Multipass is a global admitted commercial umbrella solution that combines an international controlled master programme with an umbrella liability policy
AXA XL has introduced a new product called Multipass to help multinational businesses domiciled in the US to address their tax/compliance regulations and contractual obligations.
According to the Axa subsidiary, Multipass is a global admitted commercial umbrella solution that combines an international controlled master programme with an umbrella liability policy.
The product is being offered through a collaboration between AXA XL’s Global Risk Management (GRM) and North America Excess Casualty units.
AXA XL GRM multinational casualty head Stefan Homberger said: “Businesses are often required to evidence admitted local General Liability coverage above the primary liability limits. Multipass allows organizations to comply with these excess requirements under the global admitted commercial umbrella program.”
The new product is claimed to give a seamless global solution to clients by offering higher limits under the same local policy where AXA XL has the license to provide admitted coverage.
Written on local admitted paper for the country where requested, the new solution is said to create a more efficient end-to-end process for the client.
AXA XL said that its multinational casualty team will offer coordinated claims handling services apart from making local payments up to the policy limit for covered losses.
Multipass to improve efficiencies for multinational clients
AXA XL North America excess casualty senior product line manager Nicoletta George said: “This combined product offering will enhance efficiencies for multinational clients, streamlining administrative operations and ensuring compliance with local jurisdictional requirements.
“Simply evidencing available capacity under a U.S. umbrella policy is no longer an acceptable solution for some of our global clients. By leveraging local expertise and the comprehensive resources at AXA XL, we are now able to provide a truly global solution for the client.”
Earlier this year, AXA XL closed its previously announced merger of AXA Corporate Solutions (ACS) and AXA ART with XL Insurance (XLICSE).
AXA XL was formed as a new unit following the $15.3bn merger of French insurer Axa and Bermudian insurance and reinsurance firm XL Group in 2018. The Axa subsidiary is engaged in providing solutions and services pertaining to large property and casualty (P&C) commercial lines and specialty risks.