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XL Group launches five Insurance Products for Financial Institutions in Ireland

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XL Group has launched a new suite of five products for financial institutions, designed specifically to respond to the increasingly complex risks they face.

The suite comprises the following solutions: Comprehensive Crime Insurance, Civil Liability Insurance, Directors & Officers Liability Insurance, Private Equity/Venture Capital Liability Insurance, and Investment Management Insurance.

Speaking about the products, David Gallagher, XL Group’s Country Manager for its insurance operation in Ireland said: “What’s new and interesting about these products is that they take into account how, over the last decade, the financial industry has changed significantly. And these changes have become more pronounced with continuing uncertainty in financial markets and increased regulations.

“Financial institutions now have far greater reliance on IT infrastructure for services and distribution, and the insurance industry has generally been slow to adapt policies to these changing exposures. Our policies seek to address this situation"

“Also they set out in black and white a commitment to minimum service standards. These include claims handling and responsiveness, as well as a built-in confidentiality agreement.”

Many of the policy enhancements have been driven by input from clients and brokers. XL Group has deliberately kept the language clear and concise while at the same time making the coverage more relevant to the industry’s specific needs.

More information on the solutions:

Comprehensive Crime Insurance – covers companies for infidelity of employees, documentary fraud, cyber fraud, physical loss or damage, extortion, and fees and expenses, including costs relating to a data breach.

Civil Liability Insurance – covers companies and their employees for loss, defence costs and investigation costs (including, where insurable, for breach of obligations imposed by the Prevention of Corruption Acts) mitigation costs and regulatory crisis costs arising out of their legal liability to third parties while performing professional services.

Directors & Officers Liability Insurance – covers individual directors and officers in respect of actual or alleged wrongful acts in their capacity as directors or officers of the company (or another board on which they serve at the request of the company), the company for reimbursement if it indemnifies those directors and officers, and the company for securities claims against it.

Private Equity/Venture Capital Liability Insurance – covers the company (including parent company, holding companies and subsidiaries), funds and their general partners for their civil liability and directors and officers liability.

Investment Management Insurance – covers the investment manager and the fund(s) for their civil liability, directors and officers liability, and crime.

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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. Its principal offices are located at No.1 Hatch Street Upper, 4th Floor, Dublin 2, Ireland. To learn more, visit www.xlgroup.com

XL Group is the global brand used by XL Group plc’s insurance and reinsurance subsidiaries.

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