XL Obtains Approval For Coverage In Monaco
XL Catlin has received approval from the Monegasque Minister of State to issue insurance policies in the Principality of Monaco through XL Insurance Company SE [XLICSE], effective March 10, 2017.
The licence allows XL Catlin’s entity XLICSE to offer its products on an admitted basis directly to local brokers and clients. XL Catlin is one of the few global insurers able to do so.
Bruno Laval, Regional Manager, France & Southern Europe – Insurance, commented: “There is significant opportunity for us in Monaco. The financial sector represents nearly 17% of the Gross Domestic Product; life sciences accounts for 50% of the local industry and 30% 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.”
