Fri Jun 1, 2012,
London, UK – 1 June 2012 – XL Group plc's (NYSE: XL) insurance operations ("XL Group") today launches a new suite of five products designed to meet the specific insurance needs of financial institutions. Comprehensive Crime Insurance – covers companies for infidelity of employees, documentary fraud, cyber fraud, physical loss or damage, extortion, and fees and expenses, including costs relating to a data breach.
The products recognise that not all financial institutions are the same and that these organisations are facing ever more complex risks. In addition, these institutions have to deal with the effects of continued uncertainty in financial and investment markets.
For the first time there is a commitment within each policy to minimum service standards, including in relation to claims handling and responsiveness, as well as a built-in confidentiality agreement. Furthermore the policies are designed to respond directly to clients’ concerns in order to provide clarity and certainty around the claims notification process.
The products are designed to provide comprehensive cover around the multitude of risks that different financial institutions face. The suite comprises the following solutions:
"Many of the policy enhancements included in our suite of products for financial institutions have been driven by input from our clients and their brokers. We’ve deliberately kept the language clear and concise while at the same time making the coverage more relevant to the industry’s specific needs."
About XL Group plc
XL Group plc, through its subsidiaries, is a global insurance and reinsurance company providing property, casualty and specialty products to industrial, commercial and professional firms, insurance companies and other enterprises throughout the world. XL is the company clients look to for answers to their most complex risks and to help move their world forward. Its principal offices are located at No.1 Hatch Street Upper, 4th Floor, Dublin 2, Ireland. To learn more, visit www.xlgroup.com
About XL's Insurance Operations
XL Group plc's insurance companies offer property, casualty, professional and specialty insurance products globally. Businesses that are moving the world forward choose XL as their partner. To learn more, visit www.xlgroup.com/insurance
XL Group is the global brand used by XL Group plc's insurance subsidiaries.
Comprehensive Crime Insurance – covers companies for infidelity of employees, documentary fraud, cyber fraud, physical loss or damage, extortion, and fees and expenses, including costs relating to a data breach.