LONDON and NEW YORK, Sept. 7, 2016 /PRNewswire/ -- To accommodate increasing property values around the world and more complex risks, XL Catlin extended its global property insurance capacity to USD 400 million, a more than 25 percent increase from its previous USD 300 million capacity. XL Catlin's enhanced capacity is available on a quota share or layered basis to meet a wide variety of commercial businesses and industries' global and domestic property insurance needs.
According to Doug Howat, XL Catlin's Chief Executive, Energy, Property, & Construction, "Our clients' property risk management needs are changing. We've seen commercial and industrial property values rise, facilities growing more high tech, and natural catastrophe events take their toll. Our added capacity allows us to effectively address these increasing values and take more active participation in our clients' global property protection efforts."
Ian France, Chief Underwriting Officer, International Property, added: "As businesses continue to extend their global reach, establishing operations around the world, they need cross-border insurance protection. Our added capacity and ability to provide property insurance in more than 200 countries makes us a strong insurance partner for any global business."
Michele Sansone, President of XL Catlin's North America Property business noted: "XL Catlin has built a distinct reputation for addressing the insurance needs of high-risk property, locations that are inherently risky because of the nature of their operations or particularly exposed to natural forces such as hurricanes, earthquakes, and floods."
In addition to offering its new USD 400 million of property insurance capacity on a shared program, XL Catlin offers capacity up to USD 1 billion for clients who purchase 100 percent of their property insurance through XL Catlin's Platinum Property program. XL Catlin's property coverage is delivered by a dedicated team of underwriters, risk engineers and property claims managers who specialize in addressing large, complex property risks.
About XL Catlin Insurance Operations
XL Catlin insurance companies offer property, casualty, professional, financial lines and specialty insurance products globally. Businesses that are moving the world forward choose XL Catlin as their partner. To learn more, visit xlcatlin.com.
About XL Catlin
XL Catlin is the global brand used by XL Group ltd.'s (NYSE: XL) insurance and reinsurance companies which provide property, casualty, professional and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. Clients look to XL Catlin for answers to their most complex risks and to help move their world forward. To learn more, visit xlcatlin.com.
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SOURCE XL Catlin