XL Insurance and Falvey Yacht Insurance Announce New Underwriting Agreement to Provide Global Physical Damage Coverage

NEW YORK and NORTH KINGSTON, Rhode Island, Oct. 25 /PRNewswire-FirstCall/ -- XL Insurance, the global insurance operations of XL Group plc (NYSE: XL), and Falvey Yacht Insurance, a yacht insurance specialist headquartered in North Kingston, Rhode Island, today announced a new joint underwriting agreement to provide a comprehensive, global insurance program offering marine coverage for yachts and yacht charter companies.

Chris Smith, XL Insurance's Chief Underwriting Officer of Marine coverages, said: "Like XL Insurance, Falvey Yacht Insurance has built a reputation for its industry expertise.  With their experienced staff, industry knowledge, dedicated claims team, and world class state-of-the-art information systems they have distinguished themselves as a market leader for yacht coverage."

"We are very excited about our new agreement with XL Insurance," said Falvey Yacht Insurance President Shawn F. Kucharski. "We both value technical underwriting expertise and specialized claims service that can help our owners manage their risk exposures effectively.  This new agreement puts XL Insurance's solid financial ratings and marine industry experience to work with our marine underwriting expertise and specialized claims management experience."

"Together we're looking forward to a long-term relationship that provides yacht owners and charter fleets with the highest quality coverage and service available in the market," said Mr. Smith.

Available in all 50 states and around the world, Falvey Yachts provides physical damage coverage for yachts ranging in value from $100,000 to $1.5 million.  Coverage is provided through XL Specialty Insurance Company.  

Falvey Yacht Insurance specializes in yacht and charter insurance solutions, providing yacht owners with customized, global insurance coverage and local service along whatever course they are charted to sail. The Falvey "MyYacht" online tool provides yacht owners with 24-hour access from anywhere in the world to their policy information, ability to produce certificates and obtain up-to-date claim's status. Falvey Yacht's dedicated Claims Specialists assist owners through the entire claims process, from securing the vessel to quickly repairing any damage, anywhere in the world. More information about Falvey Yacht Insurance is available at www.falveyyachts.com.

"XL Insurance" is the global brand used by member insurers of XL Group plc (NYSE: XL). More information about XL Insurance is available at www.xlinsurance.com. XL Group plc, through its subsidiaries, is a global insurance and reinsurance company providing property, casualty, and specialty products to industrial, commercial, and professional firms, insurance companies and other enterprises on a worldwide basis. More information about XL Group is available at www.xlgroup.com.

SOURCE XL Insurance