XL Group today announced it has expanded its Professional Indemnity offering in the German market with the appointment of Jens Heienbrok as Professional Indemnity Manager.
XL Group has made this strategic appointment as the market for Professional Indemnity insurance cover in Germany is growing following a rising trend for bringing litigation cases.
Commenting on Mr. Heienbrok’s appointment, Marcel Braun, XL Group’s Head of Financial Lines for Germany, Austria, and Eastern Europe said: “In recent years, more firms are willing to pursue claims in court, and courts are awarding higher damages. Broad Professional Indemnity coverage is becoming more important in Germany, especially for the legal profession, media and technology organizations and other professional bodies to name a few.”
Mr. Braun continued: “Many professional bodies have already made the purchasing of Professional Indemnity insurance obligatory because often their members are in advisory positions and are therefore exposed to high liability risk. However, the importance and relevance of Professional Indemnity insurance goes beyond licensing prerequisites. It offers an essential safeguard against numerous liability problems which arise in everyday business.”
Mr. Braun’s observations are supported by market statistics: In 2013 gross premiums in the German Professional Indemnity market reached EUR 1.5 billion. The market research firm Finaccord predicts that by 2017, they will reach EUR 1.7 billion, an increase of more than 3%.
Michael Harth, XL Group’s Country Manager for Germany, adds: “Today’s Professional Indemnity offering no longer satisfies the needs of the German market. Clients are demanding new solutions and XL Group is known for providing exactly that. Our new strategy will enable us to expand our offering to meet those client needs. We are confident that Jens’ expertise and experience positions him ideally to deliver our strategy.”
Mr. Heienbrok joins XL from Allianz in Germany, where he served most recently as Branch Coordinator for Professional Indemnity. Prior to that he worked as a lawyer.
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About XL Group plc
XL Group plc (NYSE:XL), 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. To learn more, visit www.xlgroup.com
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