NEW YORK, July 17, 2017 /PRNewswire/ -- XL Catlin's North America Construction business has reached a significant milestone – celebrating its seventh year in operation and achieving USD 2 billion in gross written insurance premium.
According to Gary Kaplan, XL Catlin's North America Construction Leader, "In 2010, at a time when the construction industry was struggling from an economic downturn, XL Catlin invested in building a dedicated insurance business focused on delivering the effective risk management guidance, services and insurance products to North America's top contractors when they needed it most. Now, with commercial construction activity in full swing, our clients are clearly seeing the benefits in working with the market's experienced construction risk management team to help maintain their forward momentum. Our significant premium climb – doubling our GWP in just about 18 months – is proof."
The construction industry saw more than USD 1.7 trillion in revenue in 2016 with more than 729,000 construction companies employing over 7.3 million people, according to U.S. Census Bureau statistics. And the good news is that the industry has emerged out of its recent slump and is showing continued signs of growth. A recent Dodge Data & Analytics survey predicts a 5 percent growth in construction start-ups in 2017.
"Construction risks are complex and very few insurance carriers have the ability to comprehensively address these risks. But I'm proud to say that we do," said Mr. Kaplan. "Our success in such a short period of time hinges on this team's ability to build long-term relationships with contractors, clearly understanding their changing business needs and issues they face and providing them with products and services that help them protect their profitability, maintain a competitive edge and improve safety on the jobsite."
Read more of Mr. Kaplan's thoughts in Insuring Construction's Complex Risks.
XL Catlin's North America Construction insurance business includes dedicated construction underwriters providing primary and excess casualty, professional liability, builders risk, wrap ups, subcontractor default, and pollution insurance, accompanied by risk engineering services to help clients' loss prevention and safety efforts and construction claims expertise.
About XL Catlin's 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 (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.
SOURCE XL Catlin