The announcement comes as XL prepares to host the XL Congress in Boston, the first global risk event of its kind that XL has held in the US, as part of its 20th anniversary celebrations.
According to Richard Corbett, Chief Environmental Underwriter for XL Insurance's Global Environmental unit: "The MassBRAC program uses pioneering strategies, such as subsidies for brownfields insurance, to encourage the clean up and redevelopment of properties. We are pleased that MassBRAC recognizes XL Insurance's capabilities and experience as a qualified insurance provider for this innovative program and are proud to participate in the program."
"MassBRAC participants will benefit from the knowledge, claims handling experience and service commitment that XL Insurance has acquired over the last two decades while insuring brownfields redevelopment projects nationwide," Mr. Corbett added. "MassBRAC's foresight to pre-qualify insurance carriers to assure quality insurance coverage is also beneficial for those businesses who take advantage of this program."
Through its brownfields insurance program, MassBRAC subsidizes a developer's purchase of environmental insurance by 50 percent of the purchase price or up to $50,000 for private projects, and up to $150,000 for public, municipal and government projects. As a qualified provider in the program, XL Insurance will provide coverage for loss, remediation expense and legal defense that may result from sudden and gradual pollution conditions at or from covered locations.
"XL Insurance" is the global brand used by member insurers of the XL Capital Ltd group of Companies. XL Capital Ltd, through its operating subsidiaries, is a leading provider of insurance, reinsurance coverages and financial products and services to industrial, commercial and professional service firms, insurance companies, and other enterprises on a worldwide basis. As of June 30, 2006, XL Capital Ltd had consolidated assets of approximately $58.5 billion and consolidated shareholders' equity of $8.5 billion. More information about XL Capital Ltd is available at www.xlgroup.com.