to provide products and access to services that make a meaningful difference to these groups.”
The contract was awarded to AXIS following a rigorous proposal process. In addition to AXIS A&H products, Sourcewell participants now have access to Provident’s expert guidance for the insurance solutions, benefits, and coverage suited to their needs.
“Provident has been a leader in providing customized accident and health insurance programs for public entity employees. We have developed a strong relationship over several years with the AXIS A&H team, and we appreciate the keen focus on the needs of the customer that the team brings. We’re excited to put our experience and relationship with AXIS to work for the people and organizations that support our local communities,” said Daren K. D’Ippolito, Provident CEO.
About AXIS Capital
AXIS Capital, through its operating subsidiaries, is a global specialty underwriter and provider of insurance and reinsurance solutions. The Company has shareholders’ equity of $5.0 billion at September 30, 2023, and locations in Bermuda, the United States, Europe, Singapore and Canada. Its operating subsidiaries have been assigned a financial strength rating of “A+” (“Strong”) by Standard & Poor’s and “A” (“Excellent”) by A.M. Best. For more information about AXIS Capital, visit our website at www.axiscapital.com.
About Provident
Founded in 1902, Provident’s rich history involves the creation of custom firefighter insurance benefits in 1928. Today, Provident continues to be a pioneer in developing insurance programs for firefighters, EMS providers, municipal entities, and law enforcement. In addition, Provident provides Special Risks insurance for various volunteer and nonprofit groups. For more information about Provident, visit www.providentins.com.
Learn more about the Sourcewell contract, Provident, underwritten by AXIS Insurance Company, visit https://www.providentins.com/sourcewell.