AXIS Capital Holdings Limited’s AXS specialty insurance business segment, AXIS Insurance, has formed a strategic partnership with cyber security company Elpha Secure, in a bid to provide software protection to small businesses.
Elpha Secure, founded in 2018, is a NY-based cybersecurity company. It provides complete cybersecurity solutions to help reduce the impact of cyber threats for small- and medium-sized enterprises. It detects and mitigates potential threats based on system monitoring and analytics, and enables secure remote access to all assets using two-factor authentication.
In a bid to improve the cyber security of small businesses, this partnership can furnish them with cyber insurance and software protection. The cybersecurity company offers a Software as a Service (SaaS) application known as Elphaware which can minimize the risk of common cyber threats. It can provide small and micro businesses with cyber security tools and protections that are expected in today’s marketplace.
Elphaware furnishes its users with fundamental cyber protection from social engineering and malware attacks such as ransomware, and enables small businesses to recover quickly in the event of an incident.
The software will secure encrypted backups of critical data, restore compromised systems quickly, create a Virtual Private Network, and detect insider threat and anomaly.
This partnership will not only protect the businesses from cyber criminals but also enhance the Insurance segment of the property and casualty insurer. This segment offers a diverse portfolio of specialty insurance products to a variety of niche markets on a worldwide basis.
Axis Capital’s lines of business include Professional Lines which provide cyber and privacy insurance. Professional lines, along with other lines of business, contribute a major share of the company’s premium income, driven by new business, favorable rate change and an increase in credit and political risk due to premium adjustments.
Axis Capital makes sure that its customers have much better cyber hygiene. It has partnered with a number of tech companies to ensure that the clients are better educated about cyber risk prevention and recovery.
Shares of this Zacks Rank #3 (Hold) company have gained 44.2% in the past year, compared with the industry’s increase of 30.4%.
Stocks to Consider
Investors interested in property and casualty industry may look at Fidelity National Financial FNF, Cincinnati Financial CINF and Alleghany Y, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Fidelity National’s bottom line surpassed estimates in each of the last four quarters, the average beat being 41.36%.
Cincinnati Financial surpassed earnings estimates in two of the last four quarters, with the average surprise being 4.10%.
Alleghany’s bottom line surpassed estimates in two of the last four quarters (missed in the other two), the average beat being 34.08%.
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Cincinnati Financial Corporation (CINF) : Free Stock Analysis Report
Axis Capital Holdings Limited (AXS) : Free Stock Analysis Report
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Alleghany Corporation (Y) : Free Stock Analysis Report
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