XL Catlin's North America Construction insurance business achieves $1 billion premium milestone
NEW YORK, Nov. 3, 2015 /PRNewswire/ -- XL Catlin's North America Construction business has reached a notable milestone – celebrating its fifth year in operation and reaching $1 billion in construction insurance premium.
"At a time when the construction industry was struggling from an economic downturn, XL Catlin made an investment in developing a dedicated Construction business focused on providing the effective risk management guidance, services and insurance products to contractors when they needed it most," said Gary Kaplan, XL Catlin's North America Construction Leader. "Now, with commercial construction activity rebounding, we're equipped with the insurance industry's most astute construction risk management team and construction insurance product portfolio to help our construction clients maintain their forward momentum."
"Since the beginning, we've focused on building long-term relationships with contractors, clearly understanding their changing business needs and providing them with products and services that help them protect their profitability, maintain a competitive edge and improve safety on the jobsite," said Mr. Kaplan. "Our clients' business success is what drives our business success."
According to Mr. Kaplan, another factor that has driven XL Catlin and their clients' success is his team's ability to help contractors address the construction industry's most pressing risk issues which include:
- Mega-projects: According to Mr. Kaplan, "What we're seeing now is a lot more mega-projects, with values exceeding $1 billion, with many valued at up to $5 billion. These projects are inherently complex and require considerable insurance capacity."
- All Construction lines with one insurer: Having one insurer provide all lines of coverage is a critical differentiator. If a claim is incurred, there is no 'gray area' with coverage clarity and certainty.
- A Talent shortage: "Finding the right people is a big challenge for contractors today," said Scott Merchant, XL Catlin's Construction Risk Engineering Leader. "With a skilled labor and management talent shortage, and the nature of the construction work highly hazardous, it's important that contractors secure the right people, with the right training, to avoid exposure to construction defect claims and injuries. Through its Construction Risks Engineering team, XL Catlin offers loss control assistance which among other services includes: web-based tools and training, driver and fleet programs, and safety compliance training in both English and Spanish.
- Innovative Products: Construction industry needs change and XL Catlin is committed to delivering innovative products to address the market needs. Different construction delivery requires different insurance considerations. For one, Public-Private Partnerships (P3s) have piqued interest in the US, and have already shown some success in Canada. "Comprehensive insurance and risk management strategies, like XL Catlin's award-winning, proprietary P3 Plus product is designed to help keep P3s, and the contractors involved, on a profitable path to success," said Mr. Kaplan. "The product incorporates insurance coverage for the operations and maintenance phase of the project, a consideration which most contractors never had to consider before."
XL Catlin launched North America Construction business in 2010, Today, the business unit includes dedicated construction underwriters providing primary casualty, excess casualty, builder's risk, wrap ups, pollution & professional, and subcontractor default insurance coverages, accompanied by risk engineering services to help clients' loss prevention, safety efforts and delivering construction claims expertise.
About the XL Catlin Insurance Operations
The 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 plc'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.
SOURCE XL Catlin
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