Bermudian insurer and reinsurer Axis Capital Holdings has staked its claim to seize a share of the emerging cyber-insurance market.

The company today announced the launch of the Axis Cyber Centre of Excellence, which will be led by Dan Trueman, global head of cyber at Axis.

“The Axis Cyber Centre of Excellence is the specialty insurance industry’s premier global resource for mentorship, education, consulting services and solutions to help improve brokers’ and insureds’ understanding of the cyber-risk environment so they can effectively manage the totality of their cyber-risks,” Mr Trueman said.

“Housing our global cyber products and solutions, the Axis Cyber Centre of Excellence will leverage the Axis Cyber team’s underwriting expertise to help clients more effectively manage the dynamic environment of their cyber-risks.”

The statement from Axis added that the threat of cybercrime and cyberattacks cost companies $445 billion per year.

Axis added that the venture will provide a broad range of commercial insurance protection and mitigation solutions for tangible and intangible assets, relating to global cyberthreats and attacks.

Matthew Fosh, executive chairman, Europe, for Axis, will serve as chairman of the Axis Cyber Centre of Excellence.

“Through the Axis Cyber Centre of Excellence, we are taking a holistic approach to helping our clients and partners solve their existing and emerging cyber-risks,” Mr Fosh said.

“Mitigating any risk begins with education, and that is the basis from which we have built the Axis Cyber Centre of Excellence – a resource to brokers and insureds to improve their understanding of the cyber-risk environment and arm them with solutions for mitigating those risks.”

Axis said the centre would provide clients with:

• Access to risk assessment modeling tools.

• Access to internationally recognised and accredited cyber-education courses.

• Data-driven research and reports that analyse and assess the cyber-risk landscape.

• Risk advisory consulting services to help companies prepare for, and respond to, cyber events;

• Access to mentoring, training and education offerings, including simulated breach incident training and customised training and facilitation programmes.

• Cyber-risk advisory consulting services, including pre-breach preparedness services; threat intelligence offerings; table-top crisis management exercises; risk and maturity assessments; and an executive cyber assessment programme.

• Dan Trueman can be contacted at dan.trueman@axiscapital.com