XL Catlin announced it has received approval from the Monegasque Minister of State to issue insurance policies in the Principality of Monaco through XL Insurance Co. SE (XLICSE), effective March 10, 2017.
The license allows XLICSE to offer its products on an admitted basis directly to local brokers and clients. The company said it is one of the few global insurers able to do so.
“There is significant opportunity for us in Monaco,” said Bruno Laval, regional manager, France & Southern Europe – Insurance. “The financial sector represents nearly 17 percent of the gross domestic product; life sciences accounts for 50 percent of the local industry and 30 percent of the population are considered high net worth individuals.”
He went on to say that these are all strategic areas of focus for XL Catlin’s business.
Source: XL Catlin
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