To help establish our leadership in future growth markets, as well as help clients to address new risks as they emerge, AXIS is continually working to maintain and expand our role as a trusted expert in specialized areas.
This focus has led to the establishment of Centers of Excellence (CoEs) in areas such as cyber risk and renewable energy. The CoE concept builds upon our team’s extensive underwriting and cybersecurity industry expertise in these emerging areas of risk, as well as our ability to educate our clients and partners and to bolster the value that we deliver. Through CoEs, we also partner with respected industry influencers and researchers to create a better-informed and prepared marketplace. We believe this effort is vital to AXIS’ ability to ensure relevance and deliver profitable growth in the insurance industry of tomorrow.
Cyber Risk
As businesses worldwide are plagued by a dynamic threat landscape and a rising number of attacks, they face a growing need to insure against cyber and technology-related losses, which amount to hundreds of billions of dollars globally. AXIS has differentiated itself via our leadership in helping clients understand and better navigate the potential hazards associated with cyber and technology-related dangers. In addition to offering comprehensive commercial insurance protection and mitigation solutions for tangible and intangible assets, we offer educational programs and courses and cyber advisory services led by our team of experts. Our acknowledged leadership in cyber risk also can have a halo effect, distinguishing the Company in other lines of business as well.
In April 2018, we launched the AXIS Cyber Insurance Center of Excellence, a global resource for cyber insurance solutions, insurance innovation, consulting services, education and mentorship focused on improving brokers’ and insureds’ understanding of cyber risk. Educating the marketplace is a vital step in mitigating cyber risk, and a key goal of the Cyber CoE. In 2018, AXIS was recognized by GCHQ, one of the three intelligence and security agencies in the United Kingdom, as a Certified Training provider for our course on “Understanding Cybersecurity and Insurance,” which is offered to insureds and brokers. Certification from GCHQ helps individuals and businesses find trusted, high-quality training. Our Cyber CoE also hosted AXIS Cyber INCYTE, the first in a series of global events bringing together clients, brokers, academics and security experts for a day of education and collaboration around cybersecurity and cyber insurance.
Additionally, we consolidated all of our cyber offerings into a new Global Cyber and Technology unit in November. Housed within our AXIS Insurance Professional Lines Division, the new unit unites our U.S. Cyber, Technology, Media and Professional Liability businesses in a single group. This allows us to serve clients globally with a comprehensive suite of cyber and technology insurance capabilities, underwriting expertise and claims services.
The AXIS Global Cyber and Technology unit focuses our team of specialized experts, strong underwriting discipline, access to capacity, and innovative spirit to address the global problem of cyber threats. We aim to continue to set industry standards and further grow our leadership position as a cyber insurance carrier of choice in the global markets.
Renewable Energy
With the global focus on electrification and reducing carbon emissions, renewable energy sources such as solar, wind and other alternatives have proliferated. As the world increasingly moves toward a renewable energy future, there is potential for insuring related risks and growing our business accordingly. Consequently, AXIS was an early entrant into the market for assessing and insuring risks for renewable energy producers and distributors.
In 2018, we were one of the leading insurers in the sector. AXIS is fully committed to the continued growth of the renewables business, as a leading insurer in both wind and solar projects globally, and particularly in North America, where we work with a large number of the major solar developers.
AXIS is considered one of the largest insurers of offshore wind and we are proud to be one of the only insurers to participate in both of the major East Coast offshore wind farms in North America, the Block Island and Coastal Virginia projects.
Additionally, AXIS has been a thought leader in helping to clarify the responsibilities that should be assumed by manufacturers of renewable energy systems, versus the risks borne by our insureds, such as developers, independent power producers, lenders, investors, and other financial parties.
AXIS’ strong position in the renewable energy market is based on our unparalleled experience and the fact that we are an actual insurance carrier, as differentiated from competitors that are managing general agents. This gives us the ability to devote our deep industry knowledge and underwriting expertise, capital resources and claims processing ability to the needs of our clients and partners, providing stable solutions and financial security.