Major insurer XL Catlin has increased its global property insurance capacity to accommodate more complex risks and rising property values around the world.
The capacity was extended by 25%, or from US$300 million to US$400 million, prompted by clients’ changing property risk management needs, according to XL Catlin chief executive Doug Howat.
“We’ve seen commercial and industrial property values rise, facilities growing more high tech, and natural catastrophe events take their toll,” Howat said.
“Our added capacity allows us to effectively address these increasing values and take more active participation in our clients’ global property protection efforts,” he added.
XL Catlin’s enhanced capacity is available on a quota share or layered basis to meet the various global and domestic property insurance needs of commercial businesses and industries.
“As businesses continue to extend their global reach, establishing operations around the world, they need cross-border insurance protection,” said Ian France, international property chief underwriting officer.
France said the added capacity makes XL Catlin a “strong insurance partner for any global business.”
Apart from the newly expanded capacity on a shared program, XL Catlin also offers capacity up to US$1 billion for clients who purchase 100% of their property insurance through its platinum property program.
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