Bermudian-based XL Catlin has beaten 105 other firms in a league table of front-runners in product innovation.

XL Catlin topped the 2016 Advisen Pacesetter awards for innovation in the property and casualty insurance industry, while Chubb, Swiss-based but with a large Bermuda presence and island-based Ironshore/Iron Pro came second and third respectively.

XL Catlin, Chubb, taken over by Ace early last year, and Ironshore have dominated the top three slots in the awards since 2013.

XL Catlin, which has taken second spot in the last three years, as XL in 2013-14, leapfrogged Chubb, which had held the top spot over the same period.

The number one’s product launches rose 43 per cent from 23 new product notes in 2015 to 33 new products announced last year.

Greg Hendrick, president of XL Catlin property and casualty, said: “We have been working very hard at XL Catlin to be innovative and creative in helping clients manage their risks around the world.

“In our first full year of operation as XL Catlin, we are thrilled to have climbed to the top spot on Advisen’s pacesetter index.”

XL and Catlin officially joined forces in 2015.

Mr Hendrick added: “Building a new company and bringing innovative ideas and products to market take a special kind of collaborative teamwork and determination, neither of which we lack.

“In 2016, we tapped into our combined expertise across numerous product lines and geographies to find new and innovative insurance solutions for our clients. And we’re excited about the momentum we’ve got going into 2017.”

Other companies with strong Bermuda connections featured on the list, with Aon in fifth spot, and Marsh, AIG and Markel taking eighth and joint ninth respectively.