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Bermudian insurance business receives Monaco licence

Bermudian insurance business receives Monaco licence

By Staff Writer - March 19, 2017

 Bruno Lava, France & Southern Europe regional manager, XL Catlin Insurance
Bruno Lava, France & Southern Europe regional manager, XL Catlin Insurance

Bermuda’s insurance company XL Catlin has received approval from the Monegasque authorities to offer insurance coverage in the Principality.

XL Catlin will provide its insurance through a subsidiary, XL Insurance Company SE, starting March 2017. The Monaco licence will allow XLICSE to provide its insurance products on an admitted basis to local brokers and clients directly.

XL Catlin Insurance’s France & Southern Europe regional manager Bruno Laval said: “The financial sector represents nearly 17 percent of the Gross Domestic Product, life sciences accounts for 50 percent of the local industry and 30 percent of the population are considered High Net Worth individuals.

“These are all strategic areas of focus for our business. We believe our Property, Liability, Marine and Fine Art & Specie solutions, as well as our global expertise, will be extremely relevant for local and global companies as well as for brokers with operations in the Principality.”

XL Catlin, which is the brand name used by XL Group, provides professional, financial lines, property and casualty, and specialty insurance products internationally.

 

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