NEW YORK and LONDON, June 7, 2017 /PRNewswire/ -- XL Catlin today announced that is has extended its global property insurance capacity by 25 percent to USD 500 million, available on a quota share or layered basis to address more of business's global and domestic property insurance needs.
"In the US and Canada, increasing property values, more investment activity in industrial and commercial property, and added concern about natural catastrophe exposures are prompting our clients to seek more insurance protection," according to Michele Sansone, President of XL Catlin's North America Property business. "Our new limit allows us to readily address our clients' requests for higher limits from a team they trust."
Ms. Sansone added: "Our underwriters, property risk engineers and claims specialists have built a strong market reputation, particularly for their collaborative, hands-on approach in helping our clients protect their high risk properties."
Ian France, Chief Underwriting Officer, International Property, said: "In today's global business environment we want to make sure our clients have access to the right capacity wherever they may need it. Serving clients in over 200 countries, we believe this additional capacity reflects our ongoing commitment to our clients."
In addition to offering its new USD 500 million of property insurance capacity on a shared program, in the US, 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