XL Professional Lines, a unit of XL Insurance (Bermuda) Ltd., has extended its portfolio of Directors & Officers liability products with the addition of dedicated coverage for independent directors of company boards.
The new product, known as “A PLUS Independent,” is being offered on an excess difference-in-conditions basis with a total limit of $50 million.
Richard Banas, Chief Underwriting Officer for XL Professional Lines, said:that the enw product was drawn up based on customers’ inquiries for a product tailored for their independent directors as an extension of existing D&O products. “This product will respond regardless of the limit available on a standard D&O program, thereby providing independent directors with the added security they are looking for,” Banas added.
Sherron Williams, senior vice president for professional lines, said the product will hopefully assist XL’s customers in “attracting and retaining talented leaders.”
“A PLUS Independent” is a further development of the “A PLUS D&O” product line launched last November.
As of March 31, 2005, XL Capital Ltd had consolidated assets of approximately $50.9 billion and consolidated shareholders’ equity of approximately $7.8 billion. More information about XL Capital Ltd is available at www.xlcapital.com.