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XL Catlin has been given the regulatory green light to provide insurance policies in the principality of Monaco.
The licence from the Monegasque Minister of State allows XL to offer its products on an admitted basis directly to local brokers and clients. According to the company it is one of the few global insurers to have obtained such a licence.
Bruno Laval, regional manager, France and Southern Europe – Insurance, said: "There is significant opportunity for us in Monaco. The financial sector represents nearly 17 percent of the gross domestic product; life sciences accounts for 50 percent of the local industry and 30 percent of the population are considered high net worth individuals.
"These are all strategic areas of focus for our business. We believe our property, liability, marine and fine art and specie solutions, as well as our global expertise, will be extremely relevant for local and global companies as well as for brokers with operations in the Principality."
XL Catlin, Insurance, Licence, Monaco, Europe