June 8, 2017 by Canadian Underwriter
Increasing property values and concern over natural catastrophe exposures in the United States and Canada were among the factors mentioned in XL Catlin’s announcement Wednesday it had extended global property insurance capacity by 25% to US$500 million.
XL Catlin reports the US$500 million global property insurance capacity is “available on a quota share or layered basis to address more of business’ global and domestic property insurance needs.”
For the U.S. and Canada specifically, “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,” notes Michele Sansone, president of XL Catlin’s North America Property business.
The new limit “allows us to readily address our clients’ requests for higher limits,” Sansone reports.
Related: Higher property values in nat cat-prone areas in U.S. hike opportunity for mega-cat losses: paper
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,” comments Tim McMahon, chief underwriting officer, global property, insurance for XL Catlin.
“In today’s global business environment we want to make sure our clients have access to the right capacity wherever they may need it,” adds Ian France, XL Catlin’s chief underwriting officer, international property.
Related: XL Catlin quadruples North American builder’s risk capacity to US$1 billion
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