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Report: AXIS, AIG, AXA XL hold largest gross exposure in Capital One breach

AXIS Capital Holdings Ltd., American International Group Inc. and AXA XL are holding the largest gross exposure to the Capital One Financial Corp. cyber breach incident, The Insurance Insider reported.

The companies may each have $25 million or more in gross exposure should the $400 million placement be exhausted. Speculations suggest that there is a possibility that the full limit will be exhausted given the scale of the breach, according to the report

Capital One previously announced that the cyber breach incident has affected approximately 106 million individuals in the United States and Canada, which includes approximately 140,000 social security numbers of its credit card customers, about 80,000 linked bank account numbers of its secured credit card customers and approximately 1 million social insurance numbers of its Canadian customers.

American International Group has a total gross exposure of $35 million; writing a primary $15 million, a $10 million share through its Bermuda-based subsidiary and another $10 million line through Validus. AXA XL has a total gross exposure of $25 million and AXIS Capital reportedly has more than $40 million in total gross exposure on the Marsh-brokered placement, including exposure it holds through its participation on the Marsh Echo cyber excess facility.

Other participants in the Echo facility include Aspen, Hiscox Ltd., Barbican Group Holdings Ltd., Beazley PLC, AmTrust Financial Services Inc. and W. R. Berkley Corp., the news outlet reported.