Pearl administers an errors and omission insurance program specifically designed for real estate professionals and endorsed by over 40 state and local realtors associations in addition to the country's largest network of leading independent residential real estate firms. Pearl's policies will be provided through two of XL America's insurance companies: Greenwich Insurance Company, a fully licensed and admitted company in 50 states; as well as Indian Harbor Insurance Company, an approved, non-admitted carrier. The companies are rated A+ ("Superior") by AM Best Company with Financial Size Rating of XV.
XL America will provide extensive underwriting expertise to the program, under the direction of Reina Gregorio, senior vice president of XL Select Professional. According to Gregorio, "We are pleased to enter into a partnership with Pearl & Associates. Together, our underwriting experience and capability create a strong foundation to expand our leadership in the professional liability marketplace. For real estate professionals, the benefit of this relationship is quality, tailored insurance programs designed to address their particular E&O exposures."
Pearl & Associates President and CEO Gary Pearl said: "We are very pleased to partner with such a strong and capable organization. XL America insurance companies' solid financial ratings, specialized focus and skilled management team are key factors for our continued success in the real estate errors and omissions business."
Pearl's programs are distributed nationally through Pearl's captive sales force, American Home Shield account executives, and select independent insurance agents and brokers. Pearl & Associates, Ltd. is a wholly owned subsidiary of Pearl Holdings, Inc. For the past 50 years, Pearl Holdings, Inc. has been a leading provider of consumer services and products including insurance, benefits, technology and automotive services. More information about Pearl & Associates, Ltd. can be found at www.pearlins.com.
XL America, Inc. is the holding company for all of the U.S. operations of XL Capital Ltd. XL Capital Ltd, through its operating subsidiaries, is a leading provider of insurance and reinsurance coverages and financial products to industrial, commercial and professional service firms, insurance companies and other enterprises on a worldwide basis. More information about XL Capital Ltd is available at www.xlgroup.com.
This press release may contain forward-looking statements. Such statements are based on current plans, estimates and expectations. Accordingly, forward-looking statements involve inherent risks and uncertainties, and a number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. A non-exclusive list of the important factors that could cause actual results to differ materially from those in such forward- looking statements is set forth in XL's most recent reports on Form 10-K, Form 10-Q and XL's other documents on file with the Securities and Exchange Commission. XL undertakes no duty to publicly update or revise any forward- looking statements contained herein in light of new information, future developments or otherwise.