The revised policy, known as "A PLUS D&O Advantage", was launched today at an XL broker reception in Bermuda. It is a further development of the "A PLUS D&O" product line which launched in November 2004.
"A PLUS D&O Advantage" still provides primary coverage or excess and difference- in-conditions coverage above an existing D&O liability policy. The re-vamped policy includes many improved features, such as the elimination of the exclusions section, coverage for extradition costs and the provision of blanket coverage for outside directorships of non-profit and privately-owned for profit entities. These new features are in addition to the broad coverage already available under XL's existing "A PLUS D&O" family of products.
Mr. John Glancy, Chief Underwriting Officer of XL's Global Professional operations, said: "XL's continued leadership in the global professional lines market is largely due to our commitment to our customers. This revised policy is part of our response in providing our customers with a product with very broad coverage that better suits their needs. We continue to be dedicated to this market segment and its ever-changing needs, backed by XL's financial strength and superior ratings (A+ from A.M. Best and S&P)."
Ms. Sherron Williams, Chief Underwriting Officer for Professional Lines, Bermuda, said: "Our goal is to offer a viable and practical policy for our customers who are looking for guaranteed assurance during a time of need. The newly expanded "A PLUS D&O Advantage" policy gives our customers more options than any of our existing "A PLUS D&O" family of policies. With enhanced coverage definitions, reporting and payment features, this policy is one of the most comprehensive products in the market."
XL Capital Ltd, through its operating subsidiaries, is a leading provider of insurance and reinsurance coverages and financial products to industrial, commercial and professional service firms, insurance companies, and other enterprises on a worldwide basis. As of December 31, 2006, XL Capital Ltd had consolidated assets of approximately $59.3 billion and consolidated shareholders' equity of approximately $10.1 billion. More information about XL Capital Ltd is available at www.xlgroup.com.