XL Group plc News

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 – 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 …

IPO-Seeking China Companies Pay More to Avoid Boards Going Naked

Stephen Markscheid holds one of the riskiest jobs in the world — or so say directors and officers liability insurers. The 59-year-old former banker, a Mandarin-speaking American, sits on the boards of five U.S.-listed Chinese companies, including Jinko Solar Holding …

XL Group Opens Facultative Reinsurance Office in Dallas

XL Group plc’s reinsurance operations opened a Dallas, Texas, office led by Dean Wolfe who was recently promoted to manager of XL’s newly created property facultative western region. Wolfe, who has more than 15 years of industry experience including seven …

XL Group’s Marine Unit Boosts Underwriting and Claims Staff in N.Y.

XL Group plc’s North American marine business is expanding its blue water hull risk management capabilities in New York with the addition of Siobhan Coen and Jeff Loechner as senior underwriters and Eileen Fellin as a senior claims consultant. Coen …

XL Group Promotes O’Malley to Lead Environmental Underwriting

XL Group plc has promoted Matthew V. O’Malley to a new role as head of environmental underwriting operations in XL Group’s insurance operations. He is based in XL Group’s Exton, Penn., office. Most recently, he served as senior vice president …