Ulysses Grundey, Senior Underwriter Financial Lines at XL Catlin’s insurance operation in Iberia, comments: “SMEs are the backbone of Spain’s economy. Despite challenging market conditions, they are performing well; 78% maintained or improved their 2014 business results in 2015.
Today individuals are increasingly held responsible for the actions of business; the recent Corporations’ Law reform is certainly improving business governance practices but it is also contributing to a more complex environment to navigate. These two factors mean that there is an increasing requirement for D&O insurance coverage and that is why we are now providing our bespoke coverage to protect directors and officers of small and mid-sized companies.”
José Ramón Morales, Country Manager at XL Catlin’s insurance operation in Iberia, added: “We have to remember that SMEs represent 99% of the Spanish economy, making up 64% of employers. With increasing regulatory oversight, high legal costs and the challenges of today’s global economy, the risks for SMEs are complex.
Our D&O policies deliver broad coverage and are written using clear language. We have designed them with an international perspective while adapting them to the Spanish market and its legal environment, resulting in customized solutions using leading global standards.”
About XL Catlin’s Insurance Operations
XL Catlin insurance companies offer property, casualty, professional, financial lines and specialty insurance products globally. Businesses that are moving the world forward choose XL Catlin as their partner. To learn more, visit xlcatlin.com.
About XL Catlin
XL Catlin is the global brand used by XL Group plc’s (NYSE:XL) insurance and reinsurance companies which provide property, casualty, professional and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. Clients look to XL Catlin for answers to their most complex risks and to help move their world forward. To learn more, visit xlcatlin.com.