London, UK – 08 November, 2011 – The insurance segment of XL Group plc (“XL”) (NYSE: XL) today introduced new policy wording called NextPro: Commercial Management Liability Insurance. The new policy wording provides superior cover with clarity, and brings innovation while remaining true to the nature of the insurance cover primarily designed to protect individual directors and officers.
New benefits as part of the policy include Excess Protection for the Parent Company Board – something that is unique in today’s environment. Other key covers include: • Investigation Costs • Regulatory Crisis and Crisis Consultant Costs • Fines & Penalties – where insurable, including exposures such as the Foreign Corrupt Practices Act, the Sarbanes Oxley Act and the UK Bribery Act • Extradition proceedings and Prosecution Costs (relating to restrictions on insured assets and liberty) • Personal Liability of Insured Persons for Corporate Taxes – in case of liquidation or receivership
Cristiana Báez-Safa, Chief Underwriting Officer, Commercial Risks, International Professional said: “Excessive legal costs, increasing regulatory challenges, the current financial crisis and globalisation mean that today’s executives face increasingly complex risks. To best address these needs, we felt it important to modernize and update our D&O Commercial Risk policies. The updated policy wording provides clarity to XL customers, allowing their management to operate in today’s complex business environment.”
XL, through its various operating subsidiaries, can provide capacity of up to £25 million for commercial management liability and the policy is available to all industry sectors in both privately and publicly held companies.
About XL Group plc, 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, Dublin2, Ireland. To learn more, visit www.xlgroup.com