XL Catlin launches a new operational risk insurance solution
(London, uk) - July 07, 2015
XL Catlin today announced the launch of anew insurance solution to help financial institutions implement capital structuresto fully support their business needs. XL Catlin has done this at a time when financialinstitutions around the world are facing increased regulatory and financial pressures,forcing them to change the way they assess and manage their operational risks. Aswell as addressing significant operational risk exposures, the insurance mayalso act as an instrument to boost regulatory capital and offset economiccapital requirements.
Gerard Bloom, Chief Underwriter Officer Financial Institutionsexplained: “Our Financial Institutions clients tell us that they need theinsurance market to find innovative solutions for their operational risks andcapital management.Our depth ofexpertise in both operational risk and financial lines underwriting combinedwith significant capacity means we can help them with even the most substantialrisks.
“Essentially the solution helps business leaders put the right capitalstructure in place to support their businesses effectively. Being able to buildinsurance into both capital models and internal financial reports also helpsleaders discharge their Pillar 2 obligations by ensuring the right strategiesare in place to manage their risk.”
Angelos Deftereos, Senior Underwriter, Operational Risks commented:“Because each firm’s profile is different, when it comes to insurance, one sizedoes definitely not fit all. Each solution reflects the firm’s risk as theythemselves have articulated it, using their own terminology, and understandingof their operational risk. These highly tailored and specific solutions aredesigned to provide absolute clarity of coverage giving operational riskpractitioners and regulators the confidence that they will work as intendedwhen needed. Combined with our large capacity of $100 million - $300 millionper operational risk, and the ability to cover multiple risks per client, ourflexibility in crafting customized coverage allows us to develop solutionsmeaningful to even the largest financial institutions.
Aboutthe XL Catlin Insurance Operations
The XL Catlin insurancecompanies offer property, casualty, professional, financial lines andspecialty insurance products globally. Businesses that are moving the worldforward choose XL Catlin as their partner. To learn more, visit xlcatlin.com.
About XL Catlin
XL Catlin is the global brand used by XL Groupplc’s (NYSE:XL) insurance and reinsurance companies which provideproperty, casualty, professional and specialty products to industrial,commercial and professional firms, insurance companies and other enterprisesthroughout the world. Clients look to XL Catlin for answers to their mostcomplex risks and to help move their world forward. To learn more, visit xlcatlin.com.