XL Catlin secures approval to issue insurance policies in Monaco
Ireland-based global insurer XL Catlin has secured regulatory approval to offer insurance coverage in Monaco.
The approval was granted by the Monegasque Minister of State.
XL Catlin will provide insurance coverage in the country through its subsidiary XL Insurance Company SE (XLICSE) from this month.
The Monaco license would allow XLICSE to provide its insurance products on an admitted basis to local brokers and clients directly.
XL Catlin Insurance France & Southern Europe regional manager Bruno Laval said the company has significant opportunity in Monaco.
Laval said: “The financial sector represents nearly 17% of the Gross Domestic Product; life sciences accounts for 50% of the local industry and 30% of the population are considered High Net Worth individuals.
“These are all strategic areas of focus for our business. We believe our Property, Liability, Marine and Fine Art & Specie solutions, as well as our global expertise, will be extremely relevant for local and global companies as well as for brokers with operations in the Principality.”
In another development, earlier in the week, XL Catlin had expanded its professional indemnity insurance offering in the Iberian Peninsula.
XL Catlin has added Mitigation Costs as pre-claim, Image Restitution Costs as post-claim, Media Liability, and Right to be forgotten solutions to improve its professional indemnity insurance coverage in the region.
Of the new extensions, the Media Liability is a new offering in the professional indemnity insurance solutions as per XL Catlin.
The expanded professional indemnity insurance coverage comes days after XL Catlin had launched five new insurance solutions for financial companies in Iberia.
XL Catlin, which is the brand name used by XL Group, provides professional, financial lines, property and casualty, and specialty insurance products all over the world.
Image: XL Catlin has been cleared to sell its insurance products in Monaco. Photo: courtesy of everydayplus/Freedigitalphotos.net.