20 April 2017Insurance

XL Catlin expands terrorism insurance cover in US

Re/insurer XL Catlin has raised its terrorism insurance coverage limits to $250 million in the US on the back of what it said was businesses’ increased concerns about potential terror risks.

The coverage limit has now been increased by 25 percent, from $200 million previously. The company had doubled its $100 million initial offering in February 2016.

The standalone policy helps businesses address potential insurance coverage gaps provided by the federal Terrorism Risk Insurance Program Reauthorization Act (TRIPRA).

"Terrorism events in every corner of the world are prompting businesses worldwide to take a hard look at the risk that terrorism poses to their property and operations," said Ben Tucker, head of US terrorism and political violence insurance. "They are looking for higher levels of financial protection to meet increased terrorism concerns and with this increase, we’re better equipped to address more of their coverage needs."

Today’s top stories

WR Berkley taps Goldman Sachs exec for insurtech investment role

AIG estimates $100m Ogden charge in Q1 results

Profits almost triple at R&Q as growth and acquisitions hit bottom line

Shareholders' funds grow but profits dip across industry in 2016

AmWINS acquires US specialty insurance broker Partners

Pioneer adds new hires from XL Catlin and USLI to miscellaneous E&O unit

Did you enjoy reading this story?  Sign up to our free daily newsletters and get stories like this sent straight to your inbox.

Interested in insurtech? We have just launched a dedicated monthly email,  sign up here to get the next one.

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
25 April 2017   Re/insurer XL Catlin has expanded its mergers and acquisitions (M&A) insurance product suite while strengthening its global team with three key hires.
Insurance
19 April 2017   Re/insurer XL Catlin has appointed Maria Duhart as head of commercial bonds. She most recently served as head of commercial surety at Nationwide.
Insurance
26 February 2016   XL Catlin’s crisis management business has enhanced its standalone terrorism insurance coverage to help US businesses and public entities address increased terrorism and active assailant threats.