AXIS Capital Holdings is enacting a policy designed to ensure a more diverse base for its supplier networks.

The Bermuda-based specialty insurer and reinsurer said its new Supplier Diversity Policy calls for working with certified Diverse Business Enterprises in its procurement process.

“Our commitment to advancing diversity, equity and inclusion extends beyond our practices within AXIS and also applies to how we manage our supplier network,” Albert Benchimol, President & CEO of AXIS, said in prepared remarks. “Our focus on engaging Diverse Business Enterprises both aligns with our values and should help create business partnerships that enrich our knowledge and perspective and ultimately advance our strategic priorities.”

The AXIS Supplier Diversity Policy aims to broaden its pool of suppliers to include for-profit Diverse Business Enterprises based in the U.S. or Canada that are at least 51 percent owned, controlled and operated by one of more of the following groups: disabled, LGBTQ+, minority, veterans, service-disabled veterans or women. Qualifying suppliers are also required to provide and maintain a valid certification of diverse-ownership status.

“By increasing business opportunities for diverse suppliers, we can enhance our products and services and provide more value to our customers,” said Tony Filippone, Chief Procurement Officer of AXIS. “We look forward to partnering with DBEs that share our passion for client service.”

The launch of the Supplier Diversity Policy is the latest in a series of actions AXIS is taking as part of a broader AXIS Corporate Citizenship program, which the company notes aims to address environmental, social and governance (“ESG”) issues, with environment and diversity and inclusion as core focus areas.

Source: AXIS Capital Holdings