XL Insurance Ltd., a subsidiary of Bermuda’s XL Capital Ltd., announced that its UK-based professional lines business has added a new product specifically tailored to the directors and officers insurance market in the UK. The new product, known as “A PLUS D&O UK”, was rolled out at the Association of Insurance and Risk Managers (AIRMIC) annual conference in Bournemouth.
“The product is designed specifically for UK domiciled companies, taking into consideration recent changes to the Companies Act in the UK and increasing corporate governance duties and responsibilities,” said the announcement. It also provides excess difference-in-conditions coverage above an existing D&O liability policy.
Chief Underwriting Officer of XL’s Professional Lines UK operations, Bill Wharton, commented: “We looked at the emerging risk facing directors and officers in light of changing legislation in the UK. Recent research suggests company directors are becoming increasingly concerned about accepting board positions in this uncertain legislative environment. This product offers broad protection for directors and officers where they need it most: when they are personally liable for defense costs and settlements, both of which can be extremely expensive.”
Chief Underwriting Officer of XL’s Professional Lines global operations, John Glancy, noted: “XL’s leadership position in professional lines underwriting is the result of several factors, including meeting client needs. Like other recent product launches by XL’s insurance segment, “A Plus D&O UK” demonstrates our continued commitment to this market segment. “A Plus D&O UK” is a cutting-edge product backed by significant capacity and XL Insurance’s financial strength.”
He continued: “The development of relevant products is fundamental to our strategy to be a one-source provider of insurance to our risk management clients.”
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