Companies with significant aviation risks may now look to
XL Catlin as a potential insurer.
The London-based carrier announced Monday that it has increased its aircraft hull and liability limits by 50% in order to better accommodate US and Canadian companies. Hull policy limits have been increased from $50 million to $75 million, and liability limits are currently $750 million, up from $500 million.
The expansion also applies to XL Catlin’s Aircraft Products Liability and General Liability offerings.
Paul Tuhy, chief underwriting officer with the insurer’s Global Aerospace business, said the increase in limits reflect XL Catlin’s goal to take “a top three position in the global aviation insurance market.”
Eric Donofrio, XL Catlin’s chief underwriting officer for aerospace in the Americas, echoed that sentiment.
“These new expanded limits aim to effectively address the exposures and insurance requirements of an extended client base for us,” Donofrio said in a statement.
The company’s underwriters and claims specialists for the North American unit are based in New York, Boston, Chicago, San Francisco, Toronto and Calgary.
XL Catlin provides a suite of aviation insurance coverages for traditional and specialized companies, including major and regional airlines and corporate fleets as well as component manufacturers and fixed-base airport operators.
The global aviation market has suffered several recent major losses with disasters in Eastern Europe and Asia, which have driven rates upward even as a softening market exerts downward pressure on pricing.
In North America, however, the aviation industry’s record remains stellar and risk is more desirable.
