XL Catlin celebrates North America construction premium boost
Bermuda-based XL Catlin’s North America Construction business has reached what the company described as a significant milestone reaching $2 billion in gross written insurance premium in the seventh year of operation.
“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,” said Gary Kaplan, XL Catlin’s North America construction leader.
“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.”
XL Catlin pointed out that the US construction industry saw more than $1.7 trillion in revenue in 2016 with more than 729,000 construction companies employing over 7.3 million people, citing US Census Bureau statistics. 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 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.”