A second Bermuda-headquartered insurance company has taken a high profile step into the media liability sector.

Only a week after Axis Capital bought America’s biggest media liability underwriter Media/Professional Insurance, Hiscox subsidiary Hiscox USA has announced it is licensed to provide media liability coverage to US businesses.

The insurance coverage will tap into an expanding market that includes new methods of mass communication such as blogs and podcasts as well as traditional print and broadcast media.

Specialist insurance group Hiscox has its headquarters in Bermuda.

Hiscox USA, which is part of the Hiscox Group, is now licensed to provide media liability coverage to businesses, including publishers, broadcasters, production companies, and marketing and advertising agencies.

Making the announcement Hiscox USA said its media liability coverage will be underwritten by managing director Joanne Richardson and vice-president David Hart. Both will report to Hiscox USA president Ed Donnelly, according to a report by PRNewswire.

Hiscox’s announcement follows close on the heels of Axis Capital’s statement last week that it is acquiring Kansas City-based Media/Pro, which provides insurance for media and entertainment companies to protect them against claims of slander, libel and copyright infringement.

Ms Richardson explained: “With broadcasters and publishers constantly upgrading their methods of content distribution to satisfy evolving consumer behaviours, be it via digital video, podcasting or interactive content such as blogs, content providers have never been more at risk.

“There is a clear migration toward digital distribution platforms on the part of media and entertainment companies that is exposing them to more unique copyright, defamation and libel risks.”