XL Catlin adds a cyber solution to its Casualty insurance offering in Spain, Switzerland, Germany and the Nordic region
Zurich, Switzerland - December 20, 2016
XL Catlin’s insurance operations today announced the extension of its Casualty insurance offering to include a cyber solution. The extension will be available in Spain, Switzerland, Germany and the Nordic regions, and is designed for mid-sized and large companies that don’t require a stand-alone cyber solution.The new solution covers both first party losses and third party liabilities stemming from a cyber incident and protects from the risks associated with data management and data safety as well as the impacts of a network breach. If, for example, credit card data is stolen from a client’s computer system, the extension would cover the damages to customers as well as the cost to the client of remedying the breach.Two levels of protection are available to clients to meet their specific needs. Extension Cyber I offers a capacity of 1.5 million EUR, Extension Cyber II offers a capacity of 5 million EUR.Daniel Maurer, Chief Underwriting Officer International Casualty, Insurance, explains: “Companies globally of all sizes are increasingly vulnerable to targeted cyber-attacks. The number of spear-phishing campaigns targeting employees, for instance, increased 55 percent in 2015.”He added: “With Extension Cyber I & II, we can now offer mid-sized and large clients in Spain, Switzerland, Germany and the Nordic region with a cyber coverage tailored to their particular needs.”This extension complements XL Catlin’s existing stand-alone Cyber & Data Protection policy, managed by its International Financial Lines team.About XL Catlin’s Insurance OperationsXL Catlin insurance companies offer property, casualty, professional, financial lines and specialty insurance products globally. Businesses that are moving the world forward choose XL Catlin as their partner. To learn more, visit xlcatlin.com.About XL CatlinXL Catlin is the global brand used by XL Group Ltd’s (NYSE:XL) insurance and reinsurance companies which provide property, casualty, professional and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. Clients look to XL Catlin for answers to their most complex risks and to help move their world forward. To learn more, visit xlcatlin.com.
Tom ElserCommunications & Marketing Senior Associate