XL Catlin Launches Financial Institution Bond Insurance Coverage

XL Catlin’s Global Professional business has launched a suite of new financial institution bond insurance policies in the U.S., offering financial institutions balance sheet protection against employee dishonesty, burglary, robbery, forgery, and similar crimes.

XL Catlin’s new Financial Institution Bond protection includes, but is not limited to, protection against:

“Each year, fidelity and crime insurers incur more than $300 million in losses by protecting organizations from crime. The risk is real. Consider that according to the FBI, in 2014, nearly 4000 financial institutions, including commercial banks, credit unions and armored carrier companies were robbed. If stolen money is not recovered, it comes directly out of the financial institutions reserves, and that can be a hard hit to their balance sheet,” said Greg Bangs, chief underwriting officer of XL Catlin’s Global Crime insurance business.

Tailored financial institution bond coverage is available for stock brokers, investment bankers or managers; mortgage banks and finance companies; commercial bankers and savings banks; and insurance companies. A variety of endorsements are also available to address specific risks for individual financial institutions. XL Catlin’s new financial institution bond policies are available on a primary, excess and quota share basis with policy limits up to $25 million. Coverage is provided by XL Catlin insurance company, XL Insurance America.

The XL Catlin insurance companies offer property, casualty, professional, financial lines and specialty insurance products globally.