XL Insurance, the global insurance underwriting operations of XL Group plc announced an increase in its property insurance capacity from $600 million to $750 million.
According to Joseph Tocco, head of XL Insurance’s North America Property unit, “More businesses are showing a preference to work closely with one carrier to achieve a much more coordinated approach to protecting their properties, wherever they operate. It’s a smart approach for businesses looking for consistency in their risk management efforts and it also allows a carrier like XL to really get to know the operation and the individual facilities which, of course, can only translate to more effective protection.”
Up to $750 million in property capacity is now available to businesses who buy 100% of their property coverage from XL Insurance. Available coverages include property damage & Business Interruption on a Named Perils and All Risks basis, with significant global wind, flood and earthquake capacity available.
“With this added capacity, we have extended our ability to address 100 percent of many more businesses’ commercial property insurance needs,” said Mr. Tocco. “We are well equipped to take on the role of sole risk management partner to more businesses providing the insurance capacity they need along with global loss prevention consulting and claims management services which provide their own advantages.”
As a result of XL Insurance’s reputation for handling complex risks, XL’s property clients represent a broad range of industries, including manufacturing, healthcare, financial services, specialty chemicals, high technology, commercial real estate, hospitality and retail businesses. Accompanying loss prevention services provided by XL’s loss prevention consulting firm, XL GAPS, with XL Insurance property coverage includes natural resource analysis, infrared services, Boiler & Machinery loss prevention services, as well as jurisdictional and code consulting. For businesses operating abroad, XL Insurance also offers global fronting services in more than 100 countries.
About XL Insurance
XL Insurance is the global brand used by XL Group plc's insurance companies and underwriting divisions offering property, casualty, professional and specialty insurance products throughout the world. More information about XL Insurance is available at www.xlinsurance.com.