The solution is designed to address the significant operational risk exposures financial institutions are facing today.
For this highly tailored coverage, XL Catlin offers a capacity of 100 – 300 million euros per operational risk event and can cover multiple risks per client.
Danilo Saitta, Underwriting Manager, Financial Lines for France, explains: “Financial Institutions clients are facing intense regulatory scrutiny and ever higher capital requirements and operational risk has emerged as a major concern. What clients really need is innovative solutions that respond to their operational risks and capital management with meaningful coverage limits. And this solution does that.”
“A point to note is that the coverage enables companies to optimise their use of insurance to offset capital requirements.”
Bruno Laval, Regional Manager, France & Southern Europe – Insurance, adds: “From international banks and insurance carriers to extremely active asset management firms, the financial industry in France represents 87.4 billion euros in value. The environment in which these companies are working changed dramatically in recent years and so have their insurance needs. As a major player in Financial Lines insurance, it is important that we keep bringing innovative solutions to that market.”
This solution complements XL Catlin’s existing range of insurance solutions catering to Financial Institutions, including D&O, E&O, Professional Indemnity and Cyber coverages.
About XL Catlin’s Insurance Operations
The 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 Ltd’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.