XL Insurance
XL GAPS Expands Global Team and Services - Steven Wevodau
Tim Heinze, Managing Director of XL GAPS said: “In times like these companies can’t risk a potential major loss and therefore engineering services are becoming extremely important to them. XL GAPS’ consultancy approach helps identify potential issues, propose solutions or alternatives as well as offer practical loss mitigation guidance. Our customers expect a local language service that also meets internationally-recognized best practice.
“With these new hires we have significantly improved our footprint across various continents, especially Europe, meeting the growing demand for our loss prevention advice. Having engineers in major industrial regions enables better and faster customer service.”
The new hires are:
France:
Dominique Jaumouille has 10 years loss prevention experience and joins from FM Global. Dominique’s special focus is on the aeronautic, pharmaceutical and automotive industries.
Dominique Leleu joins from FM Global with 8 years loss prevention experience in the electronics and food industries.
Robert Walton, who has been a loss prevention engineer with FM Global for 10 years, has extensive experience in conducting MFL studies on large complex facilities.
Spain:
Fabio Salgado, who has most recently worked for 6 years as a loss prevention engineer with Zurich as well as 4 years in various positions in the fire protection industry.
Germany:
Frank Reiche, who has over 15 years of experience as a loss prevention engineer with various Highly Protected Risk (HPR) insurers in Europe giving him an in-depth knowledge of the loss prevention codes and standards of the major European countries.
USA:
David Trull, who has a background in the forestry and fire protection industries and joins from TVA Life Safety. He has specialist knowledge of a range of sectors including aviation, healthcare, telecommunications, food processing and semiconductors.
China:
Guanghui (Sharon) Liu, who has worked for 12 years as an Environmental Health and Safety Manager for GE Aviation and Transportation and Vishay in China.
Singapore:
Virginia Shaw’s 12 years of experience include being a property loss prevention consultant at Chubb as well as a fire protection design engineer in Singapore.
XL GAPS provides property loss prevention consulting to XL Insurance customers as well as other companies on an unbundled basis. With over 150 engineers in 18 countries, XL GAPS offers global expertise and local solutions across North and South America, Europe, Australia and Asia. The average XL GAPS engineer has 19 years industry experience.
More information about XL GAPS is available at www.xlgaps.com.
“XL Insurance” is the global brand used by member insurers of the XL Capital group of companies. More information about XL Insurance is available at www.xlinsurance.com. Through its operating subsidiaries, XL Capital Ltd (NYSE: XL - News) is a leading provider of global insurance and reinsurance coverages and services 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.xlcapital.com.
Source: XL Insurance
Will Investment Losses Still Trouble P&C Insurers?
Posted by Steven Wevodau
Although several property/casualty insurers spent time this week congratulating themselves on remaining strong in a down economy, Wachovia said on Thursday that these insurers may well report lower investment income in the fourth quarter. Further, notes Wachovia, the industry will be hurt by additional catastrophe losses from worse-than-expected hurricane activity earlier in 2008.
As reported by Reuters, according to an estimate from Munich Re on Thursday, total insured catastrophe losses in 2008 rose to about $45 billion—about double 2007 levels, and the third-costliest year on record.
Robert Hartwig, president of the Insurance Information Institute, told attendees at the forum that insurers representing all lines of business will absorb about one-fifth of the financial losses globally. Hartwig was quick to point out, however, that investment losses will not jeopardize insurers’ solvency.
In a note to clients, Wachovia said that insurers with large investment portfolios could be among the worst hit in the quarter.
Allstate, Chubb and Travelers are among those companies that will release quarterly results by the end of January. According to the Reuters report, Wachovia cut its fourth-quarter earnings outlook for 12 insurers, including Allstate and Everest Re Group Ltd (RE.N). However, the brokerage expects policy rates to start going up as the year progresses, creating underwriting opportunities.
“Private reinsurers should have an opportunity to write more business in Florida at the June/July renewals,” Wachovia said in its report, adding that the tough credit environment made it difficult for the Florida Hurricane Catastrophe Fund to raise enough capital to fully back its expected 2009 capacity.
Ace Ltd, EverestRe and PartnerRe Ltd. were named as Wachovia’s top picks. According to the report, Wachovia said Ace is attracting business from insurance buyers seeking stable carriers, citing the financial woes of American International Group Inc., XL Capital and Hartford Financial Services Group Inc.
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Source: Insurance Network
XL Insurance Appoints Robert Finelli as Energy Underwriting Manager - posted by Steven Wevodau
NEW YORK, Jan. 14 /PRNewswire-FirstCall/ — XL Insurance, the global insurance operations of XL Capital Ltd (NYSE: XL - News), today named Robert Finelli as its Energy Underwriting Manager in its Property group for the Americas.
According to John Gallagher, XL Insurance’s Chief Underwriting Officer for Global Property: “XL Insurance’s reputation and experience in handling complicated industrial risks, like those faced by energy businesses, is well known. That reputation is further enhanced when we add someone of Bob’s caliber to our Property underwriting team. We continue to attract the industry’s top talent, which builds on our depth of underwriting expertise and industry knowledge.”
Mr. Finelli joins XL Insurance from Arch Insurance Group where he was Senior Vice President for Technical Risk and managed day-to-day operations for a book of business which included oil and gas, power generation, process industries, chemical and construction risks. Prior to his tenure at Arch, he was Regional Energy Manager of the Latin American Division of AIG. He has also held positions with Protection Mutual Insurance Company and Factory Mutual Company. He has a Mechanical Engineering degree from New Jersey Institute of Technology.
“As underwriters, we aim to provide quality risk management guidance everyday,” said Mr. Finelli. “I am so pleased to join the ranks of XL Insurance’s property underwriting team whose depth of technical underwriting skill and industry knowledge is well known in the industry. XL Insurance delivers a well-rounded risk management approach to help clients protect their property risk and XL Insurance’s underwriting prowess is further supported by its risk engineering and claims handling capabilities.”
About XL Insurance
“XL Insurance” is the global brand used by member insurers of the XL Capital Ltd (NYSE: XL - News) group of companies. More information about XL Insurance is available at http://www.xlinsurance.com. Through its operating subsidiaries, XL Capital Ltd is a leading provider of global insurance and reinsurance coverage and services 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.xlcapital.com.
XL Insurance Expands Pollution Coverage for Contractors - Steven Wevodau
The enhancements, available through a group of endorsements, are designed to extend contractor’s pollution coverage for waste disposal, owned locations, emergency response, installations and natural resource damages.
“In the past, these coverages may have been requested individually and added to a contractor’s Pollution Legal Liability coverage,” said Mr. Corbett. “To thoroughly address a contractor’s environmental liability concerns, we’ve created a coordinated group of endorsements offering more environmental coverage.”
The XL Insurance Contractor’s Pollution Liability Construction endorsements include:
– Emergency cleanup costs up to $500,000 for a period of 7 days without pre-notification, a limit that exceeds other coverages available in the marketplace
– Coverage against sudden and accidental pollution that originates and migrates from owned locations such as offices and equipment yards
– Disposal of construction and demolition debris at non-owned disposal sites
– Pollution coverage for transportation beyond the jobsite
– Extended coverage for environmental liability that can arise in the assembly, fabrication or installation of products
– Clear coverage terms for mold and natural resource damages
– Third-party property damage
Available with liability limits up to $50 million, the XL Insurance Contractor’s Pollution Liability Construction package is underwritten by XL Specialty Insurance Company, Greenwich Insurance Company and Indian Harbor Insurance Company.
About XL Insurance
“XL Insurance” is the global brand used by member insurers of the XL Capital Ltd (NYSE: XL - News) group of companies. More information about XL Insurance and its products are available at www.xlinsurance.com. Through its operating subsidiaries, XL Capital Ltd is a leading provider of global insurance and reinsurance coverage and services 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.xlcapital.com.
Source: XL Insurance
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