XL Catlin has boosted its global property insurance capacity to $500 million, an increase of 25 percent.
The company said that the increase was available on a quota share or layered basis and that it had been brought in to address more of business’s global and domestic property insurance needs.
"Globally, our clients’ property assets are critical to their operations and as technology progresses and insurable values continue to increase our coverage needs to reflect that advance, across the globe," said Tim McMahon, XL Catlin’s chief underwriting officer, global property, insurance.
Ian France, CUO of 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 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," commented 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."
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."
XL Catlin, Property, Insurance, London, Global