XL Group today announced that together with Cobalt Underwriting - the specialist Shariah compliant managing general agency - it has launched the first Shariah compliant product to be available through Lloyd’s of London.
The cover is an Equine product which responds to named perils, mortality, theft, infertility and permanent disability, amongst other risks.
The need for Shariah compliant Equine insurance coverage has never been greater; horses are frequently moved around the globe participating in a full calendar of events. Many of these horses are highly prized, crowd drawing Arabian stallions coming from long and distinctive blood lines.
Richard Bishop, Chief Executive Officer, Cobalt Underwriting said: “We are delighted to be able to offer the first Lloyd’s Shariah compliant product and provide our clients with access to secure Shariah compliant insurance coverage in what is a very specialised and exciting market. It is also another clear sign of the London market’s ability to deliver innovative products that meet the changing needs of clients across the world in the way they want them to be both structured and delivered.”
Guy Morrison, Chief Underwriting Officer, Equine at XL Group said: “Today the movement of horses is supported by a highly specialised shipment and logistics industry. But travel, with varying climate and handling conditions, exposes these animals to a raft of risks.”
Mr. Morrison continued: “Until now, owners, especially those of Arabian horses, have not had the opportunity to insure their treasured animals in a Shariah compliant manner. We hope this coverage will give owners the reassurance that their horses are well covered when participating and supporting the vibrant equine industry at events around the world.”
Lloyd’s Director of Global Markets, Vincent Vandendael said: “It’s very positive progress to see the Lloyd's market providing its first Shariah compliant insurance coverage. Takaful insurance products are an important offering to our customers and business partners in a growing number of markets around the world. It is great to see the market adapting to our customers’ needs and innovating with new products such as this. Lloyd’s unique structure means we are ideally equipped to provide Shariah compliant insurance and reinsurance as we continue to expand globally.”
About XL Group plc’s Insurance Operations
XL Group plc’s insurance companies offer property, casualty, professional and specialty insurance products globally. Businesses that are moving the world forward choose XL as their partner. To learn more, visit xlgroup.com/insurance.
About XL Group plc
XL Group plc (NYSE:XL), through its subsidiaries, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. XL is the company clients look to for answers to their most complex risks and to help move their world forward. To learn more, visit www.xlgroup.com
XL Group is the global brand used by XL Group plc’s insurance and reinsurance subsidiaries.