NEW YORK, Nov. 3, 2015 /PRNewswire/ -- XL Catlin's
North America Construction business has reached a notable milestone
– celebrating its fifth year in operation and reaching $1 billion in construction insurance premium.
"At a time when the construction industry was struggling from an
economic downturn, XL Catlin made an investment in developing a
dedicated Construction business focused on providing the effective
risk management guidance, services and insurance products to
contractors when they needed it most," said Gary Kaplan, XL Catlin's North America
Construction Leader. "Now, with commercial construction
activity rebounding, we're equipped with the insurance industry's
most astute construction risk management team and construction
insurance product portfolio to help our construction clients
maintain their forward momentum."
"Since the beginning, we've focused on building long-term
relationships with contractors, clearly understanding their
changing business needs and providing them with products and
services that help them protect their profitability, maintain a
competitive edge and improve safety on the jobsite," said Mr.
Kaplan. "Our clients' business success is what drives our
business success."
According to Mr. Kaplan, another factor that has driven XL
Catlin and their clients' success is his team's ability to help
contractors address the construction industry's most pressing risk
issues which include:
- Mega-projects: According to Mr. Kaplan, "What
we're seeing now is a lot more mega-projects, with values exceeding
$1 billion, with many valued at up to
$5 billion. These
projects are inherently complex and require considerable insurance
capacity."
- All Construction lines with one insurer: Having
one insurer provide all lines of coverage is a critical
differentiator. If a claim is incurred, there is no 'gray
area' with coverage clarity and certainty.
- A Talent shortage: "Finding the right people is a
big challenge for contractors today," said Scott Merchant, XL Catlin's Construction Risk
Engineering Leader. "With a skilled labor and management
talent shortage, and the nature of the construction work highly
hazardous, it's important that contractors secure the right people,
with the right training, to avoid exposure to construction defect
claims and injuries. Through its Construction Risks
Engineering team, XL Catlin offers loss control assistance which
among other services includes: web-based tools and training, driver
and fleet programs, and safety compliance training in both English
and Spanish.
- Innovative Products: Construction industry needs
change and XL Catlin is committed to delivering innovative products
to address the market needs. Different construction delivery
requires different insurance considerations. For one,
Public-Private Partnerships (P3s) have piqued interest in the US,
and have already shown some success in Canada.
"Comprehensive insurance and risk management strategies, like XL
Catlin's award-winning, proprietary P3 Plus product is
designed to help keep P3s, and the contractors involved, on a
profitable path to success," said Mr. Kaplan. "The product
incorporates insurance coverage for the operations and maintenance
phase of the project, a consideration which most contractors never
had to consider before."
XL Catlin launched North America Construction business in 2010,
Today, the business unit includes dedicated construction
underwriters providing primary casualty, excess casualty, builder's
risk, wrap ups, pollution & professional, and subcontractor
default insurance coverages, accompanied by risk engineering
services to help clients' loss prevention, safety efforts and
delivering construction claims expertise.
About the XL Catlin Insurance Operations
The XL Catlin insurance companies offer property, casualty,
professional, financial lines and specialty insurance products
globally. Businesses that are moving the world forward choose XL
Catlin as their partner. To learn more,
visit xlcatlin.com.
About XL Catlin
XL Catlin is the global brand used by XL Group
plc's (NYSE:XL) insurance and reinsurance companies which
provide property, casualty, professional and specialty products to
industrial, commercial and professional firms, insurance companies
and other enterprises throughout the world. Clients look to
XL Catlin for answers to their most complex risks and to help move
their world forward. To learn more, visit xlcatlin.com.
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SOURCE XL Catlin