The new product, known as "A PLUS Independent", is being offered on an excess difference-in-conditions basis with a total limit of $50 million.
Richard Banas, Chief Underwriting Officer for XL Professional Lines, said: "The XL Professional Lines underwriting strategy coincides with that of our customers' needs and wants. In this case, 'A PLUS Independent' was drawn up based on customers' enquiries for a product tailored for their independent directors as an extension of existing D&O products. This product will respond regardless of the limit available on a standard D&O program, thereby providing independent directors with the added security they are looking for."
Sherron Williams, SVP, Professional Lines, XL Insurance (Bermuda) Ltd, added: "'A PLUS Independent' is a product solely to serve and protect the unique needs of independent directors and ultimately assists our customers in attracting and retaining talented leaders."
"A PLUS Independent" is a further development of the "A PLUS D&O" product line launched last November.
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 March 31, 2005, XL Capital Ltd had consolidated assets of approximately $50.9 billion and consolidated shareholders' equity of approximately $7.8 billion. More information about XL Capital Ltd is available at www.xlgroup.com.