XL America, Inc., a subsidiary of XL Capital Ltd., announced the execution of a general agency agreement with International Catastrophe Insurance Managers, LLC (ICAT), of Boulder, Colo., a specialist in underwriting earthquake and hurricane risk for small and middle market commercial properties and a provider in catastrophe research for the industry.
Under the agreement, ICAT will produce, underwrite and administer catastrophe peril policies for small and middle market commercial properties in conjunction with XL’s US-based insurance operations.
XL’s chief executive of insurance operations, Nicholas Brown, Jr., noted, “We are very pleased to have forged a partnership with such a high-quality underwriting organization. This new business relationship with ICAT (www.icat.com) further enhances our commitment to providing superior underwriting, industry-focused expertise and specialized products that meet our clients’ distinctive risk management needs.”
John Graham, ICAT’s chairman and CEO added, “The endorsement that XL has given to ICAT and our people is flattering. XL is recognized throughout the insurance and reinsurance industry as a financially strong and disciplined underwriter. This is a terrific opportunity for ICAT. The inclusion of XL as a key business partner is a statement of both quality and stability. We are very excited about what this will mean for our policyholders, our agents and brokers, and our reinsurance partners.”
ICAT’s policies will be provided through XL Specialty Insurance Company, a fully licensed and admitted company in 49 states; as well as Indian Harbor Insurance Company and XL Select Insurance Company which collectively have approved non-admitted status covering all 50 states.
The XL Capital Group (www.xlcapital.com) maintains an A+ rating from AM Best Company. The three companies ICAT will represent are each rated A+ (“Exceptional”) by AM Best Company with Financial Size Rating of XV.
ICAT will offer its program through XL to new and existing customers when reinsurance placements and state filings are approved.