XL Catlin launches five new financial institutions insurance solutions in Iberia
Madrid, Spain - February 28, 2017
XL Catlin’s insurance operation in Iberia today announced that it is launching five new insurance solutions for financial institutions. The coverage is for Directors & Officers Liability, Civil Liability, Comprehensive Crime, Private Equity / Venture Capital Liability and Investment Management. Estefanía Taboada, Head of International Financial Lines for XL Catlin’s insurance operation in Iberia, commented: “Spain’s financial sector is undergoing significant change and transformation in response to a challenging economic environment and increased regulatory pressure. Financial institutions continue to make significant strides toward increased profitability, greater capital efficiency and enhanced operational performance. Effectively managing and mitigating risk is an essential component of these efforts, and an informed, experienced and innovative insurance partner can play a key role in helping financial institutions unlock attractive opportunities and manage challenges.” XL Catlin has taken a fresh look at the coverages and risks financial institutions encounter today and have designed a suite of products to address their changing and ongoing needs. These solutions provide: Directors & Officers Liability: Our enhanced D&O cover for financial institutions includes several extensions to protect directors and senior executives against a wide range of exposures for which they can be held personally liable such as: • Costs associated with a regulatory crisis or emergency / insolvency hearing. • Personal liability for corporate taxes. • Fines and penalties with no sub-limit. Civil Liability: Key features include: • Broad cover for loss, defence costs and investigation costs. • Mitigation payments. • Regulatory crisis costs. Crime: Key features include: • Broad cover for dishonest, fraudulent, malicious and criminal acts. • Relevant cyber fraud cover for the electronic dishonest, fraudulent, malicious and criminal acts of third parties against the company. • Offices and contents cover extended to personal property of employees and customers. Private Equity / Venture Capital Liability: Key features include: • Combined solution for Civil Liability and Directors and Officers Liability. • Cover for wrongful acts in the performance or failure to perform private equity venture investing. • Fund run-off management liability. Investment Management: Key features include: • Combined solution for Civil Liability, Directors and Officers Liability and Crime coverage for the investment manager and fund. • Crime specific extensions including legal liability for incomplete transactions. • Investment manager regulatory crisis cost. Patrick-Lee Warner, Senior Underwriter International Financial Lines for XL Catlin’s insurance operation in Iberia added: “Our solutions for financial institutions provide cover using clear, concise language. They are fully adapted to local legislation, including the Ley de Sociedades de Capital and the Solvency II Directive for the insurance industry amongst others. These broad coverages coupled with numerous extensions have been designed to meet the specific needs of financial institutions operating locally and/or internationally.” José Ramón Morales, Country Manager Iberia for XL Catlin’s insurance operation, said: “Financial institutions are changing and the headwinds they face can be daunting: tough market conditions, increasing regulation, new competitors; the list goes on and on. In this dynamic and uncertain environment, having an appropriate and tailored insurance and risk management programme in place is essential for all financial institutions. We have listened carefully to clients and brokers and developed a suite of products to meet the specific needs of financial institutions.“ About XL Catlin’s Insurance Operations XL 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 Catlin XL 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.
Alexandra BraendliCommunications & Marketing Manager