Initially Focused on Property Risks
XL Group today announced that it will offer Shariah compliant insurance cover to large corporate and middle market clients. Initially it will focus on Property cover, with a maximum capacity of up to USD 300 million. With this offer it is targeting markets world-wide, with the exception of the U.S. and Canada. Having established a binder relationship with Cobalt, an underwriting agency specifically created to provide Shariah compliant commercial insurance and reinsurance products, XL Group has assigned a team of underwriters to focus on these specific covers.
Jason Harris, Chief Executive International P&C insurance for XL Group, commented: “We are delighted to be the first global insurer in the London market to offer commercial Shariah compliant insurance capacity to large and middle market companies via Cobalt Underwriting. This is a growing, untapped market and as we explore other product offerings, we are looking forward to help develop it.”
“Working closely with Cobalt, which has a prominent Shariah advisory board, we are well placed to put our vast experience in Property risks to work for clients seeking this type of cover. While we expect a significant portion of the business to come in through the London market, our network, which allows us to serve clients in more than 140 countries, represents a strong asset in serving this important market segment.”
Richard Bishop, Chief Executive Officer, Cobalt Underwriting commented: “Cobalt Underwriting is excited about the prospect of working closely with XL Group on this “market changing” initiative as they have demonstrated that their capabilities are ideally placed to serve the needs of our customers throughout the globe.
“We believe that XL Group has provided the capacity needed to encourage these customers to seek Shariah-compliant Property Insurance from us, and we look forward to developing and expanding what we can offer in the future.”
The potential market is significant. In 2011 it was estimated that total global Islamic financial assets stood at USD 1.631 trillion. The global Islamic financial services industry is valued at USD 1.357 trillion and continues to defy the global economic stagnation. The Sukuk asset class grew by 77% to USD 85 billion in 2011 alone and the growth in the Islamic banking industry was put at 16.4% for the year.
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 xlgroup.com
XL Group is the global brand used by XL Group plc’s insurance and reinsurance subsidiaries.