In a busy week for the global insurer, XL Catlin announces two new products and an increase in its M&A insurance capacity
XL Catlin has announced the launch of two new products, as well as a 20% increase in its M&A insurance capacity.
Leisure Protect is aimed at the mid to large visitor attraction sectors, such as theme parks and popular tourist spots.
It will provide assistance and cover for the event of a catastrophic disaster or terrorism.
Tourist attractions have become a popular target for terrorists, such as the Manchester Arena.
Places such as theme parks have experienced injury as a result of mechanical failure or of human error, such as the Smiler ride crash at Alton Towers.
Initially available in the UK and Ireland, Leisure Protect comes with location limits of up to $25 million for bodily injury, property damage and business interruption.
The solution also delivers expert crisis response support – provided by business communications consultancy, Instinctif Partners – for the first 48 hours following an incident, as well as comprehensive business recovery assistance.
Additional digital risk management software capability can also be provided.
Paul Thomas, global product head of sport & leisure at XL Catlin, said: “Catastrophic injury and security-related risks are a major concern for visitor attractions around the world.
”Having the right insurance cover in place is essential, not only for the financial protection it provides for property, business interruption and third-party liabilities but also for the crisis response support it can offer should an incident take place.”
XL Catlin has also announced the launch of a solution to help with the design, testing and production of autonomous technologies.
It has also established its Global Autonomy Centre of Excellence. Here, a team of experts will provide a knowledge pool combining talent, expertise and capabilities in data analytics, underwriting, claims and risk engineering.
Mike McGavick, chief executive, XL Catlin said: “Autonomous technologies are changing the world around us, the way companies operate and the risks they face. We recognise the new and complex risks that are emerging and, as underwriters, we know we have the expertise to develop and deliver the right insurance solutions.
”We are dedicated to doing so because we also recognise the incredible, positive impact this technology will have on society as a whole from creating safer working environments to providing mobility for those most in need.
“Our message to the market is clear – we have significant risk appetite, we have the right people on board and we are all dedicated to becoming the go-to market for autonomous systems trials and pilots.”
Finally, XL Catlin announced that it has extended its global M&A insurance capacity by 20% to USD$60m.
It says the mover is to better address the transactional liability insurance needs of clients, brokers and other deal professionals.
Dan Kumpf, chief underwriting officer of global professional lines said: “XL Catlin views M&A insurance as a vital tool in driving global M&A deals; the value of which is expected to exceed USD$3tr in 2018.
”We expect the expansion of the M&A transactional risk insurance market to continue and we remain committed to investing in key talent and supporting deal professionals and their brokers across the world.”