XL Insurance, the global insurance operations of XL Capital Ltd., announced that it will offer insurance solutions to Upper Middle Market companies in Germany with an annual turnover ranging from approximately €30 million (40.48 million to €300 million ($404.8 million).
XL said that initially it “will offer casualty and property solutions, and the development of additional products is planned.” It also noted that the German “Upper Middle Market segment includes more than 15,000 companies representing major employers and important pillars of the country’s economy.”
Dr. Gernot Klantschnig, Managing Director for XL Insurance in Germany, stated: “Particularly during their international expansion, Upper Middle Market companies find themselves facing increasingly complex risks. Combining our integrated insurance solutions with our underwriting expertise, our global network and our local presence allows us to provide substantial added value for these companies.”
Daniel Maurer, Chief Underwriter P&C Middle Markets for Continental Europe and Asia, added: “The specialized team led by Markus Michnick, Manager Middle Market Germany, includes experienced underwriters dedicated exclusively to the German Upper Middle Market segment.” This team will evaluate individual clients’ risks, from the retail to the food industries and from the service to the technological sectors, to provide relevant property and casualty insurance solutions.
XL Insurance offers both individual and combined solutions in property insurance for the Upper Middle Market. It also covers damages and business interruption as well as damages from natural disasters. “Its casualty solutions cover general third party liability, product liability, product recall and environmental liability up to €30 million,” said the bulletin. “Streamlined processes and its global IT platform allow XL Insurance to respond quickly to clients’ needs with cost efficient solutions.
“Clients can choose from a mono-line or combined offer, with local, European or worldwide coverage. With XL EuroPass they can have a single policy solution to cover all their risks in the European Union. Providing coverage in more than 100 countries, XL WorldPass offers a global program solution. Both solutions have been designed to give clients the ability to respond to the challenges of continually tighter and more complex local regulatory frameworks.”
XL described its entry into the Upper Middle Market segment as a “strategic step,” adding that it is “an important element of XL Insurance’s growth strategy. After launches in Austria, Spain and Switzerland in 2008, the entry into the German market represents a key step in the implementation of this strategy; expansion into other countries in Continental Europe is ongoing.”
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