XL Group plc News

Best Affirms Ratings of XL and Subs; Removes from Under Review

A.M. Best has removed from under review with negative implications and affirmed the financial strength rating (FSR) of ‘A’ (Excellent) and the issuer credit ratings (ICR) of “a+” of the ongoing property/casualty (P/C) subsidiaries of XL Group plc, “based on …

Catlin Announces ‘Scheme of Arrangement’ with XL has Become Effective

The Bermuda-based Catlin Group Limited announced that the “scheme of arrangement under section 99 of the Companies Act 1981 (as amended), pursuant to which XL Group plc has acquired the entire issued and to be issued share capital of Catlin, …

Global Insurers, Brokers Establish Micro Insurance Consortium

A group of global insurance companies and brokers took advantage of the World Economic Forum meeting in Davos to announce that they have established a micro insurance consortium and micro insurance venture incubator (MVI). Among the companies taking part in …

XL Group Offers Artworks Coverage in UK for Art Exhibitions

XL Group has launched Key Artworks insurance coverage in the U.K. to cover cancelled or abandoned fine art exhibitions and their financial losses in cases where a star attraction art piece is damaged, stolen or otherwise unfit to be publicly …

Willis Launches UK’s 1st Shariah Compliant Commercial Property Insurance

Willis Group Holdings announced that in “response to growing demand from property investors for insurance cover that is compliant with Islamic law it has launched the UK’s first Shariah compliant commercial real estate insurance.” Willis said the coverage “offers real …

XL Group to Sell Life Re Sub for $570 Million; Best Sees No Rating Change

XL Group plc announced that XL Insurance (Bermuda) Ltd has entered into a definitive agreement to sell its wholly-owned subsidiary, XL Life Reinsurance (SAC) Ltd (XLLR), to GreyCastle Holdings Ltd. for $570 million in cash. The bulletin indicated that on …

XL Group launches ‘Automotive Recall Plus’ in Germany, Austria, Switzerland

The global insurance segment of XL Group plc announced the launch of its new product – Automotive Recall Plus ā€“ which it described as an “innovative product designed for the automotive supplier industry. It provides additional liability coverage for the …

XL Group Acquires Global Ag Insurance in Western U.S.

XL Reinsurance America Inc., a subsidiary of XL Group plc, has acquired Global Ag Insurance Services, a crop insurance provider based in the Western United States. The two companies initially partnered in 2011 to deliver crop insurance solutions to western …

Talent War Continues: XL Hires AIG’s Miller to Oversee Global P/C Claims

XL Group Plc, the insurer led by Chief Executive Officer Mike McGavick, hired David Miller as senior vice president and head of claims for international property/casualty coverage. Miller joins from American International Group Inc. and will work in London, reporting …

XL Puts Preliminary Losses at $60 Million from Germany, France Hail Storms

XL Group plc announced its preliminary net loss estimate related to the series of hailstorms in Germany and France in late July 2013 of $60 million, pretax and net of reinsurance and reinstatement premiums. The majority of these losses relate …