XL Catlin today announced the launch of a new insurance solution to help financial institutions implement capital structures to fully support their business needs. XL Catlin has done this at a time when financial institutions around the world are facing increased regulatory and financial pressures, forcing them to change the way they assess and manage their operational risks. As well as addressing significant operational risk exposures, the insurance may also act as an instrument to boost regulatory capital and offset economic capital requirements.
Gerard Bloom, Chief Underwriter Officer Financial Institutions explained: “Our Financial Institutions clients tell us that they need the insurance market to find innovative solutions for their operational risks and capital management. Our depth of expertise in both operational risk and financial lines underwriting combined with significant capacity means we can help them with even the most substantial risks.
“Essentially the solution helps business leaders put the right capital structure in place to support their businesses effectively. Being able to build insurance into both capital models and internal financial reports also helps leaders discharge their Pillar 2 obligations by ensuring the right strategies are in place to manage their risk.”
Angelos Deftereos, Senior Underwriter, Operational Risks commented: “Because each firm’s profile is different, when it comes to insurance, one size does definitely not fit all. Each solution reflects the firm’s risk as they themselves have articulated it, using their own terminology, and understanding of their operational risk. These highly tailored and specific solutions are designed to provide absolute clarity of coverage giving operational risk practitioners and regulators the confidence that they will work as intended when needed. Combined with our large capacity of $100 million - $300 million per operational risk, and the ability to cover multiple risks per client, our flexibility in crafting customized coverage allows us to develop solutions meaningful to even the largest financial institutions.
About the XL Catlin Insurance Operations
The XL Catlin insurance companies offer property, casualty, professional, financial lines and specialty insurance products globally. Businesses that are moving the world forward choose XL Catlin as their partner. To learn more, visit xlcatlin.com.
About XL Catlin
XL Catlin is the global brand used by XL Group plc’s (NYSE:XL) insurance and reinsurance companies which provide property, casualty, professional and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. Clients look to XL Catlin for answers to their most complex risks and to help move their world forward. To learn more, visit xlcatlin.com.